Advice For New Rental Property Investor

[Edward Chan]

Happy Friday to everyone here at BP,

I am new to the real estate investing industry. I plan on investing on rental homes (MFH and SFH). Thankfully through other investments, I have a good amount saved up to utilize (around $350k) for investments. I am just not sure on how to proceed in terms of my first rental property purchase. Would love to hear some advice or get some guidance if anyone has any wise words of wisdom to share. I am open to partnering up some deals as well in the near future.

I am in the DMV area, but I plan on getting property in Michigan (Metro Detroit to Lansing area). I am open to doing rental property out in different states, but probably would deal with that later on. 

Feel free to connect with me! 

Thank you for everyone's time,

Edward Chan

[Andrea Weule]

Build a Solid Team!  Make sure you have good property management in place and that they have a solid track record with screening quality tenants.  I also like to make sure my property managers have relationships with the housing authorities to ensure that during times like these (pandemic) I can still have income coming in.  

Whenever you're remote investing you'll be relying on others that help you and your properties.  The stronger your team the more successful you'll be!