Buying First Rental Property

[Marc Cesar]

Hey guys, im looking to step out and eventually purchase my 1st rental property in NYC during the 1st quarter of 2015. I plan on using private money to do so. Im fairly new to this strategy and i would appreciate any insight and experienced advice on how to achieve this goal. I appreciate the help.

Thanks

[Account Closed]

@Marc Cesar 

I think by private money you mean a hard money lender? Or perhaps a friend/family member? In the case of the former, they'll probably make you run your numbers and prove to them that its a good deal. In the case of the latter, they may not be sophisticated enough to ask all the right questions.

Run your numbers and be very sure that if you were the lender, that you would lend money to you.

Is there no way you could get conventional financing on this property? This is less expensive in the long run.