Young and uneducated
Skip to the second paragraph to get to my very open ended question👍
Okay so I’m 18 and know I want to achieve financial independence. I’m trying to get a career in car sales at brand dealers(the big names, no smaller dealers that sell a bunch of brands) Anyway, I know there’s a lot of money to be had here. I’m doing the best I can to teach myself financial literacy(it’s way more complicated than I thought😭) that being said I want to make my money work for me to the point where working a job is optional. I don’t think I could ever bring myself to not work, but I want it to be an option. So in my research over the last few months, stocks(not day trading, just investing in general) just doesn’t seem like the right stepping stone for me. Not saying I don’t wanna get good and learn it later on..but there’s a lot of information to be had and real estate is a much easier concept to grasp and a lot less rules(or at least much easier concepts to grasp.)
So I don’t really know much of anything about real estate but I’ve learned about DSCR loans and want to get one to purchase section 8 housing and rent it out. It’s a guaranteed check from the gov as long as sombody is renting it. Then whatever doesn’t go into bills goes back into itself.
That being said, my questions are
- Is this a good idea
- What states should I be looking at
- How would I go about buying them without ever going to the property(cause it’d be in a different state)
- What’s the insurance situation there because I’ve seen people are getting insurance that’d cover 3 months of rent so I’m not biting the bullet on vacancy
- What do I do about maintenance
- What’s the title process look like
- How do I pick a good house
- What if I have shit tenants
- What kind of effort has to go into this to keep the tenant happy
- Do I need a license to do this
- What do the taxes look like on this