All Forum Posts by: David Hodeda

Hello @David Hodeda,

Good to see a fellow NYer getting involved in REI!

Agreed with @Zachary Deal, lenders who are lending on the majority of the purchase price + renovation will want to see you have more skin in the game.

That said, this is all relative... if you find deals in the lower pricepoints, you may be able to find something that fits your budget. Check out www.27.properties/buyers . They wholesale in FL, and you can quickly join their text/email list to see their deals.

If you haven't already done so, I'd recommend opening up dialogue with your sphere of influence. You never know which cousins, aunts/uncles, friends, coworkers, etc. are also interested in RE investing. This is a good way to learn from people around you and possibly raise private money for future deals.

All the best!

Abel

Hey David - couple of suggestions below:

As a first timer you will likely be required to bring a bit more cash to the table. Typically lenders reward experience and increase leverage as you complete more projects so would confirm with the lenders you are talking to the $30K is enough based on the price point, rehab budget, closing costs, and any reserve requirements they might have.

If you are located in Brooklyn but investing in Florida just double check this works for the lender. Remote management without experience can sometimes be difficult to get approved.

Definitely try joining some local real estate Facebook pages in the areas you are looking and partner with a real estate agent that works with investors

Hope this helps!