New to investing, where do I start?

[Zachary R Sink]

Hey,

My name is Zachary Sink. I live in the Richmond, VA market. I recently received some capital. I want to make my first deal. I want to start buying rental properties. I have some questions. Where do I start? Do I buy properties out right? Do I take a mortgage out? Do I look for multi-unit? Do I buy fixer upper?

Thanks

[Stephanie P.]

@Zachary R Sink

Here's what I would do if I were you.  Take it for what it's worth.

Leverage is your friend. Use your newfound money to purchase multiple properties with multiple units that make you money and don't drain your resources. House hack. Just because you have money, doesn't mean you have to spend it. Buy a 4 unit house in Richmond using 3.5% down FHA money and down payment assistance grants available and live in it for a year. Next year, do the same thing etc...until the lenders tell you you can't use conventional financing because you've got too many properties financed (and subsequently, you're making bank using other people's money).

Then either start buying larger buildings with more units or just continue to do what's working and get more of the same with money that's just a little more expensive, but won't force you to move yearly.

Let me know if you need access to a good loan officer who works with investors.  We only do commercial stuff, but can refer you.  PM me for the number.

Welcome to Biggerpockets.

Happy investing

Stephanie