My first property?

2 Replies

I'm having a hard time deciding which financing option I should pursue for my first property. My plan for the first property is to buy something inhabitable that could be rehabbed and/or updated. It would be my place of residence until it was completed and then either sold if profitable or used as (if everything goes well) a cash-flow source. I have a background in remodeling/rehab work and will be doing pretty much everything myself in the free-time outside of my 9-5 and saturday bartending gig. While I have done extensive remodeling work, I pretty much have no professional RE contacts or people in my life who understand the process, could help, etc. As a 32 yr old finally pursuing my real estate dreams, I'm wondering which financing option would be EASIEST for someone in my position. Thanks in advance for any input!

@Jeremiah Hight . You should look at specialty lenders that are focused on financing rental properties. The lenders look at the income of the property rather than your personal income to qualify you for a loan. Keep in mind they will look for a cash-flowing property from Day 1 in order for you to qualify.