The property is in pretty rough shape so we're planning on renovating before renting.

Hi Allen, when I got started, I used a 3% down conventional loan to buy my first property.

The properties are rented and the debt is reducing via tenant rents.  

Has anyone added extra bedrooms to a multi-family property to increase rental income?

It gives you one property that can potentially pay for itself while putting a roof over your head and giving you experience as a hands-on landlord.

I don't know what his properties rent for yet but lets assume equal rent to my property.

To overcome these, investors should focus on smaller properties, value-add opportunities, expand into secondary markets, leverage creative financing, partner for scale, monitor development trends, network aggressively, and use market data tools for tailored advice.

Instead of buying existing properties and rehabbing them, the idea is to partner with a builder who constructs new rental properties, then refinance and rent them out. 

Day 1: Securing the Property & PlanningIf you’re getting ready to rehab a house, the first thing you need to do is lock it down and get your paperwork in order.🔹 Step 1: Secure the HouseBefore anything else, slap a lockbox on the door and get some keys made.

Make sure you come top with some awesome social media content that includes videos of your property and some of things to do around the school.