Posted by A Landlord on January 11, 2001 at 17:03:52:
In Reply to: Landlord: How To Become ? posted by Brenda on January 04, 2001 at 21:07:57:
You might want to try owning a single family home or your own townhouse first. Jumping from renting to owning AND being a landlord all at once can be hard (the costs unexpected repairs and maintance happen once you own and aren't a renter, dealing with tenants and leases is an entire additional ball of wax). Also there are many programs out there that will let you buy for yourself with almost or no $$$ down, but many of those don't apply if you are going to be renting it out. The first thing you need to do it to talk with a bank or a morgage company to find out if you qualify and how much they will lend you. This will let you know if you need to better your debt to income ratio (ie pay off those credit card and car loans) or if you need to clean up your credit history some first. Once you know if you qualify and for how much, contact a realtor and go nuts! Good luck!
: Hello, I have done the calculations and have confirmed that owning property is most cost-effective than renting, over the long term. Does anyone have any advice on how to get started owning real estate ? Does the city offer any assistance ? How about buying an abandoned property and renovating it ?
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