Originally posted by @Dexter Stewart:
Hi there BP, I am a newbie, no question but I am really interested in REI and I know what my goal is, which is to have at least 10 SFRs by the time I'm 30 (I'm 20 right now).
My question is, I know that bank's typically asked for 20% as a down payment, but if I am purchasing the property at 70%-80% then couldn't I get it completely financed? I am looking to pick up properties that can bring in $200-$300 positive cash flow, I do not have the cash for a down-payment, but I do have enough to paint, carpet, etc.
Also what is the best way to find "deals" in my backyard right now there are tons of houses getting flipped and though I am not interested in flipping I definitely want to start building my portfolio. I tried looking for deals through probate, spent almost a year, but being in South Florida most of these are apartments and 9/10 already had realtors in place or were looking for straight cash.
Looking for any advice from the BP community. Thanks in advance.
Best Regards,
Dexter
Welcome to BP Dexter.
No, the 20% down is 20% of the purchase price, not the appraisal price. Any investment property that you buy and aren't living in will require a 20% down.
You will need to start saving money to get your first property or find someone to partner with that does have cash. Look into BRRRR. It's what I do. I buy properties at wholesale prices and then fix them up, rent them out, refinance them and take out some of the equity to do my best deal.
If you are limited on funds, the best way to find deals is to do 'driving for dollars'.
Good luck!
