Newbie seeking 1st deal (w/ 100k). What should i do?

5 Replies

I've never done a deal. Been educating myself through BP forums, YouTube, books, meetups, talking to friends with property, etc. Over the past 3 weeks.

I have someone willing to finance my 1st deal with 100k but I haven't secured the funds. I need a solid plan to present first.

I'm interested in building wealth through small multi-family homes, starting with a house hack in Philadelphia. Just moved to Philly and don't have an income.

I have a friend who is a part time agent feeding me leads.

Not sure how to approach this. What would you do?

@Obed H. Bey if you plan to house hack you need employment history to get a longterm loan (ie conventional financing). In the meantime, continue to network with local investors and engage BP. Lastly, binge listen to all the BP podcasts.

don't do your first deal with other people's money. 

Originally posted by @Brian Gerlach :

@Obed H. Bey if you plan to house hack you need employment history to get a longterm loan (ie conventional financing). In the meantime, continue to network with local investors and engage BP. Lastly, binge listen to all the BP podcasts.

 Couldn't I pay cash for say a duplex, hold enough cash for repairs and other costs and after the seasoning period do a cash out refinance?

@Obed H. Bey sure but you will need employment history, decent credit, etc if you want to get a loan.

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