All Forum Posts by: Taylor Brannen

Thanks Tom and Matt!

Matt what do you mean by correctly running the numbers?

Matt,

Thanks for the reply. At what point do lenders stop lending because your overdoing it on your debt to income? I know some people have 10s if not 100s of properties. I'm assuming they still have mortgages on a lot of them.

Do you have any good references on seller financing? I'm sure at some point I will need to know how to get that worked out.

Thanks,

Taylor

Hi everyone!

How do you go about financing your first property?

I have a solid credit history purchasing cars and such, however, I have never purchased a home. I'm tier 1 credit so that isn't the issue and I have a local credit union that told me they have a lender that will let me finance my first home as an investment property.

Is that the correct route to go? I have seen a lot of people that talk about private lending and seller financing. Should I look at those routes first or is the route I'm going the correct one?

Thanks in advance,

Taylor

Marco Santarelli I was thinking about going with a town home or condo for my first purchase because they are a little less expensive to start off with but I understand what you mean about having something that is ready to rent.

I'm not opposed to that, I prefer it actually, its just the cost that I'm concerned about especially considering this is my first property.

I have had a few people contact me on the forums already who help link people up with investment properties in the area, I'm guessing they are wholesalers?

Jason Brooks

Thanks for the reply Jason, I'm going to take a look at Jerry Pucket thanks for the advice!

I'm not necessarily looking for a rehab project just something that I can get at a discount because it doesn't have great curb appeal. I'm going to keep going through these forums and hopefully get started on purchasing my first property soon! Right now analysis paralysis is getting to me and has for awhile but I've gotta kick it and get this started!

Thanks,

Taylor

Marco Santarelli sounds like I need to do some more driving and finding wholesalers. I will peruse the forums here and see if I can find someone in my area!

Fred Ramos
I always thought realtors only stuck to the retails side of things and didn't dabble in the wholesale side so that is good to know. It seems like I need to start generating some relationships like you and Marco said.

If you don't mind me asking about your properties that you first bought, were they single family that you fixed up, mobile homes or property? It would seem to me that something for 20k would need a lot of work if it was a single family, then again i'm probably looking in the wrong place.

Thanks again for your replies.

Marco Santarelli
Thanks for getting back to me so fast, just like Matt Devincenzo mentioned I'm going to thoroughly go through The BiggerPockets ultimate Beginners Guide and I also have some real estate books that I should go back over again. As for your suggestion on wholesalers how do I go about tracking one down and more importantly how do I find a reputable one?

Matt thanks a lot for your reply as well. I will be sure, like I mentioned above, to read the material that you just linked. As for the properties I'm more than likely going to need to finance, right now all I could pay for in cash would be a medium sized trac of land on the outskirts of town.

Like you said Marco I'm trying to get the wheels moving here so that I can have some more questions to post. My initial issue was gaining the capital necessary to make this more than just a dream. Now that I'm there I want to find out what properties I should be looking for and get the process started!

Thanks again for your replies and any insight is always helpful!

Hi! I'm new to this forum as a member but I have been reading previous posts on here off and on for over a year now.

I've decided now is the time for me to get started in real estate investing. I'm in a good credit situation and have disposable income to make the necessary initial investments to get this going. I'm looking in the Austin market as well as the surrounding areas. My goal is to purchase homes at a good value and do some cosmetic improvement then rent the properties out. Rinse and repeat.

My question to you all is what are the first steps I need to take to get started? From a home prospecting standpoint that is. I have looked on sites like Trulia and Craigslist but I have a feeling that isn't the best way to find the houses that I'm looking for, right? As an first time home what price range should I be looking in? How much did your first investment property cost?

I would really like to speak with some people in the local area for mentor ship if anyone is open.

Thank you for your help and I look forward to your replies.