Need Advice on Buying First Rental Property

[Stewart Ramakuri]

Hey guys! I need some advice here, and don’t know who to talk to.

I’m working full-time at a real estate investment firm in Greenville, SC. I’m thinking about getting into real estate investing. I work for an investor in my area. There is a single family house being offered to the employees in our company as an investment opportunity.

I have a friend from church who graduated from college about a year ago and is looking for a place to stay. He just told me that he has a few friends [college grads] who are looking for a place to rent as well. I barely have any savings [nothing in reserves as well]. Basically living from paycheck to paycheck.

I need some advice from you guys. Should I buy this property with 100% seller financing [or FHA with some credit card debt for that down payment] and start making some cash flow?

I know for sure that I have people who are willing to rent, but I just don’t know. Taking this step seems impossible, unwise, and at times stupid. I used to listen to a lot of Dave Ramsey, and how much he’s against debt. But I know good [money-making] debt is good for building wealth.

What do you guys think is the best thing to do?