How do you start your own real estate/ rental home business

You do not need a license if you plan to buy and rent out property that you own.

If you plan to manage rentals that you do not own you need a Real Estate Brokers (not agent) license.

The first thing u need to do is to examine ur own financial situation. Can u afford to carry an extra mortgage in the event that u have vacancies. You will have a better view of what home prices r in the area u r interested in so u can use a mortgage loan calulator (found in a lot of websites) to determine what ur costs would be.

In preparing yourself for the experience of being a landlord, look at the perspective house & ask yourself, is the house ready to rent? If there r improvements required am I able to do the work myself? Otherwise the cost of improvements need to be factored in. is the house in a fairly desireable location that will not see a lot of turn over. (you can check the local vacancy rate of a particular neighborhood on-line as well).

Once u have found something u think u can tackle, u will need to find out if the return owrth the price. To find that out, this website will provide u with information on variables in evaluating investment properties.

http://rentalsoftware.com/Cash_on_Cash.htm

You wont need to buy anything but the defintions in this site is helpful in understanding the nuance.

As others have mentioned, keep good records of ur income & expenses. I good rule of thumb is to follow the IRS schedule K-1. This form lists out the most common expense categoreis that r itemized out in the gross rental income. A good accountant is important as well since they will amoratize the depreciatioon of the property over 27 years. Thus u get even more deductions.

There is a luandary list of other things u need to know like landlord/tenant laws & Leasing that u will need to understand.

Remember that if u decide to go into this, dont expect to make money in the first couple of years, usually the start up cost & catching up on deferred maintenance & improvements will usually eat up any profits u may see.

Good Luck

No license required to be a real estate investor/landlord. You should however get educated on the subject. A buy & hold strategy is the best in the current market & u can create nice cash flow each month (particularly in Texas, that is where I invest) & the tax advantages r endless.

I suggest u find a mentor in the business or get a reputable group on ur team to work with. This is in addition to educating yourself. Read books, scan the web, & join real estate investment groups. Be careful not to fall prey to their overpriced products/boot camps they all try & sell. Most of them r not worth the money & their intent is to up-sale u more products/services rather than help u become an investor.

We own 3 rental properties & I can tell u this: it is a TON of work sometimes, & all the costs/repairs come out of ur pocket. Definitely do ur homework & research the area u r interested in. Find out what the value of the homes are, what they r selling for, & what the average rent is. Also know that u could get really hit hard with property taxes, insurance rate increases, etc. not to mention that u will also be taxed for income! Save all ur receipts & keep a monthly log of all expenses/income. That will save u lots of headaches. Good luck.

You need to start by buying property to rent. No you do not need a license but you need to do your homework or you can lose a lot of money. Renting property is not as easy as it looks, you get calls at all hours to fix things and if they do not pay rent on time you need to evict them etc.

Chances are in Texas you need not just a real estate license but a brokers license which means you have been activiely selling homes for 3 years or more and past a test. You could hire someone that is already a broker to be ''the broker of record'' and you could own the business. They would be legally responsible for all real estate transactions. If you own the property you do not need this.

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