Where can I find info on getting started investing in rental properties?
Mu husband and I want to buy a rental properties to get started in this business. I have read a few books. Where else can I find resources to learn more?
PS: do not point me to these real estate "gurus" sites, please.
Tagged with: gurus • Real Estate • rental properties
Filed under: Buying Rental Properties Questions
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Try talking to a loan officer or a Broker of a realtors firm. If one of you beome a Realtor you can get on the BLM list and find cheap houses (before the public views) and you can buy them quick. I think if you just get a realtors lic. it would be so much easier for you to get what you want.
Hi there,
You know there actually are no real places that you can get more information than what you already have lined up at the moment. I would honestly say that you have done as much homework as you possibly can. There is a television show that I think you would benefit greatly from though and it is a lot of fun to watch as well. It is called "Flip this House".
What you need to start doing at the moment is to research mortgage bankers, Realtors, etc. You should also decide where you are going to invest. There are certain areas that were pointed out as "hot spots" for growing into megapolitans by the year 2010. I think these would be ideal areas to invest in. However this would be very much something that you would find in an investment property banker’s head-space that has been in the industry for a while and that really knows his/her stuff. With a person like that advising you, you could go very far.
I am referring you to someone that I have worked with in the industry and who has always steered me in the right direction, I hope that you will be able to find something there.
Talk to a real estate investment company. They can assist you find rental income properties. Right now check out houston, tx or NC. Homes are dirt cheap and rent will cover the mtg.
One of the best websites to get information is mrlandlord.com
There is lots of information and a forum to ask questions.
http://www.diversifiedlender.com
http://www.minnesota-mortgage-rates.net
First check with city in which you want to own rentals and find out what you need, (license) research the city requirements for rentals, check with the building inspector on what is required in the rental (smoke alarms, etc). Find someone to run you rental comps in the area to determine how much similar apartments or SFH are renting for. Then you need to determine if the rent you can get is enough to pay the taxes and mortgage on the place. And dont forget, have money put aside for repairs.
Someone suggested Mrlandlord.com. I agree 100%. I have been a landlord over 12 yrs and still find out new things on that site. I have met some of the people (yes they are real landlords) and learned a great deal. Reading a few books is good, however you need to learn the ins and outs of being a landlord and what is required to run them. Find a local LL association group and become a member. (They keep you up to date on all the changing laws that effect a LL.) and check with your city inspector, and check out the city ordinences.
I’m a big fan of Rich Dad. I would suggest find an accounant that you can work with, a lawyer, and possibly a real estate agent to help find the properties.
How much do you know about landlord / tenant law? Start learning now. You might be able to find a local college that will offer basic property managment courses.That is, if you are going to do your own properties.
Best of luck,
Angela
http://www.ratraceclub.com