I am a creative person, and sometimes when I just use my creativity the product is not as good as when I used my wisdom, and research along with the creativity. I know how scary that first purchase is and trust your gut and build a team with people that you trust AND respect. Trust, respect and love is the inside barometer that I use for building my team.
In my first deal, which now brings me a positive cash flow every month, it started out as a nightmare...one of the tenants was doing crack, he was arrested, and the rest of tenants left when I bought the house. I started out at 9% but now it is down to a locked price of 3%. The mortgage lender was right there for me all of the way.
Here are my other thoughts/inspiration/suggestions:
Know the neighborhood you are buying in. Talk to the neighbors. Get a good home inspection and/or have a general contractor with you inspect the property. Real estate agents say they know this and that person but their job is to sell the house, and they are affiliates and not your partners. Rent the property and get a positive cash flow. Look at the comparable, really really get to know them --before you make your offer.
Save enough from the cash flow for repairs and vacancy.
The fact that you are asking for creative solutions says to me that you already have some creative ideas--but try to distinguish between too far fetched and a good creative business decision.
I know that everything will work out fine (we might get a little scarred in the process but if we are breathing we are alive)...whatever happens in this process is part of learning...but make sure that you prepare for the class, prior to placing your hard earned money and time into this new venture. Trust your own pace.
