Are there any investor active in the North West to North Central area of San Antonio? If so, how did you find your 1st investment? Drive-4-dollars? Direct mailers? Yellow bandit signs?
Did you rehab/flip? Rehap/rent? Was it a distressed seller? Absentee owner?
How did you put together financing? Hard money? Private money? Family loan?
Is there anything particular about San Antonio I should be aware of? Laws, rules, regulations?
Any feedback would be greatly appreciated. Stay blessed!
I went traditional financing withers properties that were light cosmetic rehabs. Not cash cows but I think they are good starts. Northside school district is great. Lots more to know of course. PM me if I can help.
I have poor credit and hardly any money for a down payment.
When you did your 1st deal how creditworthy were you? Have a good job? Have a downpayment?
@Jose Rodriguez I took a while an got my personal finances clean first. It takes patience and focus but that would be my advice. I read Dave Ramsey's Total Money makeover and listened to his radio show or podcasts daily and followed most of his system to get rid of personal debt and save money. I "house hacked" my first home which became my first rental. Then slowly saved for number two etcetera.
You NEED reserves for any type of investing in my opinion. I would spend a year or two learning about personal finance and credit repair and read this site daily then jump when you have a strong foundation. I know that isn't the exciting, no money way to do things but it has worked for me so far. Then in year three you will be very glad you did if and will be able to sleep at night.
Just FYI, I don't use personal (or household) debt but do use debt for investing (which is contrary to Dave Ramsey's teaching). Hope this was helpful. I strongly recommend that book as it changed my life. It made me enjoy budgeting because I saw the "snowball" rolling. You will have to look elsewhere for credit repair tips but do that too.
Excellent responce. I just turned 30 and I've come to realize that real estate is a slow venture. I will definately pick Ramsey's book. I heard it mentioned by many as a must read. I guess step one is cleaning up my finances. Thanks for the advice.
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