Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
New Member Introductions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago, 08/21/2014

User Stats

319
Posts
103
Votes
DJ Cummins
  • Rental Property Investor
  • Bethalto, IL
103
Votes |
319
Posts

newbie from St. Louis, Missouri (Metro East)

DJ Cummins
  • Rental Property Investor
  • Bethalto, IL
Posted

Hello Everyone! Today is my first time posting, as I just became a member today. I found the site about 3 weeks ago(that is how long it has taken me to listen to all 80 something podcasts!). Lots of great info on this site--glad I found it.

So, the wife and I(semi-newly weds) are looking to buy our first rental property in the next 6-12 months. We are going to be using savings, stocks, and some 401k money. I know we will take a tax hit, but thats ok, it is a means to an end! I have been interested in starting to invest in real estate for a few years, just had to come up with some cash first! At a quick glance, in my area of Illinois, just outside of STL, i have found a few different multi-family 4 unit properties, all for around the 150k mark, and all have rents around the $600.00 mark. This is what we are thinking about purchasing for our first property. We will have a little over 30k for the down payment that is available to us. We are excited to get started, but are planning on being patient and making sure that the first deal is the right deal. We are planning to buy after the end of this year, unless something jumps out at us sooner.

Just wondering if anyone else would love to share how they came up with the money to finance their first property? Salaries here in the midwest are by comparison much lower than on the coasts, but that is due to lower cost of living. It has been hard work to even save up this 30k, which doesn't sound like much compared to deals I have been hearing about/reading about on this site.

Any info is good info to me!
Thanks Y'all!
DJC

Loading replies...