Real Estate Agent · Member since 2018 · 209 posts · 115 votes
6y
Are you starting to work on your first deal too?! It is such an exciting process!
We decided to started by purchasing a rental that needed some cosmetic updates. We purchased at $59,000 which made our mortgage $395 with an expected rental of $850. We rented it out in August and are cashflowing great!
This biggest thing I would do differently is hire a contractor ASAP. We made the newbie mistake of trying to fix EVERYTHING ourselves to save money, but we made a lottttt of mistakes, went extremely slow over the span of months, and had to purchase a ton of tools that we didn't have. We could've hired a contractor to complete everything in just a few weeks and saved ourselves a lot of frustration as well as money.