Hello everyone-1st post

[Adam Washam]

Hello everyone, my name is Adam(25 y.o.) from the North East Arkansas area. I've been interested in getting started in real estate for awhile now but didn't have the funds/area knowledge to even know where to begin.

Currently, I have around $8k and am looking @ 28-30,000 single family homes properties for my 1st investment property. Using city-data/craigslist/padmapper I'm fairly certain a 2bd/1 bath I can rent for around $550.

I went to my bank(back in my hometown) to talk about getting pre-approved for my loan. Awkward 1st talk because he didn't understand how I could possibly purchase a property for that price and it command that rent.

Going back tmrw w/ pictures of properties I'm looking at and spreadsheets. Probably will get denied.

So, how many times did you guys get turned down for bank financing on your 1st investment? And, will they even lend me money for that little of money on a 15 yr fixed note? Finally, if they say yes what type of interest rate is good for this type of loan- 5-6%? Currently have credit score-750+

With my meager current income I realize I'm going the slum lord route. I'm just looking for feedback/suggestions.

[James Martin]

Welcome