Just trying to get started...

[Joey Shaw]

Hello,

I'm working to get into the rental market. So far all I have is a $60k HELOC that I intend on using as a downpayment (or down payments). I have spoken to a couple local banks and they won't give me an approval without rental history on the properties I'm looking at first. I have been looking at places around me because I thought it would be the best way to learn, but I'm in Maine and it isnt a super populated place and all the multifamilies are extremely old.

Am I going about this the wrong way? I'm open to starting out of state but don't even know where to begin, or if that would be the right thing to do. 

Any tips on securing financing or finding the right place in the right spot would be greatly appreciated.

Thank you,

Joe

[Nathan Eaton]

Quote from @Nathan Eaton:

Quote from @Joey Shaw:

Quote from @Nathan Eaton:

Hey Joe,

I'm a local Mainer.

what market are you looking at? 

How many lenders have you talked to? it seems like a lot of lenders are not on the same page with products and requirements. I have a great lender that maybe another option.

Would love to hear more.

Nate

 I have spoken to a few so far and they say theyre willing to work with me, but need to see the rental history first.

I'm wanting to get into the rental market in Maine but it doesn't seem like its worth it with the selling prices still high mixed with the rental prices for current tenants in those units being low, so I'm open to other options as well.

Joe send me a message.