Buying real estate

Then you had better be willing to pay big dollars to get things done. Labor rates go from $20-120/hr (per laborer) depending on what you need done. With stuff like hvac and masonry at the high end. You can cut a $6000 a/c install in half if you do it yourself. Even if you spend 100 hours doing it, it's still worth more per hour than 99% get at their mcwagecuck job.

Dont buy a place. Your gonna have poor people who are going to refuse to pay and youll have dragged out court sessions to get them evicted.

I fucking hate RI.

why's that?
That doesn't happen all the time and if it does I can just kick them out of the house whenever I want

>22 year old (likely) skill-less worker with no previous experience in real estate who has $300 to his name and shit income

Yeah, you have a long way to go before even considering getting a rental property.

How well do rental properties scale? Could I theoretically have 50 properties and multiple employees working as landlords for me? Starting from 1 or 2 properties that I buy and fully own and act as a landlord myself

i have around 12k right now, enough for a downpayment on something in the suburbs or a small apartment

>mfw

Get a mortgage, buy a place, rent it out while still living with your parents.

How do you expect to be able to buy real estate with a part time job though? Pretty pathetic effort.

Why not just invest in a REIT so you can profit off of stupid yuppies who pay $5000/month for a chick urban loft rental? Unless you are already extremely wealthy or a super handyman, personally owning and managing physical rental properties will be a disaster.

this

This is how id do it. Charge enough rent to cover the martgage. So you live for free.

Why will you buy a house now?
Things will go down in flames and you'll be bankrupt.

Now it's the time to sell, grab these millions by the balls

w-2/1040 2 years + future rental income " adjusted to 75% for underwriting" and 1-3% down. All you need is a lease agreement and your golden. Programs are getting crazy again. instead of minimum 5% + MI for conventional I've seen people get 1% no Mi conventionals.

Explain

This.

You can use your $300 and a Robinhood account.

My mom owned an apartment in a bad part of Chicago. I think it can take 7 months for her to legally evict the tenants. She also had a squatter come and not leavr the builsing's basement. The police were only able to evict the squatter when they found him shitting on the walls, so the basement had no toilet and was not suitable for a person to live in. There was also a few dog fights and tenants would pull copper wire out of the wall and sell it. About half the people paid rent to her. If you get a place that you will rent out and its not in fuckall land, then you should be fine then.

a lot of people on this board imagine residential when they hear real estate. keep and open mind and look for small office areas, industrial areas, and maybe buy a property with a few tens of thousands of square feet of space. residential rent can be expected at $1 a foot, but manufacturing or office or retail can be $25-30 a foot, and nobody will call you at 3 am to unclog their toilet.

open a forex account and trade

Thats if you dont do your home work when screening tenants. Credit score > god.

Not entirely true. You can technically get a USDA 100% mortgage on a small multifamily and get into the game with virtually no down payment.

It can absolutely scale. At some point you transition from being a direct landlord to using property management. When the transition occurs depends entirely on when you are either out of extra time to dedicate or comfortable with the profit hit that comes with hiring. Hiring a good property manager can be tough.

Because RIET's have shit returns, and as usual all the real gains go to the people actually buying and selling the physical properties. Say a REIT as a 7 % annual return, thats all fine and dandy. I've done a realestate deal that actually paid me money during the acquisition and rehab phase, on top of paying out monthly rentals afterwards, so I was actually paid to take the property and have a 22% cap rate annually.

have fun dying a poorfag

Location location location. Never invest in the ghetto unless you are from the ghetto. Working class neighborhoods is where its at, key word *working*.

This is good but not for beginners, as commercial loans have harder terms to meet both upfront and over the duration of the contract.

Op here, so since you sound like you know what your talking about here, might giving a decent explaination on how to start off in my postion?

The easiest way is, again, a duplx/triplex/fourplex that you will move into and rent out the additional units. You can get one of these with a residential USDA 100% mortgage. Literally zero money down is possible as long as your credit isnt garbage.

Also, when you buy, remember you are looking for something that is financially ideal, not lifestyle ideal.

biggerpockets website/podcast is a good source for info.

I went to RI to stay with a buddy for a while and land up there is expensive as fuck. I felt worthless and I've got way more money than you right now. You either need to focus on a career that will earn you way more money within 5 years or look into property in a different state, probably not one where people have been living 400 years.

t. Missourifag with 18k also looking to buy and rent out.