Want to buy a plex to rent

[Dennis P.]

Hi everyone,

How does one become a landlord? Granted one has a great credit history and a sum sufficient for a down payment. Can you please share how you started or point to resouces that can be helpful to someone looking to create a cash flow from renting.

For example, these questions come to mind:

Where to look for plexes?

How to find a property that will be attractive to tenats?

What are ins and outs of being a renter?

Anything else that you would recommend?

Thanks in advance!

[Elizabeth Colegrove]

We got started as 23 and 25 year old on the VA loan. We very little funds, just enough for a rehab if needed so we put nothing down. We ended up being able to fund the repair on our own salary but that wasn't something we anticipated in the beginning. 4.5 year laters after lots of dedication, some lots and loads of crazy we have 8 houses and are working on our 9th.

We buy single family homes so I cannot help with where to look for them but I can say location and elementary school are really important. As too managing our tenants, are lease has been our key to success. The 38 addendum's has helped us keep it from being a discussion to "what does the lease say". 

Here is the blog article I wrote for BP on it. Hope it helps. https://www.biggerpockets.com/renewsblog/2015/10/1...