First Property Purchase - Tips Needed

[Kristiana Kenny]

Hello to all!

I have been thinking about purchasing a duplex in the greater New Orleans area, renovating it, and renting it out through AirBnB, and I need some tips!

I am currently enlisted in the military (Army) and my ability to go out and look for a home is on hold for the time being. Therefore, I am seizing the moment to read up and gather as much information I can get, so that when I am able to make a purchase, I’ll be readily prepared with the knowledge to do so. So I asked myself, “What better than to ask those with previous experience?!”

With that being said, I am asking anyone to share their experiences and offer tips they may have learned/picked up along the way.(preferably with MFH)

What were all of the steps taken to purchase your first property? What did you learn in the buying/renting process, and how is it coming along in the long-run, emotionally and financially. What advice do you have with finding the right people to work with (construction workers, agents, appraisers, etc.)?

So many questions, so eager to learn! Please share.

Thanks!

[Laura Alamery]

@Kristiana Kenny

I started buying rental properties when my husband was in the Army almost 30 years ago, so I can relate to what you are going through. :)

One of the best ways to find rental properties that I found is to approach existing landlords, especially if they are older and have owned the property for a while. Usually aging landlords of multi-family properties (2 to 4 units) are pretty responsive, and a lot of times I have found out that they are willing to finance for short term or work out other creative financing.

I suggest that you pace yourself when buying multi-family. 3-4 properties the first year, until you get the right team in place and also build up your cash resources.

Initially I purchased 16 multi-families in 18 months (back in 1991-92,) but it was stressful and not having the right workers and management in place, we had to do a lot ourselves, and my husband being in the Army ... it wasn't easy.

Recommendations and word of mouth are your best resources for contractors, etc. Attend REIA meetings and forum boards like BP. :)

Good luck!