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Updated almost 9 years ago on . Most recent reply

User Stats

33
Posts
4
Votes
Felix Ricarte
  • Investor
  • Tampa, FL
4
Votes |
33
Posts

Where to start?

Felix Ricarte
  • Investor
  • Tampa, FL
Posted
I'm currently in Tampa, FL. I am active duty military and got stationed here. I was never a big fan of paying rent because I didn't like the fact of paying someone else's property off so I used a FHA loan to buy a townhome in Brandon. I didn't utilize my VA because I plan on using it back on CA and will probably use it all at once when I'm back in CA. I'm very motivated and have been wanting to get into the real estate market but I'm at a standstill. I currently have about $10K to work with. Obviously, it's not much but it's still something. Any advice on what to do to get started in RE?

Most Popular Reply

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3,740
Posts
2,584
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Kerry Baird
  • Rental Property Investor
  • Melbourne, FL
2,584
Votes |
3,740
Posts
Kerry Baird
  • Rental Property Investor
  • Melbourne, FL
Replied

We're stationed at Patrick, and with a similar mindset about renting.  Over our years in service (I did ten and hubs is at 23) we have purchased 19 properties on our own and 10 with a partner.  We've done fixers, pure flips (wholesale), sold on lease option, bought subject to the existing financing, probate, bank owned...the whole enchilada.  A number of the buy-and-holds we did while stationed at Mildenhall.  Creativity is the name of the game, in my opinion.

With some experience and a smaller amount of cash available, you might start with direct mail.  Do a search here on that topic, on listsource, and yellow letters.  I use Evernote and copy helpful posts there.  So, types of deals that you can start out with: another owner occupied house after you have lived in your current for at least a year.  Owner finance.  Rent to own or owner carry deals.  Lease option, with a sublet to a tenant.  

I also suggest you find a meetup so you can network with local investors, lenders, Realtors, wholesalers and rehabbers.  Most importantly, see houses and talk to sellers!  

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