We recently came upon a small property and are seriously thinking about purchasing our first rental!

Whether it’s reconfiguring layouts, adding square footage, or converting single-family homes into multi-unit rentals, the goal is to unlock value where others don’t see it.Distressed properties aren’t for everyone, but for those willing to put in the work, they offer some of the best returns in real estate. 

I don't think anyone predicted that.I've always thought for rentals it's better to buy a $250,000 house and hope for the chance it goes to $350,000 than buy a $500,000 house hoping it goes to $750,000. 

Quote from @Kim Scheid: @Travis Biziorek and @Sean O'Keefe, we are looking to start with our first out of state rental and would love to know more about self management.

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Things that could get in the way im putting out there now to make sure no surprises after someone does the work to get me quotes- New York State - Appraisal will barely be past 100k if that- 98% of my income comes from my rental portfolio (thats a new fun rule (to me) I just learned about)- Prefer something without a ton of fees and such.

I’m self managing my first rental property in Charlotte, NC.

Quote from @Lauren Kormylo: Quote from @Josh Ball: We do about 85% of our rentals on AirBNB.

Easy to dump a lousy rental, but impossible to get back the time we wasted in managing it.

This one isn't a serious one. 1/25/25  around 3PM- Mel (wife) and I were at our rental getting it rent ready for our new tenants.