Updated almost 11 years ago on . Most recent reply
50k in capital, first time noob
Hello, This will be my first post to BP while lurking for the past day straight reading as much as i could on possible relatable threads but have come up empty handed.
Here is my current situation:
- I am a 23 yr old student living in Orlando, Florida. While attending school I've discovered that its not the route for me.
- I'm brand new to RE investing but have been watching youtube videos on leveraging, profitable cash flows, etc etc.
- I have bad credit due to past family altercations (sub 670) so financing is out of the question, but am debt free.
So here is my situation, I have a business partner who owns a construction company and is willing to front all the labor costs of rehabing properties as long as we split costs of materials 50/50. We are both agreeing to put 40k cash (80k total) towards the initial property allowing to cash flow the property from the get go in-order to snowball the rest into the next property.
Where should I start? I'm currently leaning towards duplexes as they have better caps, but am open to other options as long as they provide Should i try and find properties where owner financing is possible? Do I still have to do the traditional inspections that home owner's go through when buying properties at this price point? I have the understanding that 2% is the ideal amount to charge for rent, does that hold true for single and duplexes?
I have a tons more questions I have but these are the main ones I currently have.
I would love to get in touch with anyone in Orlando, Florida who is willing to be a mentor figure or just a wall to bounce ideas off of.
Thank you for your time reading this wall of text and replies :D
Most Popular Reply
Get an FHA loan, try to buy multi family. I would not be too concerned with a partner. You can buy a quad plex on your own with FHA with less than 40k