/biz/ - Business & Finance

[Anonymous No.1951735]

Guys I'm thinking about buying a house, and renting it out, and possibly parlaying that into a few more, houses as an investment.

Can I get anything started with the resources I have now?

1) I've $20,000 combined savings and credit limit

2) I've 700+ credit score

3) Annual salary $39,000

Caveat I am currently living in NYC

[Anonymous No.1951774]

>>1951735

>be in high school
>working for local slum lord renovating houses
>think that tenants of the high end homes would take care of things
>see how terrible tenants treat shit
>tearing up hard wood floors ruined by years of dog piss and neglected pets
>tenants would never be taken to court over damages since they were normally broke ass scrubs anyway.

That was how I realized how shitty being a landlord could be. The people I worked for were originally flipping homes but after the financial crisis in 08 they slowed down and primarily had rental homes. They refused to buy anything they had to finance. Their recommendation to me was if you can't buy it for cash don't bother and figure that your first 3-6 months of rent will to be spent fixing the place when your tenants leave. They made some pretty hefty profits but it was also a balls load of work. They also had a large family that would help maintain the properties at a VERY discounted rate.

[Anonymous No.1951782]

>>1951735
You need 20% to put down on the house.
Do you know of any houses in NYC for $100,000?

[Anonymous No.1951849]

>>1951782
>You need 20% to put down on the house.

I've heard its possibly to be less depending on your credit

[Anonymous No.1951860]

>>1951849
>making $39k

They'll want 20%