Advice for newbie investing in rentals?

[Usman K.]

Hey Folks,

I am totally newbie here and getting ready to get my hands dirty with rentals. Being not from the same industry in my current situation, I know it took me well over a decade to first understand how I can optimize my earning potential and then eventually somewhat be successful in that. 

For real estate, my question is for all experienced folks there what will be your advice for me to follow so that I can attain some level of success in this business?  What to do and what NOT to do? Anything that you thought if you would have know when you started, it would have accelerated your growth potential. Thanks in advance for your help! 

[Mike Dorneman]

@Usman K. While some may disagree, I say as a new investor, buy in a neighborhood you are very familiar with. Understand the “class” A,B,C, etc... know what rents areas well as vacancies. Aim for a property that requires mainly cosmetic work. Try to keep the rehab simple and on budget. Run your numbers, then run them again, them have someone who’s actually been doing this for a while run them 😁 Most importantly, Jump In There! Avoid the paralysis by analysis. Best of luck!