To my peeps that rent property

[doe moe]

I'm seeking some advice from you more experienced and seasoned cats in the real estate game.

I'm in Charlotte, NC. I plan to do the rental property thing spring in the 12 to 18 months. My I'm going to start small by taking on a property that's less than 15 years old going between $40K and $50k. I will put down 20% so that the mortgage is very low between $200 and $300 a month. I can easily get little over double if not much more here in Charlotte. I also want the low mortgage so I can float that should I have tenant issues.

Here is my goal, I plan to attend real estate classes first before buying rental properties. I know it's not needed to buy property but I figure it would help if I could cut out the middle man when buying property.

How do you think I will make out going this route? I know the market is screwed right now but like I said I plan to start small and build from there over time.

Any comments or suggestions regarding my plan would truly be appreciated.

Godspeed

 

[dollavan1]

I gotta give these cats free pub.

Check out

http://www.regularguyrealestateradio.com

I have been in the game for a minute, but these cats are real and have been helping people out with what is and what is not good to do when starting out with real estate investing. I have partnered with them on a couple of deals that have helped me make some okay money. This market is different and all I can say is that cash is king. So hold onto your cash if you want to remain royalty.

20% down is cool, but you dont have to do this if you dont need to. Check out the show and PM me and we can start a conversation about real estate. I can help, but I tell you... hit these cats up and they will show you the way... for FREE. They do deal splits vs. these mentors out there that make you pay upfront for some old ass information.

 

[doe moe]

I gotta give these cats free pub.

Check out

http://www.regularguyrealestateradio.com

I have been in the game for a minute, but these cats are real and have been helping people out with what is and what is not good to do when starting out with real estate investing. I have partnered with them on a couple of deals that have helped me make some okay money. This market is different and all I can say is that cash is king. So hold onto your cash if you want to remain royalty.

20% down is cool, but you dont have to do this if you dont need to. Check out the show and PM me and we can start a conversation about real estate. I can help, but I tell you... hit these cats up and they will show you the way... for FREE. They do deal splits vs. these mentors out there that make you pay upfront for some old ass information.

Thanks Bro! I appreciate the info.

 

[DiamondDeuce]

I'm seeking some advice from you more experienced and seasoned cats in the real estate game.

I'm in Charlotte, NC. I plan to do the rental property thing spring in the 12 to 18 months. My I'm going to start small by taking on a property that's less than 15 years old going between $40K and $50k. I will put down 20% so that the mortgage is very low between $200 and $300 a month. I can easily get little over double if not much more here in Charlotte. I also want the low mortgage so I can float that should I have tenant issues.

Here is my goal, I plan to attend real estate classes first before buying rental properties. I know it's not needed to buy property but I figure it would help if I could cut out the middle man when buying property.

How do you think I will make out going this route? I know the market is screwed right now but like I said I plan to start small and build from there over time.

Any comments or suggestions regarding my plan would truly be appreciated.

Godspeed

All I can say is have some cash reserves.
I used to live in Charlotte...
Man if you are trying to purchase a $40K - $50K property that is less than 15 years old........that property is going to need some work. In order to be able to rent the property out...you are going to need the $$$ to do the repairs.

Sure you can purchase a home and get a construction loan...but they are not really floating those for non-owner occupied homes ...like they used too...since the mortgage meltdown.

Not saying that it is impossible, it just that you are going to have to show decent cash reserves. The bank is going to make sure that your personal financial are in good order before they float you a loan for non owner occupied residence.

Plus if you are going to be a landlord can you afford repairs? If a tenant called you today and the hot water heater needed replacing do you have $2K to get it replaced that day? Think about it.

Now is a great time to buy to hold property. But the days of buying multiple properties with OTHER'S PEOPLE MONEY are gone. YOU NEED CASH.

 

[doe moe]

All I can say is have some cash reserves.
I used to live in Charlotte...
Man if you are trying to purchase a $40K - $50K property that is less than 15 years old........that property is going to need some work. In order to be able to rent the property out...you are going to need the $$$ to do the repairs.

Sure you can purchase a home and get a construction loan...but they are not really floating those for non-owner occupied homes ...like they used too...since the mortgage meltdown.

Not saying that it is impossible, it just that you are going to have to show decent cash reserves. The bank is going to make sure that your personal financial are in good order before they float you a loan for non owner occupied residence.

Plus if you are going to be a landlord can you afford repairs? If a tenant called you today and the hot water heater needed replacing do you have $2K to get it replaced that day? Think about it.

Now is a great time to buy to hold property. But the days of buying multiple properties with OTHER'S PEOPLE MONEY are gone. YOU NEED CASH.

Good info Bro! Yes I do have a decent cash reseve in the high 5 figure range.