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Updated over 3 years ago on . Most recent reply

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Joseph Allen
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New to the forums looking for advice.

Joseph Allen
Posted

I have been interested in starting my real estate adventure for a long time now but have no idea what I needed to do to start. I picked up Brandon Turner's book "The Book on Rental Property Investing" and it has been pushing me even more to go into real estate investing. I have a lot of options that have come available recently but I am skeptical about pulling the trigger due to the way houses are selling in my area. (people are offering up to $15k more then advertised price) 

At moment I have $15k saved in the bank. I have about $100k in equity in my single family home. I just talked to my bank and they said they could refinance my home as an investment property and keep my payments/interest rate around the same price and give me a max of $50k. I have paid on the mortgage for about 9 years and it would push my term back to 30 years. I have talked to my significant other and she is willing to stay in a camper to also help save. She is supportive but thinks that I would be pushing us into debt instead of giving us financial freedom. 

I could possibly put a down payment on more than just one property and rent out the home that I currently live in. I have talked to local property management companies and most charge around 8% in my area. I have also noticed one of the houses that are beside mine has rented out the whole 9 years that I have lived here and they always have a tenant.

I just wanted to see if I could get some advice on my next steps and how I should go about getting started in rental property investing. Thank you in advance for any advice.

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