I am currently 20 living at home saving a lot of my paycheck. I plan on owning my own house with my girlfriend/future wife in about 4-5 years. I am very interested in rental properties and buying cheap houses and fixing them up. I currently have about 17k saved up and bases on increases at my job I will hopefully will have around 100k saved up in about 4-5 years. Any advice on how and when I should start looking into properties?
Start looking at them now. Look online, visit them, etc. Not many agents will show you the house without a letter of approval from a lender, but you can still start to learn about the process, areas to buy, how it all works, how to rent them out, etc. Learn about the taxes, contractors, etc. Put up a few fake, recon ads for listings, see how many responses you get. If you get a lot, you priced it right.
Learn about 10-31 exchanges, landlord tenant law, long distance investing, etc. I have been a landlord for about 3 years now and have two rental properties. I'm debating buying another one. It's been lucrative for me, but largely because I bought at the bottom/near bottom and kept buying. Between the low prices, cash and low interest rates, I made it work for me in one of the worst rental markets in the country as far as price to rent ratios. But alas, that makes my area an equity play area, so I feel fortunate to have seen my property values skyrocket over the past five years, while I've been making money on them all the while...
But it's largely because I bought right...