Buying that First House

So you really want to be a landlord?

1. If you really, really like the property get an appraisal, and make your offer based on the appraisal.  The offer should be at least 20%, (30% is better..with today's market you may even be able to get it for 50%  all they can do is say no) less than the appraisal.   Many banks only want to lend 70% of appraised value on an investment property.
2. To get the best deal, you have to be willing to lose it.  Sometimes sellers call you back and accept your offer.
3. Start slow.  One house at a time.  Get that one up and working as quickly as you can and then think about your next one.
4. Look at empty houses if possible.  You never know what is being covered up by a well placed piece of furniture.
5. Make sure that you have cash available to cover the bank payment when your tenant does not make their payment to you.
6. Don't quit your real job yet.
7. Put together a team of people to help you.  Young attorney, insurance agent, appraiser, home inspector, banker.
8. Fix the important stuff in the house first i.e.  electrical, plumbing, bathroom, kitchen.
9. You are not going to live there.  Fix  the property for durability.
10. Keep the color scheme neutral.