Hi Everyone, Just wanted to make a little introduction. I just graduated from NJIT for mechanical engineering and working in Louisiana for the next year.

Next summer, I'll be working in Pennsylvania for a more permanent position. When I move back up there, I am planning on purchasing a home and renting out the other bedrooms.

This is will obviously be the first time I'll be buying a home and being a landlord, which is what led me to this site. I'm trying to learn as much as I possibly can before it comes time to make some moves. -Anthony

Anthony, welcome!

The strategy you're following is not the typical one here. Most of us rent non-owner occupied residential homes and apartments. Nothing wrong with what you're doing, just keep in mind a lot of us speak from that experience and perspective. I have a few things to share that I wish someone would have said to me when I was starting out, and I hope they are helpful to you.

First time, come back to Mr. Landlord often. Every day...2-3 times. Read every post, even the "OT" (off topic) posts. They good for laughs, which one needs being a land lord.

Second, find your state laws and learn them. Try the 'Landlord/Tenant State Laws" link at the top of the page to the left. Don't know how updated that link is, but start there. If all else fails, Google "land lord tenant statutes louisiana".

Third, find a local REIA (real estate investor association) if you can. Ask around at local REALTOR offices if there's a group that meets regularly. There should be some local land lords who know what's going on and other professional contacts you can make (handyman, HVAC tech, etc). Keep your wits about you, though. These places sometimes are filled with "sharks" who eat newbies alive. As always, verify before trusting anyone.

Fourth, your business model sounds similar to VRBO or AirBnB. Check out resources on those. Al Williamson is a good presenter/author on that topic.

Welcome!

Follow GKarl's rooming house stories.

Go to Mr. Landlord's Boot Camp. Orlando. WORTH EVERY PENNY AND THEN SOME. I wish I had done it earlier on in our LL career.

I was reading this forum for two years before bought rental unit. Come here often, get inspiration, see it's possible to accomplish. I don't have anyone around me who owns rentals, but this forum gave me a courage to start.

Welcome, And congratulations for having the good sense to learn in advance.

Keep in mind that your state's landlord-tenant laws may not apply to a roomer living in the same unit as you (they don't in VA). So learn what does apply.

Welcome Anthony!

ME is tough so super congrats! My son is an ME and I could not even BEGIN to understand his textbooks!

I assume you are single. Keep your expenses LOW LOW LOW. Rent a dirt cheap place for this interim year and bank some money.

Impress YOURSELF with the money your are saving rather than a new car with your new financial situation. Your managers and bosses will totally understand and respect you for it, some will even comment that they envy your efforts! The financial blocks you lay now will allow you FREEDOM!!! as you grow.

As you mature from student to adult in the real world, the dorm life wears thin. Renting rooms can be just like the dorm. Sharing bathrooms, immature mates...

Consider a 2, 3, or 4 unit building and have your privacy while letting others have theirs. Their rent will pay your mortgage and utils. When ready for a bigger place, keep the multi, rent out your old apt, and buy your own private home.

Another vote for my friend Al Williamson. His books are for sale on this site. His niche is creating extra income with creative renting. Congrats!

Being a landlord is hard work, takes knowledge but can be very rewarding. Many of my friends wanted to do exactly what you are planning. Buy and home, live in one bedroom and rent the others out! The best type of home is one with 4 bedroom and at least 2 bathrooms.

My friends that didn't listen to me ended up either loosing the home or losing their shirt. Why? Because they rented rooms to friends, didn't run credit checks and didn't get a deposit. All no-no's.

On friends, a women, purchased a small home in Venice California near the beach. Cost her $115,000 with only a $20,000 down payment. It was a 2 bedroom 1 bathroom home. Since I'm a licensed building contractor I built a carport for the cars to park off the street and converted the garage to a Third Bedroom with a Second Bathroom with a walk-in Closet. Now my friend could live in the new master suit and rent out the two other bedrooms.

It's been around 20 years now and she finally sold this home for just under a million dollars. So by buying a house that no one wanted, only two bedrooms, we changed this duck into a swan and she make big bucks.

Rather than renting out rooms, you might want to consider buying a house that has a legal apartment attached to it. Occupy whatever side works for you financially, rent out the other side. A plus to living on site is that you can be a lot fussier about who lives there - but you still need to read up and know the law (read up on the Fair Housing Act and the "Mrs. Murphy" rule).

On the down side, living with tenants, even in a different unit, has it's headaches. Do lots of research first!

Well, several people already chimed in with my first impression--a duplex or a prop with any 2nd livable unit. It is very hard to start LLing as a newby. Even harder when you bring 2-3 total strangers to live in your house WITH you! If anything goes wrong, you will have an enemy living with you till you can legally get rid of them. Not to mention personality conflicts between the tenants. Do yourself a favor and do not jump into that scenario.

My son and wife bought an up/down duplex, lived in the upstairs smaller unit, renting out the bottom which more than covered their mortgage. Basically they lived free for two or three years, banking what they saved in housing costs and bought a single family home for themselves. Now the duplex is making money, and they are building an upstairs apartment in their new home. Probably for AirBnB or short-term rental.