Let me say that I am not a landlord expert but I am often shocked at the horrendous advice offered up as wisdom on landlording forums. Don't get me wrong, networking groups (online and in-person) can be a great resource as you try to learn the ropes but be wary of some advice - even if it's what you want to hear! So here it is, the worst advice you can take when starting your landlording journey and my alternative advice! Photo by PhotoMIX Ltd. from Pexels 1) Get an FHA loan, even if you're not going to live in the house. When someone is trying to buy a property but doesn't have enough money to put down, "get an HA loan" is often tossed out but this kind of loan is only for owner occupied properties and when you apply for it you're agreeing to live in the house for a certain length of time. I am shocked when I see this suggested to people online, not only is it mortgage fraud but those suggesting it are pretty cavalier to suggest it
Living a good life on a low budget while we save for our future.