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What is the best way to start buying house for renting purpose?

What is the best way to start buying house for renting purpose? my partner and I we have $20000 dollars looking to start investing in central florida we were thinking buying a house and putting it under an LLC can someone please advise. 

Thank you.
  • September 15 2013 - Altamonte Springs
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Answers (6)

My apologies for reading that wrong. Wouldn't be a bad thing if some how your bank account gained another zero now would it!? :-) Still would be happy to discuss finance options on investment properties. Feel free to contact me.
  • September 16 2013
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You'll want look for properties that allow a monthly payment, including your principal and interest payment, real estate taxes and insurance to be well below the current rental rates in the area. Also, allow some cushion for any repairs that may need to be done. A local agent can help you find suitable properties and assist with finding a tenant.  There are several screening agencies out there that can help you determine how risky a potential tenant may be.
  • September 16 2013
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Hello Joshua, I wish it was $200,000.00 but I mean to say $20,000.00. 
  • September 16 2013
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If you and your partner have $200k, do you plan to pay cash? If so why would you tie up all cash when you could finance 75% and use left over funds to purchase more properties. With appreciation alone you will earn more than you will spend in interest. Let me know if I can assist you and discuss further.
  • September 16 2013
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Thank you
  • September 16 2013
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Contact a local realtor. They will know the local market and how much rent you can expect to get for houses you look at. 

Best of luck in your search.
  • September 15 2013
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