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Updated about 5 years ago on . Most recent reply
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How to set up first commercial financing?
Newbie here! Looking for advice.
I am trying to figure out the best way to get started out of state investing as a complete newbie.
Assuming one has - $30K set aside for down payments, no debt , strong W2s, FICO over 750 and is looking to parlay that $30K into as many doors as possible - What would be the best way to maximize the dollar to doors?
It seems like commercial lending would be the way to go but is there a hurdle getting commercial arms to lend to a newbie real estate investor?
Thanks!
Most Popular Reply
@Kirkley Cain - here is what I would do if I was in your shoes. I would take my $30k and find a duplex, triplex or quad on the MLS. If possible, I would live in the property for one year and manage the tenant(s) myself, then I would move out after a year and hire property management to manage the property for me. During my year as an owner occupant and beyond, I would invest my time in the following three areas: 1. Read as many books about RE as I could so I gained a foundational understanding of RE investing principles, listen to as many podcasts about RE as I could for the same reason and go to as many meetups about RE as I could so that's i was constantly networking and meeting other REIs in my area 2. Continue to save as much money as I could, and keep my debts and expenses as low as possible 3. Pick an area of real estate investing and focus all of my attention on it!!!