Quote from @Angie Castro:
What Jason said is actually exactly what I was going to say. Do you own your first home yet? Maybe before starting the process of building a rental portfolio hack your primary loans. In NC you can get $15,000 in down payment assistance through NCHFA as long as you make under $100,000 a year (varies in some areas). Save some money and then a year after living in the property you can purchase another property with (3.5-5%) down and put the last one for rent. This is called Primary Flipping.
In respect to finding private money lender for rentals it will be a bit difficult. Private lenders usually want their money soon. Only way to do that would be if you can show that after a refinance you can pay them out but that would be quite difficult.
I'm Angie Castro a local Real Estate Agent with a focus on investments
I appreciate the advice. I'm 19 and I've been saving since I was 17 to have a down payment to start house hacking. I will look into the downpayment assistance because an extra $15,000 will make getting a property attainable now rather than later.
