My Friends Call Me AJ

[Arthur Hynes]

Hello Everyone,

I am totally new to Real Estate Investing. I am looking to buy houses and rent them out. Currently, I am looking at buying homes that have current tenants. Is that a good strategy. One hurdle, I am having is finding out how much rent the current tenant is paying for may cash flow analysis. I really need a mentor if anyone is interested in assisting. Thanks and good luck to you all.

[Linval T.]

@Arthur Hynes

Welcome to the vibrant BP community. Ok, now that you have taken your initial step, below are some quick links to get engaged.

Ironically, I started out with your model of buying rentals with tenants in place. It's a good strategy, because you hit the ground running on day one with a tenant on board. I also choose to close during the first week of the month, so that credit is given for the remainder of the month's rent that's collected by prior landlord. You also get the security deposit which must be placed in a separate account.

Frankly, you shouldn't have a problem in determining the rent amount that's being paid. Simply ask the selling agent, often times it's listed or if buying directly from the owner he/she will furnish the info as well. At that point you can crunch the numbers to see if it's worth pursuing.

With regard to soliciting a mentor my advice is that you bone up on the basics and invest some solid time initially, so that when you are connected with a mentor, quality time is utilized to address higher level REI questions and teachings.

Also, since you expressed an interest in rentals, I added the below links for your review.

https://www.biggerpockets.com/renewsblog/2015/03/27/financing-options-rental-property-guide/ (financing options for rentals)

http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)

http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)

• http://www.biggerpockets.com/starthere
• http://www.biggerpockets.com/meet
• https://www.biggerpockets.com/alerts
• How to Use @Mentions on BiggerPockets
• https://www.biggerpockets.com/rules
• https://www.biggerpockets.com/terms
• https://www.biggerpockets.com/invites
• https://www.biggerpockets.com/perks
• https://www.biggerpockets.com/forums/categories

https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)

https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)

REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.

https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/

REI books suggested by BPers

https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books (books recommended by BPers)

Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

Feast on the Podcasts, #askbp Podcasts, blogs and webinars

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.