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Updated almost 11 years ago on . Most recent reply

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6
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David Miller
  • Philadelphia, PA
0
Votes |
6
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Not sure what to do

David Miller
  • Philadelphia, PA
Posted

I have a property that was left to me it has some nice equity in it, i would like to buy more property's what would be my next move/moves,I'm very new to this....

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4,311
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Jerry W.
  • Investor
  • Thermopolis, WY
3,998
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4,311
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Jerry W.
  • Investor
  • Thermopolis, WY
ModeratorReplied

@David Miller I am agreeing with @Cody Marchant that you need to try renting the property you have. If you have a $90K house setting empty see if you can rent it and get started. If you cannot make money on a house with no debt you cannot make money on a leveraged house. Learn what the average retail rent price is on similar houses in the neighborhood. Get a good rental agreement, learn the local landlord/tenant laws and eviction laws. Find out how to advertise rentals, Craigslist? The newspaper? A piece of paper with your number on it at the local grocery store? You need to leverage the property first, then see if you like it or hate it. Then see about leveraging into 4 or 5 more.

  • Jerry W.
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