How to get started in rental property?

[Daniel Gallegos]

I am 24 years old, my monthly income is around $2,000 (after tax) , and currently have saved around $230.00. My question is where and how would I considering I really have no knowledge on real estate investing get started? My plan as of today is to work as much as I can in a year while saving as much also then get started investing. But I do not believe in beginners luck so I am hoping that with the knowledge I can learn here that I can have a clear understanding of what is going to take to get started. Any help or advice would be appreciated and I also accept criticism for as long as it is constructive. Thanks in advance to all that help me get started investing in real estate. (I think is important to note that I am interested in rental property/apartment buildings not family homes).

[Joel Owens]

By family homes you mean owner occupied correct as in you will not live in one side and rent out the other??

With your limited cash try to save up some more.If you only have 230 bucks saved up and you net 2,000 a month then you need to seriously look at your expenses and what are NEEDS versus WANTS.Eliminate the wants,sacrifice,and save up a down payment quicker in addition to paying down credit cards etc. to improve your debt ratio and credit score.

Then find you a duplex,tri-plex,or quad with an FHA loan and live in one and rent out the rest to get going.

You could also try to wholesale some deals to build a down payment quicker but that will be hard if your job keeps you really busy all the time.

Good luck.

Remember everybody had to start somewhere.Go ahead and take that first step.