I now started looking at single families so that I may possibly rent out the rooms. does anyone have any experience with renting out rooms?

Some lenders will work with any level of investor experience, credit scores as low as 660 and can close in as little as 10 days (there are loan options for 640-660 credit scores- they require 20% down).Another good thing is interest only and 6-24 month loan terms- you can refinance by selling or refinancing to a long term DSCR rental property loan at any time once you complete the rehab.

They should have current experience and plenty of it2.

Study up by reading through articles, forums, podcasts, and manuals to get the most out of your real estate investment experience.

Yes after rehab there is a possibility for “landlord insurance” that you’d need to specify with your insurance agency if you’re not living theremost insurance agencies are hesitant to lend on properties that aren’t occupied, at least from my experience.

& congratulates on your winning.I enjoyed reading your experience.

I’ve heard from some lenders that I need more equity, others said there was a “cooling period” required after purchase to be able to use additional gained equity in land (from rezoning), and others needed prior experience.

However, recently a good friend of mine from church (who happens to have an extensive experience in RE) offered me to partner up to help me start and without me having to put any money, just asked me to contribute to him by finding a low cost deal, help with the process and he promised me to split profits equally if either selling or holding.

My experience as an investor is that I have purchased one property in Jacksonville Ar.

If you have not managed property before, I recommend working for a property management firm first to gain some experience.