Owner Occupational Rental - First Time Buyer

[David Kowalenko]

Hi All: I'm a new investor looking to purchase my first owner occupied rental. I've taken the time to scope out the bigger pockets forums and other materials in order to become as well versed as possible prior to my first purchase. For the experienced investors out there, would you mind helping me come up with a list of things that I should have made available to myself before my first purchase. I.E pre-approval on mortgage, personal corporation to purchase the property through, knowledge of local property laws, BiggerPockets Calculators, etc. I'm looking to purchase on Long Island and have been pre-approved for a 340k mortgage with 1% down through Quicken Loans. I appreciate any help you can provide and look forward to joining your community. -David

[Franco Li]

1% down seems like the best deal ever! Is that a typo by chance? Because that means you'd be completely levered, which means you'd be making money from nothing!

In all seriousness, you should have a pre-approval and when you scout for properties make sure you understand the market you're looking at. Consider the expenses and taxes, and most importantly, decide how you will manage it or just be a passive investor and outsourcing. Make sure your purchase agreement has an expiration date in case something goes wrong. And lastly, make sure with absolute certain - not impossible btw - that your numbers work. Good luck!