How'd you Purchasing First property?

[Tailer Chase]

How did you finance you very first deal? What's the story behind getting financing?

If you had to go back and do it again would you use the same strategy? If not what would you do differently?

[Conner Olsen]

I found a duplex that had been sitting on the market for 45 days and in my market (Austin, TX) this is an eternity. Something had to be wrong but the inspection came back clean and no capex deferred maintenance. The rents were low and it didn't make sense for normal year-long leases. I used monthly rentals on Airbnb to double my revenue and make it a good deal. Down payment was 15% owner occupied loan at 2.75%. I purchased it November 2020.

If I went back I would use an FHA loan. I wanted a larger down payment to be easier on me financially, but I would rather have that extra 11.5% sitting in a bank account and slowly drain it to cover the difference between my monthly expenses and rent.