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Updated almost 7 years ago,
New small time investor in need of guidance!
Hello BP fam!
I'm a newbie based in Los Angeles, CA trying to get in the game, and I've been stuck in a rut with analysis paralysis trying to get started on my first deal. I need all the help I can get!
A little about myself:
I worked in fashion and social media since I graduated from Pepperdine University with a BA in Advertising, and a minor in multimedia design. I'm a crazy chill cat lady, and that's my cat Loki in my avatar photo. She's 1 out of 3 cats. I started developing interest in real estate within the past year and have become a big fan of Bigger Pockets. I've been actively seeking out deals, but haven't gotten prequalified for any loans, and that's one of the obstacles I haven't surpassed yet.
What's been holding me back were my tax returns and the fact that I don't have a consistently paying job. I work as a freelance fashion stylist / graphic designer / fashion blogger / social media manager. However, my 2017 tax return is solid and demonstrates an increase in income from 2016. However due to the inconsistent nature of my job, I'm worried that getting approved for a loan may be very difficult.
I have an investor that can help me pay for the down payment, so that's not a problem in getting a deal. I've also been speaking with Kurt from WC Equity Group in Florida (*note: if you have worked with Kurt or have any experiences with WC Equity Group, PLEASE LET ME KNOW IN THE COMMENTS BELOW!) and he has lots of listings that are under $150,000 with a high cap rate. Hmm...seems too good to be true. I'm a big skeptic and being that I'm on the other side of the coast, it's hard to go forward on these listings.
If you have any helpful advise on investing out of state or have an outline on the process of getting my first rental property (i.e. get preapproved -> find home -> send inspector -> make offer? -> send contract? -> closing cost? -> .... I have no idea, this is why I need help!) please let me know and teach me your ways!