Starting Out With Rental

[Steve Lor]

I am currently looking into buying my first rental property. I stay in Georgia! I live towards the Barrow County area but i am looking to invest towards the Gwinnett area.

I guess my question is, how can I start? Should i apply for a FHA Loan or should i look for a hard money lender? Should I renovate it to have the value go up?

I have the ambition to start and motivation i just need that nudge to go into the right way. My fear is that i would not have a tannate move in quickly enough before the first payment is due. Any help with these things would be greatly apricated. Thank you for your time.

[Micah Redden]

@Steve Lor

If you're just starting out I would encourage you to start simple and narrow your focus a little bit based upon what you are looking to achieve in the next 12-24 months.

You can do an FHA loan if you are going to occupy the home but not if you plan to rent it out.

You can do a hard money loan if you can find houses at a deep enough discount and are ready to manage a renovation. However you will most likely still need a fair amount of cash.

Also, Barrow is a great rental market for cash flow. Focus there over Gwinnett. Nice clean houses at the right rental rate don't last long so you'll have a tenant in no time.