Brand New To Real Estate

4 Replies

Hello everyone on BP I am completely new to real estate. I am rebuilding my credit since family problems took a toll on my finances and I want to take control of my life. I have a about $2k saved so far and I want to get started investing. I got preapproved for a loan but I a lot of the properties need a little rehab mainly cosmetic. I was looking initially to get a conventional mortgage but I am not sure if they would cover the rehab costs. Then I started looking into the BRRR method but after reading some reviews about the hard mongley lenders I’m not sure if that is the way I want to go anymore. So these are my questions 1. What method would you use to but an investment property OOS with little cash down and the property needs a little TLC? 2. What private lenders to you find to be transparent to work with? 3. How do you start an investment group with 4 people what are the initial steps to generating OPM? What worked for you, personally, not exaggerating and saying you started flat broke, but you were working a $100k job, like really start with nothing but persistence and a goal. I am working really hard at trying to figure out where to start and at this point just to get started I am almost willing to just buy a very cheap house all cash anything I see for 5k just to get the train moving but I know that is not smart. HELP WANTED

1. With 2k to invest you are probley going to look towards a owner occupied property to get a low down payment and try to get closing cost paid by the seller. 

What kind of loan were you pre-approved for ?

I would look for a duplex that you could house hack. This would give you a opportunity to save more and grow your savings faster.