Looking to acquire 1st rental in 2017
Hey guys, this year I've set a goal to pick up 5 rentals for starters in the Philadelphia area. I'm totally new at this and would like some expert insight on the steps to doing so with little to no money. I sort of have a basic conception of this strategy but all advice from folks currently doing it, how they got their 1st rental, methods of financing as well as team members used would be of great help. P.S anyone in the Philadelphia market currently doing this would be icing on the cake for me so to speak. Surely looking forward to reading all the advice shared. Thanks!
Most Popular Reply
Find an investor with five turn key rentals. Have a bank finance 75 to 80% of a purchase. Have the seller carry back your down payment as a second mortgage. Now you have five cash flowing rental. Make sure you can manage the debt. The bank might want money in the account for 3 months payments. Or, 5% down from you. Get creative. Have seller give you cash at close for "repairs". Use that as operational funds. This will only work with small local banks doing 5 year arms. Not the big banks.
- Clay Smith
