I would wait until I finished school. I would be careful about taking on too much debt, especially until you have a nice little nest egg. I'm not really experienced at this but I have several friends who own and rent properties. I know there is a lot of expense involved, repairs that are constantly needed, renters who fail to pay, renters who do a lot of damage, and occasionally renters who refuse to move out even though they don't pay. If you haven't done so already be sure to study up on the subject. You will want to know more about your rights and responsibilities as a landlord and laws that pertain to this subject. Of course you'll also want to know a lot about the market when you buy a house, how easy it will be to keep tenants in it, what you can realistically charge (don't forget it won't all be profit...you'll have taxes, upkeep, mortgage payments, etc.), and you'll need to have documents drawn up (like a rental agreement). Some of my friends have numerous rental properties, but others buy affordable properties, fix them up a bit, rent them for a while, and then sell them for a bit of profit. During the renting phase they just assume they are covering their expenses until they can get the house sold. I have no idea which plan is the best money maker, but certainly if you "flip" houses, knowing the market is very critical but you don't have to deal with finding and dealing with tenants as much. On the other hand if you are just renting, you probably have less to worry about if the economy goes south; you won't be stuck with a house that won't sell, and many people rent during tough times because they can't afford to buy.

I think BBG has it summed up perfectly. You are 19 years, no job and living with parents - you NOT in a position right now to start buying houses to rent out.

If you want to buy houses to rent out, then thats great - but its going to be a good few years down the line for you. Finish school, get a job, get your own place and THEN start thinking about buying other properties

I know people who have made a living but they also bought cheap and did all the remodelling themselves. They also told me of all the nightmares of chasing people for money and how it can cost thousands to kick someone out. Also, a house isn't just a mortgage payment. I suggest looking into how much people pay for rent in the area you attend to do this and then, find the price to maintain a house. If the risk/reward payoff meets your satisfaction then I guess figure it out from there.

sure, but no bank will give you a loan at age 19 without a full time job, bro. focus on paying off the car, and staying in school, when you graduate and have a good job, then you can buy your house, for now. focus on YOU and school and keep on saving $$$

You work part-time, have a car loan and live with your parents. You WILL NOT qualify for a mortgage.

By the way, a residential loan generally requires that the property be owner occupied. If you aren't going to personally occupy the property you'll need a commercial loan.

And how will you protect yourself legally? Ideally you should be forming a corporation and putting your rental properties into that entity.

And how do you expect to make the properties cash-flow positive? Have you factored in insurance, maintenance, repairs, property tax and vacancies?

Who will take care of the properties? You? How will you screen tenants? Will you be taking time off from school to advertise, show and screen applicants? Who will pay for background checks? And for paint/cleaning between tenants? And gutters and roofs and furnaces and plumbing and electrical and sewer and windows and fences and it goes on and on and on.

And who will do your taxes? You? Do you know about cost-basis? Depreciation? Or will you pay someone? Factor that into the cost.

My opinion is that you need to own a home and live in it before you become a slumlord. Only then can you know what is involved in maintaining a piece of property.

Good idea? Yes. Good idea for you? No.

I would prefer answers from people that have had experience or know about this.

I am thinking about buying a house and renting it to make money and keep buying more and making more money in the distant future.

I am 19 and i still live with my parents so its a good opportunity right now that I don't have many bills. My credit score is 719 last time I checked, I am going to school for an associates degree and I still have a year and a half left so I only work part time. That being said I would have to either quit school and find a decent paying full time job that can cover the house or wait until I am done with school. I am also paying off my car which I have two and a half years left on and by the time im done with it my credit score will be much higher.

Lets say when I have a full time job and work over 50 hours a week I make around $2500 a month, I will still be with my parents for a few years and no other mayor bills I can easily pay off a 60k-70k dollar house. 60k in 10 years would be less then 800 per month not including if i start saving up for a down payment.

as soon as i get the house I rent it. in the 10 years or so when its paid off I buy another house and keep renting them and so on and so on.

let me know what you guys think, and ideas, advice, suggestions will be appreciated.

Thank you