Help!! My first rental property purchase!

[Candace Mckinney]

 I need some words of advice and just a little insight. I’m trying to purchase my first rental property!! It’s actually my childhood home, my parents are just trying to get out of their current mortgage on it so that they can begin building their new dream home. It’s a 3bd, 1ba sturdy brick house, sits on about 1.5 acres, and needs quite a bit of cosmetic/plumbing work done to it. It’s located in a rural area of West Tennessee. They owe roughly $31000 on the mortgage and the property appraises for $49,000. What’s your experience with buying income properties? How did you finance your investment? What rents do you charge? How much is TOO much to invest into reno for the profit you wish to turn in your scenario? How many properties do you own? I’m young (26) and brand spanking new to this and if it goes well, I’d like to graduate into purchasing more properties like this for more income! Tell me what ya know!! Be raw with me!