Updated about 10 years ago on . Most recent reply
Confidence Boosters Needed for First Deal
My husband and I are working on getting financing lined up for our first rental property purchase. We worked so hard to pay off our home and have absolutely no debt. The idea of "good debt" seems very counter-intuitive to us. And to be honest, we're a bit scared!
What if we can't get renters? What if the place looks alright but turns into the mansion from The Money Pit? How can we be sure to not pay way too much for a place when we're such newbies? I've been looking on MLS for a few weeks and almost everything comes up with bad numbers for an investment property.
I have a plan laid out for the next one, five, ten and fifteen years which includes acquiring small multi-families and holding them as a landlord.
What are your tips on finding good deals and how do you boost your confidence to step out there and make that first buy?