1st Real estate rental investment

[Jonathan Jerman]

Hello everyone,I am new to real estate and I'm looking to connect with people in my area.  I am looking to purchase my first property this year in the Syracuse area. My goal is to purchase a property and have it either be rental or air bnb ready by end of spring. Not sure where to start, open to any advice or information.

Thanks!

[Ramandeep Sidhu]

Welcome to the world of real estate investing! Purchasing your first rental property can be a exciting and potentially lucrative decision, but it's important to do your due diligence and carefully consider all of your options before diving in. Here are a few things to consider as you begin your journey:

1. Determine your investment goals: What do you hope to achieve with your rental property? Are you looking for long-term passive income, or do you want the flexibility to use the property as a vacation rental? Understanding your goals will help you make informed decisions about which property to purchase and how to manage it.
2. Research the market: It's important to have a good understanding of the local real estate market, including average rental rates, demand for rental properties, and any potential challenges or opportunities. You may want to consider working with a real estate agent or broker who can provide you with valuable insights and help you find properties that meet your investment criteria.
3. Consider the type of property: Single-family homes, duplexes, and small apartment buildings are all popular choices for first-time investors. Consider factors such as the size and condition of the property, as well as its location and any amenities it offers.
4. Create a budget: Determine how much you can afford to spend on a property, and make sure to factor in all of the costs associated with owning and maintaining a rental, such as property taxes, insurance, repairs, and management fees.
5. Consider hiring a property manager: If you don't have the time or expertise to manage the property yourself, you may want to consider hiring a property manager to handle tasks such as finding and screening tenants, collecting rent, and handling maintenance and repairs.

I hope these tips are helpful as you begin your journey into real estate investing! Good luck!