Newbie taking action

[Cameron Alaniz]

I just wanted to get some advice from seasoned investors for people who are new and are starting to take steps towards buying. I do not own rental properties, however my wife and I have set a goal to go to at least 2-3 open houses a week, possibly more if there are several close by. I am also going through the free course and have been listening to the podcasts as well.

What can I do to learn more and continue to grow? The house we are living in now, will be our first rental, but I want to add an additional or two in 2 years time..

With me 20 years old and having limited exposure to credit, what would be a good way to make sure my credit is up to par when I take out a loan for the near future?

[Thomas S.]

You do not need to go to open houses showings unless you are only doing it for fun. All you need to do is get the info on each property and crunch the numbers. Consider price, taxes, and condition, from there you can only do rough estimates on expenses. That info is illusive until you have a place under contract. You must also study the rental rates for each area and property type. Stay away from SFHs and concentrate on multi plex properties if you want cash flow.

After calculating a few hundred you should be able to do it in your head. Then you can sit down with a knowledgeable investment property realtor and have him look for properties that fit you portfolio requirements.

Going to open house showings may be interesting but they are for home buyers not investors. No rental property worth investing in will have a open house showing.