Rental Property Investor · Columbus, OH · Member since 2015 · 344 posts · 258 votes
Hello all,
I'm excited to have recently joined BP. I'll quickly introduce myself. My name is Mikael Winkler, and I live in Columbus, Ohio. I've been brokering commercial retail spaces for about a year, with moderate success. I've certainly learned to be comfortable with rejection, for what it's worth! My true interest has evolved into investing, particularly in rental properties. The only major issue - I have little to no capital.
My main question is - has anyone had experience starting to acquire rental property with no capital? I'm currently looking into duplexes, probably living in the first one and renting out the other unit. My main concern in lacking capital is any unforeseen repair costs that may arise. Any guidance would be greatly appreciated. Thanks!
Welcome to BP! If you are going to be house hacking (living in one side renting the other) you will get a lot better rates and terms vs using it as a rental only. Less down payment, better rates. Living in one side you may be able to fix those repairs cheaper than hiring out a contractor if you are handy or have the desire to learn how to fix repairs. I started with ZERO and built up a few over the years. Just go slow and make wise decisions. BP has a ton of info for what ever issue you have.
@Adam Fansler thanks for the input! yeah, I'm starting with zero, as well. most likely doing FHA to further minimize down payment. I'm nervous, but if you don't do it, you'll never know. Plus, I never realized how many resources there are out there and people who've gone through the same thing. Thanks again!
Hi Mikael, I would recommend purchasing The Book on Investing in Real Estate with No and Low Money Down by Brandon Turner from our very own Bigger Pockets. I am starting out just lie yourself and read through this book just recently. There are so many different approaches Brandon discusses Im sure at least one will work for you. Good Luck!