Any advice on rental property Investing with no experience?

[Sean Chatman]

Hello!

I’m new to Biggerpockets and I’m a 19 year old aspiring to be a rental property Investor so that I may build wealth in the long run.

It may seem crazy but I have a goal of getting 60 rentals within the next 5 years, I’d like to split my portfolio between single family and multi family homes but as for now, I am going to mainly focus on single family until I get more accustomed to the game.

I’d like to know what you guys think on these questions so that I may better grasp knowledge from experienced individuals.

1. What are some of the most important things to look at when determining if a property is a good investment?

2. What are some creative ways to fund a property if the cash isn’t always on hand?

3. What are some videos or books you believe have changed your real estate intelligence for the better?

And

4. What advice would you give yourself if you could go back to the very beginning of your real estate journey?

Thanks!

Sean C.

[Julian Tristan]

Hello Sean, 

Thats great to hear! At your age not many teens think of investing into their future and having big goals.  Making that your goal and doing what it takes is the first decision that I'm sure you will accomplish.  I've started two companies and started investing into real estate.  This has helped tons and one of my goals is to have 50-100 properties in the next 5 years.  Nothing is crazy you just make that decision and have your daily goals of what it will take to accomplish that decision you want to get you in the right direction, could be having friends with the same mindset, mentors or getting a loan from your parents to start on a small deal.  Just make it work. Failure is not an option.  I failed many times and just kept going. 

1. When looking at a property I check out the area to make sure its a place that is low crime, desirable location, walkable, check rental market in that area and making sure the property isn't gonna be too much work.  Because. your aim is to get it on the market to flip or rent asap.  I renovated one of my houses in 2 weeks with my brother and had it rented out for 1100 on the third.  I bought it for $60 grand and I never looked back. 

2. Good ways to find homes are to look for homeowner finance as you can sometimes get amazing deals like putting $5-10 grand and make payments or getting partner that is looking to play the game as well.  Someone smarter then you and knows the market is great too! 

3. I read The 10X rule, Rich Dad Poor Dad and checking out videos by Grant Cardone and Bigger Pockets have helped.  Pretty much any book or seminar on investing in real estate is always helpful.  Being financially literate is your aim.  

4. Take advice from people that are already in the game and are successful at it. Get a mentor and do your due diligence when getting your first property. Make your goals bigger. 

Have your money work for you by investing in passive deals. 

Best of Luck!