First time buying a rental home

[Ezekiel Joseph Berman]

I have heard about rental properties from a friend of mine and she showed me this website. I am interested in getting into the rental house market and have no clue where to start. Any advice or tips or posts to read would be very helpful. Thank you!

[Sam Hudacek]

Welcome! BP is the best site for information and tools to help you start your RE journey!

To start off I would recommend doing plenty of research before pulling the trigger on anything. I would recommend buying The Book On Rental Property Investing or The Multifamily Millionare Vol. 1 both by Brandon Turner. Rich Dad Poor Dad by Robert Kyosaki would be a great read as well. Once you feel pretty comfortable finding deals, analyzing a property, learning how to manage etc. Then I suggest you start by house hacking, which would be purchasing a single family home and renting out a basement / room or a multi family property (2-4) units.

House hacking will help you eliminate your mortgage partially or fully by havint the other tenants pay rent, teaches you how to manage a property, manage/screen tenants, and really just gets your foot in the door.

The best thing about house hacking is that you can use an owner occupancy type of loan such as the FHA or VA. You won't need much money up front so the risk would be limited.

If you have more questions feel free to message me! Good luck.