Encouragement Needed - Looking to Get Into Rentals

[Kyle Wilkins]

Hello,

I'm 26 and looking to get into the rental business. I'm truly inspired by everyone's stories and hope to one day too create a cash flow stream for myself through rentals.

I spent time today looking into properties online and running figures. After doing some calculations though and factoring in the costs listed on this site to consider as well as the mortgage it seems that I will only be profiting on average about $300/month.

I could be leaving something out in my calculations and in no way am I thinking this will be a "get rich quick" avenue, but it is hard picturing much sucesss with such low margins. Any words on the subject would be more than appreciated!

[Paul Ueber]

If you want to really hit big cash flow right away, leverage is fastest way to do it. But if you're hitting $300 net a month then that's nothing to scoff at. In terms of Fort Wayne, I'm finding a lot of good houses for my buyers in the 46808 area right now with a low cost of entry. Good area and with upside due to impending riverfront development.

Illinois is a tenant friendly state from what I understand vs landlord friendly Indiana. Rental market just across border from Chicago in Indiana is killer if you're looking in that area.