How do I gain experience on buying my first rental property?
I want hands-on experience in buying a rental property and managing it. What is the best way to gain that experience? I was thinking about interning at a property management company. Any ideas?
Take it not just as a job, but your own business, try to become the investor is good way to know everything. Simple Strategies to Be a Successful Property Investor and Become financially free in 3-5 years /docsbay.net/simple-strategies-to-be-a-successful-property-investor-and-become-financially-free-in-3-5-years). Good luck!
Hi, Lela – thank you so much for your question! Interning sounds like a great idea. Another option is to help out friends or family who have their own rentals and see what they do as part of managing their properties. You could also work for a local handyman or contractor to gain some of the skills you may need when managing a rental. Still, experience is the best way of learning so consider doing rentals part-time. For example, if you currently own your home, consider renting a room as a short-term vacation rental.
Best of luck,
Like Nike says, Just Do It. 🙂 Find an excellent local realtor who is an investor, find a local mortgage broker to walk you through the pre-qualification process, and then purchase the property. I learned by doing. And I can tell you after working at a PM company you will learn a lot of what not to do if you don’t find the right one. A good realtor can teach you more than a PM company can. Good luck!!
There is nothing that will fully prepare you for becoming a property owner and landlord other than just buying a property. There are places to find lower cost properties to limit your risk but your best option is to find a home you are comfortable buying and managing and just do it. If you are not sure you can do that, find someone you know that is more experienced and partner with them on a property.