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Updated about 2 years ago on . Most recent reply

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Michelle Cuggy
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Newbie questions regarding purchasing my first property

Michelle Cuggy
Posted

Hello all!

I have some questions that I haven't been able to find an answer for in my researching. Im sure they will be easy for you experts to answer! Background is that my husband and I own our home but I was not really involved with the buying process, so purchasing an investment property will be my first experience with home buying. Im thinking of llooking for a single family home to fix up and rent out. My husband is not open to a house hack even though I think that would be a more realistic option. Im in Charleston SC area, im hoping to get involved with our local REI group in the new year when they start meeting again.


1. Will I be able to get a loan to purchase an investment property with 3.5% down? Looking to get a single family for less than 150k to BRRRR.

2. How do I find wholesalers to purchase investment properties from? I feel it would be easier to purchase a property from a wholesaler than to try to find an off market deal myself since it will be a completely new process for me. 

3. When buying a home, is it normal to view the house more than once? And bring a contractor with you? 

4. Would I be able to talk to a lender to get an idea of what I can borrow without having a particular property in mind? I want to know how much I can afford before I start looking for a property. 

5. How do I find information on recently sold/rented homes? Trying to find similar homes in the area to get an idea of realistic rent and purchase prices but all I can find are ones currently for rent or currently on the market. 

Thank you all for your assistance!

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