First Rental Properties, help is needed.

[Chris Susserman]

Hi all!

So I actually joined BiggerPockets last year but have yet to really become active in the community and I am now looking to change that. My wife and I have stumbled across two properties that we really want to invest in and are looking for some guidance and advice. We should be able to acquire the properties between 115-118k and have at least a 20% down payment for each. We are just wondering what the best avenue for acquiring financing is. The properties are in a collegiate area and have an amazing rental history, so we don't foresee an occupancy issue.  We are both in our late 20's and have not had a mortgage yet so we are thinking that this may hold us back on a great opportunity. We both have decent paying jobs that are extremely stable and are just ready to take the next step in securing our financial future. We are possible looking to buy a house for ourselves in the near future so we are trying to approach this the best way we can to make ourselves appear the be the responsible buyer that we are. Any advice is greatly appreciated and any lender recommendations would be great!

Chris

[Bram Spiero]

Hi Chris.

This must be really exciting for you guys.

If you have good paying jobs, you should be able to mortgages on the two properties. Find a nice little community bank rather than one of the big ones, they are more likely to work with you.

You're better off assuming you'll spend about 5k on rehab each. Some carpet and paint and appliances add up quickly.

Using very rough calculations, it looks like these may cashflow.

Beware the HOA!

Good luck!