Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 4 years ago,
Private Lender, Bank, Lawyer, Accountant: Where to Start?
I just purchased my first home last year. This was not an investment property, just a place for me to rest my head. I had a goal to buy an investment property by the end of the year (or next year due to, well, you know). I am using my free time stuck at home to network and learn as much as possible, but I haven't actually reached out to anyone specific except people I know personally who have investment properties. I have a friend living in Florida who mentioned investing in Philadelphia who has a substantial amount of cash. I didn't immediately say "Hey give me money so I can flip houses," but I did have a short conversation about my plans.
I am now wondering where I should start if I decide to pull the trigger. I am leaning toward the BRRRR method. Should I show the friend my plan? Should I talk to a bank to see if they will even lend to me? Should I seek legal advice before anything? Should I have a potential deal already on my radar?
I'm sure there are answers somewhere on here, but my situation is a little weird. I own my home, but I am not working and haven't been for over 6 months. I am currently finishing my bachelor's, but I have worked in the restaurant industry for the past several years. I am a veteran as well so I have been using my benefits to help financially and a cook job would always pay enough to afford my mortgage, but that might be hard to find in a time like this. Any thoughts?