Skip to content
×
PRO Members Get
Full Access
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime.
Level up your investing with Pro
Explore exclusive tools and resources to start, grow, or optimize your portfolio.
~$5,000+ potential annual savings on vetted partner products
10+ deal analysis calculators with ready-to-share reports
Lawyer-reviewed leases for every state ($99/package value)
Pro badge for priority visibility in the Forums

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on . Most recent reply

User Stats

58
Posts
27
Votes
Pete Fiannaca
  • Wholesaler
  • Henrietta, NY
27
Votes |
58
Posts

Financing for first few deals...

Pete Fiannaca
  • Wholesaler
  • Henrietta, NY
Posted

Hey Everyone - New to biggerpockets and new to REI as of last week. Just closed on my first rental, single family 3 bed for $72k in western, NY. Rental market up here is HOT and, as a result, have it rented already at $1400/Month. All things considered, I'm estimating a positive monthly net of $500-$600 (after taxes, insurance, utilities, maintenance, etc).

Question is... Purchasing the property sucked my liquid $$ dry (went 20% down and got hit with another almost 10% in closing costs). I know that the snowball is small when you first push it down the hill, but my goal is 3-4 more sfh purchases in the next 18 months and I'm not sure where the down payment $$$ is going to come from. Even with the $500-$600 net, I only stand to put away $6k-ish by year's end.

HELP! I've done extensive research already with HELs and HELOCs, but it's tough to get those on an investment property in my neck of the woods... 

My immediate goal is to get the snowball moving faster from the beginning and not squander the exponential growth that I could be missing out on.

Thanks in advance for the wisdom!

Loading replies...