Yes, and people do it all the time. But what most new investors fail to understand is that it isn't a career per se. You will need another source of income to pay off the mortgage of your first properties. And you need to remember that rent can't be counted as income until it has been received, and paid taxes upon for two years.
One of the numerous benefits of becoming an entrepreneur within residential real-estate is the fact that as there is a set flow of property, and current residential homes, people continually be a requirement for home real-estate. The amount of need in each nearby housing market might fluctuate according to nearby and national financial trends; still people continually be with regard to places for people and households to reside.
The only way any of us started off is small. You must have a passion for it, and the self-control to get your properties paid off, and then purchase additional properties. Don't quit your day job, don't use the rent for anything other than paying down and improving your properties, and in 20 or 30 years you'll have a nice retirement income. Good luck!
It was for me.
If I start off small could I slowly move up in this business or is it not even worth trying?
