First Time Buyer/Investor Looking for tips, advice, etc

[Ronald Hernandez]

Hi Everyone,

Brand new here & to real estate investing world.  Heard about Bigger Pockets on Paula Pant's Afford Anything podcast.

Have spent the last few weeks trying read, listen, and learn as much as possible.

Just finished listening to David Greene's - "Long-Distance Real Estate Investing" audiobook, as well as Miracle Morning. 

Have just begun reading Rich Dad, Poor Dad.

Have also listened to following podcasts - Keith Weinhold's "Get Rich Education", Rod Khleif's - "Lifetime CashFlow", The Real Estate Guys, and obviously Bigger Pockets.

Have also bought a Rentometer PRO subscription.

We (me and my wife) are located in Southern New Hampshire. I'm an IT professional by day, and she's in commercial insurance.

We are debt free except for wife's car, and have only about 2 1/2 years left on our mortgage.

We  have about $20-25K to start. Trying to figure which parts of country we should start looking in.

Based on everything we've heard/read, we're thinking of starting with some type of multi-family. Ideally a four-plex, but at least a duplex.

Any tips, advice, etc would be greatly appreciated. 

Trying to not over analyze things, but also not make any costly mistakes.

Thank you,

Ron

[John L DeVitto Jr]

Hi Ron,

That's great you will be debt free in a few months. However, it may not be for long (home equity line), but a good thing. You should really open up a home equity line on the equity in your house. This will allow you to buy properties with that cash (quicker closing and sellers love cash as they know your already approved to buy) or at least put a good chunk of money down where banks wont give you to much of a hassle. that's just my 2 cents, I have 250k in equity in my house which enabled me to buy my first flip. I didn't have to go through a bank, had no contingencies and the seller took my offer for 15k less than another offer. My wife has a construction background so that was a plus as we didn't/don't need an inspection. Let me know if you have any questions or other concerns, I'm here to help.

Right now I have no rentals I am also on the market to buy 2+ units would love 4+ as when you get into that range you are only competing against investors, rather duplex's and triplexes you are competing against investors AND residence looking to live there an rent it out. once you get to the 4+ kind of gets out of owner occupancy price range + cant buy without putting 25% down (considered investment property), which a lot of owner occupancies wont have. I am hoping once my development finishes up in Hampton I will have enough cash and equity to buy a 4+ unit around Southern NH. 

Thanks,

Johnny

at full time job, wrote this kind of quick, sorry if any graamar issues.