how to purchase residential property for investment and income…want to own and rent it.?
How do I go about this in a legitimate way…in other words, not the fly by night stuff you see on TV.
I’m looking for answers from those that own and rent out their property. I’m interested in residential investing for the time being.
I have worked in property management, so I am familiar with how to manage the property once I have it.
I am most concerned with how to get the money to purchase my first investment property. I’ve read not to go into debt to purchase realestate.
But I don’t really have any of my own money.
Those in real estate…please respond.
I’ll be buying property in NE Tarrant County, TX for now.
Thanks!
well i hope you got a good credit score. however, there are ways around this. my first suggestion would be to take on a partner. i found a great resource of ways to accomplish this with little or no money.
http://timboson.blogspot.com/
April 14th, 2010 at 12:00 pm
well i hope you got a good credit score. however, there are ways around this. my first suggestion would be to take on a partner. i found a great resource of ways to accomplish this with little or no money.
http://timboson.blogspot.com/
References :
April 14th, 2010 at 12:40 pm
so buying rental incomes without going into debt, and without $, and not the midnight infomercials.
ok difficult at best, rich uncle…
Debt is not necessarily bad. You will probably be able to depreciate the property over 27.5 years, your debt is viewed as an expense and can offset any income from the property.
I would look at current rental market for your area, and compare rent to mortgage payments on a conventional type loan. How has rent reacted to past and current economic trends, how has the housing market fared. If the rent is stagnant but housing prices are rising, might be worth it to go into debt, rent out for several years, (while renter pays your mortgage) then do a 1099 exchange once you have adequate equity to purchase another house.
References :