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Updated over 11 years ago on . Most recent reply
Hey, I have questions
I have recently started, 4 months ago. I just needed some advice. I was only an intern and got shoved out of the door early, no explanation so I lost my teacher. I am a guy who wants to own a business on real estate because I have always loved what is involved, I want to be a landlord i want to be paid to buy houses if that makes sense. My questions are, how in the world can I a 19 year old male, who everyone tells me no one would rent from, get property and renters. Should i go through management companies? I want to also know how to make the rent, I was not taught that by my teacher. I want to be able to move away from Oklahoma to Alaska, could I still buy property several states away and keep my business in Oklahoma?
That is all my questions I will update if i think of more
Most Popular Reply
Jonathan Sullivan, there are lots of blog posts on how to "start young" here on BP, Brandon Turner has written a really good one:
http://www.biggerpockets.com/renewsblog/2013/02/09/how-to-start-investing-real-estate-young/
Take your time and plan things out. If "everyone" is telling you these discouraging messages, change who you are talking to. There are plenty of investors here on BP and elsewhere that will encourage you. Keep asking questions and re-developing your investment strategy...it will change as you grow in knowledge and experience. The fact is, people will rent a property that fits their needs, the landlord or perceived landlord doesn't really get in their way if they want what you have (a place to call home).
Alaska is far far away from Oklahoma. I would suggest visiting there before moving. It's a gigantic state, so lots of places to choose to move to. Winters are cold and lack of sunlight year round will beat you down if you aren't prepared. Lots of opportunities to make money up there though. And yes, you can invest from literally anywhere...but you will need your business set-up to work that way. There are many investors here that invest out of state and love it!
Not sure what you mean by "make the rent"? Market rates determine how to set rent. Basically, what is everyone in the same area charging. You can call PM companies, check various websites like craigslist, rent-o-meter, zillow, etc. for comparable rents.
And Ditto on Mandy's excellent advice. Pre-Congrats on your upcoming closing Mandy!