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re: Young, but considering investing in rental properties. Where to start?
Posted on 11/20/14 at 11:05 am to I Love Bama
Posted on 11/20/14 at 11:05 am to I Love Bama
quote:
I Love Bama
Always enjoy reading your advice and the validation you provide for it. I'm in a similar boat to the OP. Fresh out of school, no debt, no family, yada yada. I really enjoyed the Rich Dad Poor Dad book. Rental properties seemed difficult after reading it, but it may be something I have to look into. My area is constantly growing and there is lots of money to be made in the young professionals/married w/o kids sector.
0
Posted on 11/20/14 at 11:11 am to foshizzle
My $.02
1. Dont buy in poor neighborhoods just because the houses are cheap. I don't buy in a place where I wouldn't be willing to live. You want to be able to re-sell if you have to and still be able to get your money back, and you also want to deal with a better class of people.
2. Keep your tenants happy. They are your customers and your source of income. I have made a lot of upgrades that I didn't have to, but tenants asked for them. I consider improvements just reinvesting in my properties. Also little things like gift cards at Christmas for tenants. If they are paying their rent and keeping up the place then you want to hold on to them as long as possible.
Take it for what its worth.
1. Dont buy in poor neighborhoods just because the houses are cheap. I don't buy in a place where I wouldn't be willing to live. You want to be able to re-sell if you have to and still be able to get your money back, and you also want to deal with a better class of people.
2. Keep your tenants happy. They are your customers and your source of income. I have made a lot of upgrades that I didn't have to, but tenants asked for them. I consider improvements just reinvesting in my properties. Also little things like gift cards at Christmas for tenants. If they are paying their rent and keeping up the place then you want to hold on to them as long as possible.
Take it for what its worth.
Posted on 11/20/14 at 3:22 pm to I Love Bama
quote:
My rental returns are better than probably 99% of of peoples stock market returns.
I would expect so. You spend more time on it plus you might be able to use information to your advantage.
Posted on 11/20/14 at 5:23 pm to I Love Bama
quote:
My rental returns are better than probably 99% of of peoples stock market returns.
The Donald Trump of Alabama, ladies and gentleman.
Posted on 11/20/14 at 9:57 pm to stout
If you are buying a single family home as a rental, make sure to get $400/m cash flow after all payments. Mortage, taxes and insurance. Tenant screening is the most important aspect. I sift through 30 applicants before the right one comes along and I never get a call and they treat the home as if they own it. Real estate is the way to go imo. If someone swears against real estate it's probably bc they understand it or failed. I plan on owning at least 100 units before the age of 40 to use as retirement.
Bigger pockets .com is the place to go for infinite info. Their podcasts are gold. Land lording on autopilot is a great read as well.
Bigger pockets .com is the place to go for infinite info. Their podcasts are gold. Land lording on autopilot is a great read as well.
Posted on 11/20/14 at 10:08 pm to theoldwiseone33
A buddy of mine just bought a small apartment complex for $1.2 and it put him over 100 units. He had 77 prior to that. He got 30 units for $1.2 which was a deal considering the boom Lake Charles is about to have but they need some work which he'll do in between tenants.
Posted on 11/21/14 at 12:20 am to stout
Nice. I'd love to scale up to that level one day.
Does he have a day job or is he full time now?
Does he have a day job or is he full time now?
Posted on 11/21/14 at 7:01 am to I Love Bama
He hasn't had a job since I have known him. I met him 14 years ago and he had around 30 houses then all paid for.
He does a bit of everything with the houses. Rents some, flips, (that's how I know him we flip together) but he mostly loves to owner finance them.
He used to have a grass cut business so he had a lot of cash and nothing to do in the Winter which led him to buying repo houses. That's how he got started.
I posted it before but he wrote a book a while back about his real estate investing.
LINK
He does a bit of everything with the houses. Rents some, flips, (that's how I know him we flip together) but he mostly loves to owner finance them.
He used to have a grass cut business so he had a lot of cash and nothing to do in the Winter which led him to buying repo houses. That's how he got started.
I posted it before but he wrote a book a while back about his real estate investing.
LINK
Posted on 11/21/14 at 2:32 pm to stout
I just bought that book stout. Thanks for sharing.
Posted on 11/21/14 at 3:27 pm to bobaftt1212
No promises it's any good 
Just sharing that a pretty successful friend of mine wrote it.
Just sharing that a pretty successful friend of mine wrote it.
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