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Updated about 4 years ago,
Closing on 2nd Investment - Need Help!
I recently closed on my first rental property (October 2020), and currently have my second under contract with hopes to close around the end of the month! I got a good deal on both properties, as close to 1% rule as you can get in this market.. I cashflow ~$300/month on my first and expect to do the same on my second.
With that said.. I am still very much a newbie and don't know where to go from here. I am running into the problem all RE Investors run into at some point. I used all of the capital I have to acquire my first two places. Call me eager or impatient but I do not want to wait to build up capital before I do my next deal.
Most of all the information I have, I got from one of REI books I have read or podcasts I have listened to. I feel as if I know many of the creative financing options that are out there but the non-conventual financing options are intimidating to me. Is this a road bump others run into, and what is the best way to get over it? I would love to have some sort of mentor to help guide me through it and I think it would ease my mind a lot but unfortunately I don't have one. Should I find a mentor before I think about doing creative financing deals. I don't want to get in over my head, but I also don't want to wait around.