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Updated about 5 years ago on . Most recent reply

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39
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10
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Norma E. Vega Sanchez
  • Rental Property Investor
  • Neenah, WI
10
Votes |
39
Posts

How I should start...?

Norma E. Vega Sanchez
  • Rental Property Investor
  • Neenah, WI
Posted

My goal is to buy a duplex property... How I can achieve this goal with no or little money? How I should build a plan and what kind of team I have to have in order to be successful? I need help!

Most Popular Reply

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6,631
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7,601
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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
7,601
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6,631
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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
Replied

Save as much money as you can. Trying to buy a duplex with no money is just asking to lose your money. Sure, there are books on how to do it, but most people fail. Almost all people fail miserably because they aren't prepared. What do you know about REI now? How many REI meetups have you gone to? How many duplexes have you seen in person?

Anyone who tells you to think about a team before you have any money is selling you a river that is a bunch of rocks. This is the problem with the "advice" like this. Even if you could buy a duplex with low money down (3.5% FHA), you need reserves of 10k to be safe so until you have money for the downpayment at 3.5%, closing costs, and reserves, just learn and save money.

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