Author Topic: Renting...Any advice or help  (Read 1799 times)

tduck16

  • 5 O'Clock Shadow
  • *
  • Posts: 4
Renting...Any advice or help
« on: November 15, 2013, 08:51:56 AM »
I'm 30 years old, and have a substantial amount of money to invest in a few rental properties, but I have NO experience in renting other then being a renter for many years myself! I dont want to bog you down with my story, or what I plan to do, but to keep it simple, I'm looking to start out buying two rental townhomes, they are about 150k each, and want to generate rental income into my portfolio....ANY help in means of advice, books to read, classes to take, websites to read over, ANYTHING my fellow Mustachians can help with I would greatly appreciate....I dont want to dive in head first to a shallow pond and learn the hard way!!

nataelj

  • 5 O'Clock Shadow
  • *
  • Posts: 51
Re: Renting...Any advice or help
« Reply #1 on: November 15, 2013, 10:06:50 AM »
Perhaps start with the following MMM articles:

http://www.mrmoneymustache.com/2011/05/23/get-rich-with-owning-rental-houses/
http://www.mrmoneymustache.com/2011/10/10/lets-buy-a-foreclosure-episode-2-what-is-the-50-2-rule/

And consider the specifics very carefully. Rental houses can be a fantastic investment but as the second article discusses you need the economics to work out right. If they don't there are plenty of decent alternatives without the trouble. (e.g. http://www.mrmoneymustache.com/2011/08/15/become-a-lazy-landlord-with-reits/)

Katielady

  • 5 O'Clock Shadow
  • *
  • Posts: 5
Re: Renting...Any advice or help
« Reply #2 on: November 17, 2013, 01:46:15 PM »
Definitely check out biggerpockets.org, which has forums dedicated to landlording.

KingCoin

  • Pencil Stache
  • ****
  • Posts: 783
  • Location: Manhattan
  • Achieved FI @ 30
Re: Renting...Any advice or help
« Reply #3 on: November 17, 2013, 07:27:05 PM »
http://www.biggerpockets.com/real-estate-investing/introduction

How you go about it is going to largely be a function of how involved you want to be and how much time you want to commit. Possibilities range from turn-key investing where you literally do nothing except have a rent check deposited in your account every month, to buying fixer-uppers to renovate and then place and manage tenants on an ongoing basis. Generally your return will be correlated with how much work you're willing to do yourself.

tduck16

  • 5 O'Clock Shadow
  • *
  • Posts: 4
Re: Renting...Any advice or help
« Reply #4 on: November 18, 2013, 08:55:53 AM »
Thanks everyone! some great help!