$25,000...? Now what!?

1 Reply

Hello All,

In November, I started working for the MTA and it's taking much of my time. I am a licensed realtor and right now, I'm OVER my analysis paralysis. It's time I start, invest in my Buy & Hold career. Just ready to learn hands on, build, connect, fail forward and create legacy. Currently, I have a family member will be my private money lender, lending up to $25k. With that in mind, I plan on going for the FHA loan on a Multi-family. However, I have not applied for a loan yet and here, at this point, is where I would like clarity:

1. Should I apply for the loan myself to see how much I qualify for? 

2. Ask someone else to put their name on the property? (Perhaps my PML) 

3. Create an LLC or Sole Priority to have on the property?

What would you do if you if you were me knowing you had $25k to get your first investment property?

@Terrell Sapp hi Terrell, if your credit is in good shape, I say go for the FHA loan and have it under your name. Im guessing the 25k being lent will be paid back to the lender at a later date, probably with interest. so your family member is not a partner in the deal

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.