New from New York

[Khila Evans]

Names Khila. I am 22 years old from Rochester NY.  I have recently joined BP to gain some knowledge and insight.  I have been reading and replying to several posts and I must say this site is extremely helpful.  I am in the learning stages but boy am I eager. I have several books and am beginning to grasp an idea of what I am going to do. Having reason some of the tips on the site, so far I've found that buying a townhouse or double is a good way to get started. Any advice or success stories would be a godsend because I am very inexperienced in all of this. I am saving currently for a down payment,  thinking of the price range I should look into.  I am currently in customer service. Also I would like to know is it worth it becoming a real estate agent? Tips?  Advice? 

 Thanks guys!

[Mark W.]

@Khila Evans As a buy and hold guy, I think the best way to get started is to pick up a duplex and live in one unit while renting out the other.  Figure out if managing property and tenants is for you.  I'm of the opinion that managing property is easier than managing tenants, and make no mistake about it, success is dependent on your tenant management skills.

Everyone loves cash flow but do you enjoy what comes along with it?  That's what you have to figure out.  Sure, you can hire a property management company but that's not really going to make sense on your first property.

Interestingly enough, on this very day I closed on my first rental property, a duplex where I lived in one side and rented out the other.  I just so happened to back into a decent deal.  At the time I was more concerned with finding a quality place to live and to reduce my living expenses.  Longer term it's turned out to be profitable.  But while I lived there I learned as much as I could about fixing things, dealing with contractors, and managing tenants.  Mistakes were made, of course, but nothing terrible.  But more importantly, I realized I wanted to continue.

Take advantage of the low rates and the low down payment for first time homebuyers as soon as you can.  But make sure you have an emergency fund!  Without fail, things will crop up at the most inopportune times.

Start looking into areas you'd be interested in buying.  Hook up with a realtor and start getting listings for multifamilies.  Get mortgage preapproval.  Start crunching the numbers.  Crunch numbers till you're blue in the face, and then when something comes up that meets your criteria, act fast.