All Forum Posts by: Account Closed

I'm just asking just to ask. I am still saving money for a down payment on a rental property out of state and i understand none of this should be rushed, but I am wondering if anyone has ever started investing without any money at all. (loans, etc.) and how did you do so?

Do you purchase a rental property the same way you purchase a home for yourself? For example:

Rental property is $50,000
I have the down payment but will need to borrow money from a lender to pay the property.
Say all goes well, would I used the income from my tenants to pay off my rental property's mortgage? Or is there other ways of going about paying it off? (OR do I have to get a mortgage for a rental property at all?)

@Mike D'Arrigo That podcast gave me everything i needed/was looking for right now. I'm going to be following you A LOT more. I had no clue about anything basically. Thank you so much for the help, it's perfect.

@Mike D'Arrigo Wonderful, going to listen now.

@Marvin Song @Mike D'Arrigo I'm basically looking for a how to. I read up on a few articles on the topic already but would really like some guidance first hand from someone who does it. I reside in Long Island, NY. and am currently looking at Ohio, North Carolina, and a few other states to finally decide which state I'd like to invest property in. I also would be a first time home/rental buyer.

My main questions are:

1.)How do you keep an eye on your property when you are in your home state? 2.) Did you have to hire anyone to help you out? ( i found an article saying you should hire some sort of agency but i don't believe you HAVE to)

3.)Has your investment bought in good enough cash flow?, and

4.)How has the experience been with these properties, good and bad.

I have a million other questions that just aren't in mind at the time. I know I should just go for it since I do want many forms of income. I would just love advice and have someone sort of walk through this with me.

Thank you everyone.

Thank you Ashleigh very much.

Anyone live in New York but invest in a rental property out of state? If so, any advice, tips, or how to's?

I have 2 questions actually:
I see a lot of foreclosed homes in my area (assuming that a boarded up home is foreclosed) & since there is no "for sale" sign, how do you get the information on that house? who do you contact? where do you go? etc.

Also, when I look up cheap foreclosed homes on trulia and other real estate sites, they basically direct me to Realty Trac...... I -KNOW- there has to be a way to find info on a foreclosed home WITHOUT having to pay for a membership (or whatever it's called) with Realty Trac. Maybe that's not true, but if so, how? I did a free trial with them already don't feel as if I need to pay monthly just to look at a couple homes.........

Hopefully someone can help with a clear straight forward answer. Thanks!

Thank you EVERYONE. That helped me out 1,000%