Hello, This will be my first post to BP while lurking for the past day straight reading as much as i could on possible relatable threads but have come up empty handed.

Here is my current situation:

I am a 23 yr old student living in Orlando, Florida. While attending school I've discovered that its not the route for me.
I'm brand new to RE investing but have been watching youtube videos on leveraging, profitable cash flows, etc etc.
I have bad credit due to past family altercations (sub 670) so financing is out of the question, but am debt free.

So here is my situation, I have a business partner who owns a construction company and is willing to front all the labor costs of rehabing properties as long as we split costs of materials 50/50. We are both agreeing to put 40k cash (80k total) towards the initial property allowing to cash flow the property from the get go in-order to snowball the rest into the next property.

Where should I start? I'm currently leaning towards duplexes as they have better caps, but am open to other options as long as they provide Should i try and find properties where owner financing is possible? Do I still have to do the traditional inspections that home owner's go through when buying properties at this price point? I have the understanding that 2% is the ideal amount to charge for rent, does that hold true for single and duplexes?

I have a tons more questions I have but these are the main ones I currently have.

I would love to get in touch with anyone in Orlando, Florida who is willing to be a mentor figure or just a wall to bounce ideas off of.

Thank you for your time reading this wall of text and replies :D

0 Votes

9 Replies

Jump to Last Reply

50k in capital, first time noob

Most Popular Reply