So you've found your first deal.... whats the next step?

Question

Good afternoon all!

So over the course of the last few weeks I have been attending the free webinars w/ Brandon Turner and it seems like every time we go over how to evaluate a property and determine if it is a good deal, which is awesome to learn and just fine tune every week!

thats where the problem presents itself though... I have been analyzing deals and a few have seemed like a real good first property for me! but the question I keep asking myself is where to go and how to get people that can help make me a real investor? I know of the traditional routes of going through a bank but I don't believe that is the best option, so I know there are private and hard money lenders but how do I go about finding them and presenting potential deals? Also, if I have a deal how do I go after it without already having the funds available, is there an way to start an offer without having the funds slated yet?

I am in the San Antonio and Austin area and I am really excited to find and start my investing journey but currently and stuck on square one, any advice helps Thank you all so much!!!

-Cammeron Williams

Jeff Richardson · Answer

The first thing I would do is get pre-approved with both a HM lender and a long term lender. You have a W-2 so you have a better chance of qualifying for conventional loans once the property is rehabbed, which will give you the best rates and amortization.

Cammeron Williams · Answer

@Michael Guzik

Thank you for your response!

I would like to do buy and hold investments, rentals in the San Antonio and surrounding areas. My financial situation is alright I don’t have a tone of money laying around but I’m not stressing over bills. I would like real estate to be my full time job but I currently have 3 years left active duty Air Force to build op a large enough portfolio.

And I would like to get in real estate because I want to work for myself and motivate my self to be more successful, to have free time to enjoy life, and to eventually open a coffee shop of my own!

Thanks! Talk to you soon!

Michael Guzik · Answer

@Cammeron Williams Great job on learning about REI and looking to take action! Always good to see another San Antonion on BP. I can't really help you with the answer until I know

1. What type of investment/deal you are looking for

2. What your financial situation/credit score looks like

3. If real estate is going to be your full time job, or part time job

4. Why you are getting into real estate.

Knowing all four of these would really help myself, and others here on BP guide you in the right direction. I hate to say it but it really depends on so many things. If you want an exact answer you have to make sure we are well informed in the question, and know enough about your goals, background, and situation to make an informed and insightful answer to guide you in the right direction.

So you've found your first deal.... whats the next step?

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