Buying rentals Any advices?

[Jeremy Vicari]

I have about 100,000 to invest in rentals what approach should I go with?

1. Buy Multiple properties?

2. Buy 1 single property?

Any advise would be appreciated.

[James Wise]

Originally posted by @Jeremy Vicari:

I have about 100,000 to invest in rentals what approach should I go with?

1. Buy Multiple properties?

2. Buy 1 single property?

Any advise would be appreciated.

 You can pick up 4 solid rentals by using your $100k as down payments on them. Here are some best practices for you.

• Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
• Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
• Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
• Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
• Make sure your property manager is a licensed real estate brokerage.
• Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.