Real Estate Agent · Indianapolis, IN · Member since 2011 · 214 posts · 22 votes
I'm learning on my journey to buying my first rental property or rehab this up coming year that real estate is really a journey. It also cost big time of course. I'm looking to hear great news and strategies on how you guys started to obtain a property. I would love to hear the inspiration. I'm looking to obtain my first rental property and funds to obtain on a rehab. Working and saving now for the better.
lots of strategies for obtaining funds. i bought my first one which happened to be a hud home, used the small amount of equity in the house and did some updating than did an as completed appraisal, did a cash out refinance and finsihed the house with the appraisal money. It currently rents out with a positive cashflow.
I try to be as little vested as Possible, and a bank makes a great business partner for this. As long as you have a great loan officer. They are not all equally good.
BP has a ton of material to learn from. Once you get the basics, I learn best by doing. If you don't have the money to do the deal yourself, find an excellent deal and put it up on BP looking for a partner in your area and if the deal is good enough, you'll probably find one.