Hey y’all. I’m really new to this investment idea and opportunity. I have never done anything like this before but me and my wife we really want Financial freedom, so I can quit my job and spend more time with our kids and family. I am the only source of income in my family and we have saved up some money to put down as a down payment for our first investment property.
What would y’all recommend of us making the first step￼, should we focus on multi or single family units? If we end up buying something the first year, and I would want to buy another multi family unit next year, how can I get help financially to put another 20% down to rent those units out? I do kind of understand the concept but I do not understand how can I financially do that?
Any suggestions or recommendations?￼￼￼
We live on the ￼ outskirts of Houston
Thank y’all so much￼
Get out to some networking events, and participate on these forums - I need a lot of local contacts right here, first, and then I run into them later in person.
Somebody might refer you to a good mortgage person that 'gets it' and can suggest some programs that could work... and if they don't work now, they could work eventually and you can take the steps you need to take and use that as kind of a road map.
Welcome to BP!
Excited for you and your family. If you have the down payment and you find the right investment there is are lenders ready to lend. My opinion would be to start with step one finding the right investment for you. Calling local banks and credit unions will help you understand what the lender requirements are when you are ready to pull the trigger.
Hi Vlady, I would second what @Mark Sewell said about going to networking events. Many of these events are sponsored by hard money lenders who have many different products, and will likely have something to meet your needs.
Thank y’all so much for the info 😊
Welcome to BP. Great community of people who enjoy talking real estate. Question for you, do you current own or rent? How old are your kids? If you currently own maybe you can rent out your house and go buy yourself another house with the mindset that you will be renting it out in about a year. This way you can qualify for FHA with I think they require 3.5-5% down. You can update this house while you are living there. The first house you can rent with very little headaches and maintenance since you should already know what issues house has thus can fix before renting out. In a few years if market is still in upswing you can refi and pull money out to go and buy with the additional funds. But I have learned you can only do so much by yourself. Having other like minded individuals around you will help keep you moving forward.
I ask how old your kids were because I did this while my kids were in elementary school. Id buy rentals each year and one I would move into and fix up while living there. IT is not easy but if you have a supporting partner and young kids you can get through with it and build equity. Would not suggest doing with teenagers as you will get tired of hearing if the house is done yet.lol
Best of luck.