I wanted to reach out and share some exciting news—I've just finalized the purchase of my first rental property, and the closing is scheduled for next week.As I embark on this journey, I'm eager to kickstart the process with some guidance from seasoned investors like yourselves.

Lots of sprinting and short bursts followed by longer periods where there is minimal activity.Leasing season is 2.5 months of non-stop tenant inquiries and requests.

So, the off-season is where to build the building blocks for when you retire.

DSCR lenders will have different rules on seasoning (i.e the amount of time between when you bought the property vs. when you closed on the refinance) for how much cash you can pull out and whether or not the appraised value, as opposed to the cost basis (purchase price + rehab costs) can be used to determine the loan amount (i.e LTV * appraised value = loan amount). 

Work with seasoned professional and drill down on all your options. 

Investigate areas with strong growth potential and rental demand, and take into account regional real estate market trends.Networking: Attend local real estate events, sign up for internet discussion groups, and establish relationships with seasoned investors.

My plan is to learn and work with seasoned investors.

Room rentals here tend to go to international students, students from out of area who need to do local internships, and generally older students.

This area is pretty hot right now in my opinion given it is transitioning, but all of it is rent-controlled for older buildings.

Purchase price: $125,000 Older home, needs freshened up.