Saving up for my first rental

[Nick Johnson]

I have been working for a local investor since this summer. I have learned a lot about SFR in my area and want to get my first 1 or 2 houses soon. I think I can find 10 or 20 a year but. . . how to pay for them. My friend is a portfolio lender and can lend me 90% on up to 10 properties. I have gotten my personal finances in decent order (no debt expect a small 15 year mortgage, 785 credit score, 3 months of living expenses saved up, two pretty secure jobs in our family) I am about halfway through my real estate license education. I want to save up 10- 20% for a down payment, plus $5k for some repairs, plus vacancy and repair reserves. In my market I can get a ugly house for $60K, put $5K into it, and rent it out for $1100 a month.

What do you think the best way would be for me to make money with my real estate license so I can buy my first rental as soon as possible? I don't really want to list retail properties or be a buyers agents for retail properties. I would like to keep my focus in the investment side of the business if I can. At the same time I would dance on tables if I could get 10 rentals that cash flow $350 a month within two years. Some of the ideas I had were;

- Wholesale (if I found a great deal it would be so sad not to turn it into a rental)

- Flix and flip with a equity partner (houses that are not great for rentals)

- REO listing agent

- Get a equity partner on a rental for the down payment and rehab cost

- Buyers and Seller agent for investment properties

Any ideas would be great. I know once I get to 10 properties that have been rented out for a couple of years I will have more capital options (cash out refinance, blanket loan against the properties, use the cash flow to buy more properties, private money, on and on). My friends who have lots of rentals have no trouble paying for more rentals, what they have trouble with is finding a deal. 

Thank you for your time and advice.