Need some help with financing and navigating my first deal
I have been interested in real estate my whole life, but was always too scared to start my own journey.
Last week I came to realize that the shift in the market with the interest rates going up may be the perfect time for me.
I have been listening to 2-3 podcasts a day and I really enjoyed the episode with Pace Morby, who used creative financing to get 300 doors.
Since then I started to contact some agents in Las Vegas and they sent me a couple interesting deals that caught my attention.
I found a 9 unit that's only collecting $3,500 in rent with one vacant unit and one unit used by the property manager.
Projected Market rent in the area is around $9,000 for the 9 units with a mix of 1 bed 1 bath and 2 bed 1 baths.
with the Projected market rent the deal would be well within the 1% rule for income properties.
I already asked if the seller is interested in seller financing, but she is not open to the idea.
What is the best way to reach out to the seller to discuss if seller financing is beneficial for her or not?
Also my main problem with investing at the moment is that I do not have a regular job, and my credit score is in the mid 500's.
I have a couple friends that I can bring into the deal that have good credit with high paying jobs.
What's the best course of action here? would really appreciate any input and help for new investor just starting out.
I understand that I can start with cheaper investments, but I think if the numbers make sense I can really make this deal happen.
Thanks in advance!