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First investment. Bad credit. I want to purchase a duplex next year.
Hello, my name is Eddie Hernandez. I'm from North Miami, Fl. This is my first post. My new found infatuation with real estate investing started, like many, after reading RICH DAD, POOR DAD. I started researching books, websites, etc. I've been lurking through the forums trying to absorb as much as possible for the passed week. So here's my situation/question:
I'm very interested in buying a multi family residence (duplex) next year. I have poor credit due to being financially illiterate for a long time. I'm getting organized, knocking bills out and I've started a separate savings for my investment venture.
I'm not too interested in living on the premises. I would preferably rent the units out.
What certain things I should have in place when I have enough to invest? Credit wise? How much is a good amount of $ to have for a 1st purchase (taking into acct, extra unforeseen expenses).
Any advice will be greatly appreciated.