Newbie
I am new to Real Estate Investment. I own my primary residence, and an investment property in Charleston SC that is currently being rented. I know it might be a little early for this question, but I am going to ask it anyway. Do people mostly do this on the side from their current job or do some do this full time? Also, if you want to do this full time is it hard to get lending from a bank to do rental properties? Do you have to do all "creative" real estate deals? I know banks will take potentional rental income into account. That is it for now......
it depends on the amount of deals you could possibly put together. my advice if your not motivated and extremely knowledgeble to investing keep your day job. good luck investing L/D
Tim,
Rental property investing is a slow (but steady) road to wealth. Divide the monthly cash flow from your current property into your monthly take home pay from your job. This will tell you how many more properties you will need to own at that cash flow before you can replace your income from your day job.
Until you own enough rental property that the cash flow is more than adequate to meet your lifestyle needs, it is better to continue your rental property acquisition part time.
As an aside, I looked at the photos you posted in TCI Realty for your rental property. It looks like your tenant had a break-in and the thieves stole all the furniture. Did a leaky water pipe create that very large puddle of water in the middle of the living room (?) floor, or did someone just leave the sliding door open during a thunderstorm?
Better to have no pictures at all than these.
timfleming1,
RE:
DaveT'sPost...
"Rental property investing is a slow (but steady) road to wealth. Divide the monthly cash flow from your current property into your monthly take home pay from your job. This will tell you how many more properties you will need to own at that cash flow before you can replace your income from your day job.
Until you own enough rental property that the cash flow is more than adequate to meet your lifestyle needs, it is better to continue your rental property acquisition part time."
ONE BIG...D~I~T~T~O!!!!
....as always,
GoodInvesting, Rocky