Young, but considering investing in rental properties. Where to start?

Find a duplex, buy it and live in it if you can. Boom rental property.

Derp. I obviously didn't read. Biggest regret I have is buying a house first. Depends where you live too but GD in BR has duplexes from time to time.

Don't have any advice other than I agree with your path. Smart.

bigger pockets dot com

everything you will ever need to know about REI

Are you handy enough to make basic repairs? If not, I suggest you look for small job contractors while looking for appropriate rental property. You can save lots of $$ doing small stuff (drywall repair, hanging light fixtures & ceiling fans, regrouting tile) yourself.

I own rentals. At times they can be a challenge, but mine have been consistently profitable.

If you hire a property manager my one piece of advice is to trust, but verify.

With respect to buying a duplex and living in one half, this is a good plan, and will be the easiest piece of property you hold for rent.

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Make sure that you can afford the ENTIRE payment without rental income.

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I don't understand this advice.

I'm a small time landlord (duplex and 4 plex ) bought the double and rented one side. Then bought the 4 and rented 3 while filling the double.

Double is convertional 20% down and 4 plex is fha with rents making the debt/income work.

If I took your advice I would not have the 4 plex.

Recently I bought a single family and the 4 plex is full.

I have good properties at or right below market value and can be picky with tenants giving me a great level of confidence and I can fill the unit easily before I lose income.

A good quad can cost 500+ .... all that matters is if the numbers work and you get the security you need.

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If I took your advice I would not have the 4 plex.

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He is just starting out so he needs to get comfortable before he starts using leverage. I'm a small time landlord myself but everyone should start very conservative so they don't get in trouble.

Tell me about your adventures. I always see you talking about investing in real estate and I plan on doing the same once I get out of school.

I should be making 6 figures when I get out and I think real estate would be something good to dabble in.

Bama, have you ever written out what you look for in a rental property on here? I would be curious to see what your decision making framework is when deciding on a rental property before making a purchase.

Like another poster said, I would read biggerpockets and buy a few RE investing books. I always tell people to start out with "Rich Dad, Poor Dad".

Every market is different but I try and shoot for the "2% rule".

This rule states that I should be receiving 2% of my "all in costs" each month for rent.

So if I buy a house for $30,000 and put $10,000 into upgrades/renovations, I need to get $800 per month rent on that property. Now these types of properties are not easy to find but I assure you they are out there.

I don't do much investing in Birmingham because I can't find any properties that meet my 2% rule without going somewhere in the hood. Money isn't worth dying for. In north Alabama, it is much easier to find properties that match this criteria.

Get started young. Good advice here.Do buy locally.

My wife and I worked and bought rental homes also. At first the rent was low (little cash flow). But over time, they paid for themselves and allowed us to retire before 50.

I still do flips from time to time. There are plenty of websites for investors. Someone mentioned Rich Dad/Poor Dad. The whole series is fantastic. My personal favorite is Cash Flow Quadrant.

Many friends told me when I was younger that they didn't want to be called at 3 am for a stopped up toilet. That has never happened. And now they are getting into rentals in their 50s, wishing they had started earlier.

GO FOR IT!!!!

P.S. I bought nice brick homes on slabs and have a middle class clientele. The biggest key to hassle free land lording is tenant selection.