Best way to purchase rental property when getting started?

[Rich G.]

Hi Everyone,

I’m really interested in real estate and have been for a while. I’ve listened to podcasts, read some books, watched videos and I’m eagerer to get started. My goal is to purchase a 2 family and rent out one of the floors. I’m looking for a place in New Jersey not too far from NY. I don’t have a ton of money saved. I recently found a decent paying job that can fund some of my endeavors.

I would like to try the BRRRR strategy. Where I would find a private money lender that can front me the funds for a percentage of the purchase and rehab cost. After that I would like to refinance and pay off the fees and eventually repeat the process.

I don’t have much experience outside of reading about real estate and private money lenders. I’m wondering if i should try this approach or if I should go purchase a property traditionally that’s turnkey?

One of the biggest hurtles for me is crunching the numbers and figuring out the rehab cost. Any advice?

Thanks in advance!