Posted by JohnBoy on February 25, 2002 at 17:31:56:
If you don’t have the money now to be able to get the property, then where would you get the money to pay to have a tenant evicted if they didn’t pay rent? Where would you get the money to repair any damages they caused to the property? Where would you get the money to cover the payments on the property while the tenant wasn’t paying the rent and the property sat vacant for several months until you got it rerented? Where would you get the money to pay to advertise the property to find a new tenant? If you don’t have the money to cover all these unexpected costs when they come up, then how would you be able to pay for this?
If you don’t have any money then getting into holding properties as rentals is not the way you should get started. You need to first focus on building your cash reserves before getting into this type of buying and holding.
For the best way to get started read this link: