Author Topic: Advice for someone just starting out  (Read 1417 times)

ViridansGroup

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Advice for someone just starting out
« on: March 01, 2014, 01:11:09 PM »
Hello community,

I've been lurking for awhile now and trying to soak up what I can but have a few questions for the community.

I will be graduating from school soon and starting my first real job while my has another year and a half. My wife and I agree that real estate should be part of our investment plans and on top of that my mother is willing to help us with a down-payment. Do to family situation my wife and I will likely be living with my mother until my wife graduates. Our real estate goal is to purchase one multi-family rental property every 1-2 years and likely hold them longer term.

Since I really don't have any experience searching for deals I have a few questions:

1. What's the best place to look? The MLS listings in our area don't look too promising for deal finding. I know networking can be great and to that end I'm meeting with a real estate agent next week to get a better idea and maybe he'll be able to answer a few of these questions too. (He owns and manages rental properties in town)

2. None of the listings I can find online list any of the properties rents/expenses. Is this the sort of thing I can contact the listing agent about and expect to get good information? Most of the reading I've done suggests that I can expect to see real numbers/documentation after the property is under contract but am I just estimating before that?

3. I know there are certain tax advantages to having a mortgage/rental property and at this point my mother has significantly more taxable income than my wife and I and would love any deductions she could take. My first year out I will make more than enough to get by but after that I can expect it to approximately double. Are there enough tax benefits to make deciding whether or not to have my mother take on the mortgage or for my wife and I? Am I confused here?

Thanks for any help even if it means straightening me out and telling me I'm thinking about this all wrong.