Advice on First rental investment

[Donald Danley Jr]

Hi Everyone,

New to the investing community and still trying to educate ourselves more. My wife and I live in North Carolina. I work in RNC and she is a stay at home mom who does photography on the side. 

Recently we have come upon an opportunity that is unique for us providing I have everything figured out right. We have a chance to purchase a rental property that has  two 3Br 2bath homes with a clearing for the chance for a third home. Both current homes have longer term tenants already in them whom plan to stay (to the best of my knowledge) even after sell of the property. The property numbers according to the tools on BP would need to pay out $675 a month but has low confidence of getting this. However the units currently rent for $450 & $400. I know to make this work for us I would need to secure the property agreement at no more than $90k so the cash flow would benefit us. I have a plan in place to get a Heloc to do the down payment while registering our business for a business loan to hopefully gain the needed funds to purchase the property if at all possible. My credit isn’t the greatest because of the last 3yrs financial struggles.

My problem is I have never done this before so I am lost on how to even begin. Any advice is greatly appreciated. 

Thanks