How To Get Into The Rental Business

If you are thinking about getting into the rental business you are probably asking yourself, when? My real estate background has taught me many things about buying homes and the best time to do so. Buying rental property is a great investment, if you know what exactly to do.

The earlier you buy the better off you are. Like any other investment, time can be your best friend. The earlier you start, the more time you have to gain the reward. Your first rental property will often be the most complicated. A mortgage company will ask you to put roughly 20% down when buying an investment property. My advice for you is to live in the home for a year and then rent it out. This will allow you to veto the downpayment and keep more money in your pocket upfront. After the first year rent it out and buy another, repeating the same process. This will in turn allow you to easily build your rental home portfolio.

Now some of you might be asking yourself, what do you look for in a rental? My advice for you is to start small. Trying to find a home that doesn't require to much work and is the least expensive. Make sure that there are no major issues or repairs needed that would prevent you from being able to move in. It may not be the best home but you will only be there for a year. For starters, a two bed one bath is great. When you are ready to move look for a property that is a bit bigger.

If you are wanting to manage multiple properties you can more than likely buy three homes with this process. After three years you should have enough money built up to purchase and put a down payment on a home.

If you have anymore questions on the easiest way to get into the rental business please contact me at 317-650-5898 or email me at ermusleh@gmail.com

Elaina Musleh

F.C. Tucker Company

317-650-5898

ermusleh@gmail.com

www.elainamusleh.com