I am in search of my first deal and I am looking to borrow money from the bank of Mom and Dad for the down payment.

Also, bank on those taxes, sewer bill, and water bill going up substantially every year in the city; City Hall sees landlords as little ATMs for them to pillage.

Sorry upfront for being blunt...But, if someone will lend money to someone else with no experience or track record at rates near or below a bank it's 99.9999% a scam.

Hello Everyone:I have an opportunity to purchase a bank owned condo in South Beach, Miami, Florida.

I applied for a Cash Out Refinance with the bank that holds my mortgage.In an effort to actually enjoy my life and spend time with my 1 year old son as he grows up, I left my job at a Fortune 100 company to own a business where I make very similar money working about 6-8 hours/week instead of 60-80.The next step IS real estate investing.

Been there done that.Regrettable for me I am in a extremally pro tenant jurisdiction.

Most likely would have to work with the local banks to get the loans, but that is ok. 

Refi 75% of ARV for next dealMy first shot analyzing a deal in my county:$65k out of my pocket (43 for the house, 22 for rehab)Estimated $90k ARV= $67,500 cash return (assuming I pull out 75% equity)I receive about $850/mo from rent based on compsHELOC= $393/mo payment to bank (4.2% interest)$85/mo to property manager Meaning I gross approx $372/mo Zip code is 31904.

@Adam Hollandsworth The great thing about real estate is that there are no rules on how or when to get started, all it takes is motivation and coordination with your team (bank, realtor, etc) to close on a deal.

Save up money and buy an owner occupied multifamily using an FHA loan. continue to find a bank that will work with you. they can use the income of the rental properties for part of the approval.