 |
|
 |
 |
|
|
Forum
-> Working Women
|
amother
OP
|
 Mon, May 15 2023, 7:32 pm
Seems like lots of imas own or are involved in rental properties. Dh and I have been talking about it recently but we’re completely clueless. Would love to hear tips and tricks from you experienced ones!!! We’re located in Lakewood but not limited to properties there. One big question we have is how much is necessary to get started but we really don’t know much about the whole field 
| |
|
| Back to top |
 0
 0
|
|
amother
OP
|
Tue, May 16 2023, 10:09 am
|
Bumping. Anyone have anything to share?
| |
|
| Back to top |
0
0
|
|
amother
Seashell
|
Tue, May 16 2023, 10:17 am
|
How much knowledge, or how much capital…is needed to get started.? What are you asking?
| |
|
| Back to top |
0
0
|
|
amother
OP
|
Tue, May 16 2023, 10:30 am
|
Mostly how much capital but also for any knowledge on the subject
| |
|
| Back to top |
0
0
|
|
amother
Ebony
|
Tue, May 16 2023, 10:31 am
| amother OP wrote: | | Seems like lots of imas own or are involved in rental properties. Dh and I have been talking about it recently but we’re completely clueless. Would love to hear tips and tricks from you experienced ones!!! We’re located in Lakewood but not limited to properties there. One big question we have is how much is necessary to get started but we really don’t know much about the whole field |
If you aren’t knowledgeable in real estate, and have money you want to invest, then find someone you trust and invest in their deals
| |
|
| Back to top |
0
2
|
|
amother
Navy
|
Tue, May 16 2023, 10:41 am
|
It’s not just about money and real estate. People who buy houses and then don’t intend to treat their renters decently, are better off dealing with commercial properties or something else entirely. Please learn your state landlord laws.
| |
|
| Back to top |
0
0
|
|
amother
OP
|
Tue, May 16 2023, 10:45 am
| amother Navy wrote: | | It’s not just about money and real estate. People who buy houses and then don’t intend to treat their renters decently, are better off dealing with commercial properties or something else entirely. Please learn your state landlord laws. |
Would you recommend hiring a property manager?
| |
|
| Back to top |
0
0
|
|
amother
Almond
|
Tue, May 16 2023, 10:46 am
|
You need to speak to people who have such investments. Do not invest without educating yourself first.
| |
|
| Back to top |
0
1
|
|
amother
OP
|
Tue, May 16 2023, 10:47 am
| amother Almond wrote: | | You need to speak to people who have such investments. Do not invest without educating yourself first. |
Obvs going to be discussing with people irl but figured this would be a great way to educate myself
| |
|
| Back to top |
0
0
|
|
amother
Snapdragon
|
Tue, May 16 2023, 10:50 am
Knowledge is a must and you wont get a crash course here on imamother. As far as how much to invest really depends on the property youre purchasing. Say you want to put down 20%, you need to be sure that youre tenants cover you mortgage plus some for repair and if youre without a tenant for some time be sure you can cover the mortgage on your own. Closing fees roughly around 20k
Honestly its a pretty terrible time to buy now. Rates on an investment property are higher and in general real estate is currently very overpriced
| |
|
| Back to top |
0
0
|
|
amother
Offwhite
|
Tue, May 16 2023, 10:57 am
Yeah I would agree that now is not a good time to start. Interest rates are very high and rent amount are going down. You need to research the area you're looking into to see what you can get for a unit and will it cover your expenses. And what happens if a tenant doesn't pay. In NY, you can have a non-paying tenant for more than a year but you still need to pay the mortgage.
We don't use a property manager but then you need to be willing to do all the work. What happens when something breaks? Will you fix it? Do you have someone on call? Etc etc.
All these things (plus more) you need to take into account.
| |
|
| Back to top |
0
1
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
|  |
 |
|
 |
|
|
