How do you get started in investment properties with little cash out and little repair know how??

Question

Also how do you choose such a property so you wont have to make major investment in repair, and what locations seem to get the best return?? ( college towns, small towns or large towns or other locations please make suggestions)

Answer 1

There is so much to learn and consider I'm reluctant to give any advice. There are books written about this, get one of those is my advice. I'd reccommend "The Five Magic Paths to Real Estate Investing" (stupid name, but good book) or "How to Find Hidden Real Estate Bargains", but there are many many other good ones (by the way, the ones I mentioned may be out of print for all I know - I haven't read them in a long time).

Answer 2

our 1st investment was one that we actually lived in and then used it as a rental. Our 2nd and 3rd were both duplexes bought withing a month of each other.

We went to a mortgage company and had them search for the best loan possible for us. On each location we didn't put any money down.

As far as the know how of repair we know nothing, that is why when things go wrong like plumbing we call a plumber.

We went for the places that are not top quality but also not trash. Made sure to crunch the numbers many times. Like what the rent will be and what do we have to pay besides taxes and loan. Like with one we had to pay the heat and water.

If you are thinking of doing to get rich quick you wont. It takes time to get your money back and get the money rolling in. Don't forget your place also won't be rented all the time and you might get someone who you have to chase the rent check every month.

Have an apartment finder help you rent the place it is well worth the money/fee and they also put together the lease/contract.

Answer 3

I searched the internet and found a useful free site below on buying investment properties.