I Finally Have The Courage To Start Investing Found The Unit Need The $$

7 Replies

Hello Everyone!

I've been a member of BP for a few years now because I love real estate, but I've never had the courage to try until now.  I've been looking around and I found the PERFECT Opportunity for a first time investor.  A 7 unit that needs repair, but has tenants already and is in a decent area.  Now that I've found the place to purchase I'm not sure what to do next to line up financing for the purchase and rehab.

I plan to use it as income property, not a fix and flip.  Is there a mentor out there willing to partner with a newbie and lend your expertise to make this become more than something just in my head and heart?

I want this.  Now, what do I do next?

Hi Dawn.

San Diego isnt in my space right now, but I would suggest either finding a local here on BP or going to your local investor network groups by you. You can find them on meetup.com.

Either way, you can hopefully find someone with experience there that may be able to help you through.

Best wishes!

Originally posted by @Dawn Oree :

Hello Everyone!

I've been a member of BP for a few years now because I love real estate, but I've never had the courage to try until now.  I've been looking around and I found the PERFECT Opportunity for a first time investor.  A 7 unit that needs repair, but has tenants already and is in a decent area.  Now that I've found the place to purchase I'm not sure what to do next to line up financing for the purchase and rehab.

I plan to use it as income property, not a fix and flip.  Is there a mentor out there willing to partner with a newbie and lend your expertise to make this become more than something just in my head and heart?

I want this.  Now, what do I do next?

Is the property you're looking at in your local area?  If not, it'd be best to share which city this is in so locals can chime in.

If this is in SD, there are a number of active multi-family buy-and-hold folks (myself included) active on BP who I'm sure would be willing to help make it happen for you.

And, to your question, your next step is to figure out how likely it is you can get it under contract - in the current market, it's common to waste time thinking about things that are off the market in no time or won't actually get under contract for whatever reason.

Hi Jason,

The property is local to the area.  I am working as we speak to get it under contract.  I'll definitely connect with you for this and other properties. 

@RafaelNorat

Thanks for the advice!  I will!

Originally posted by @Justin R. :
Originally posted by @Dawn Oree:

Hello Everyone!

I've been a member of BP for a few years now because I love real estate, but I've never had the courage to try until now.  I've been looking around and I found the PERFECT Opportunity for a first time investor.  A 7 unit that needs repair, but has tenants already and is in a decent area.  Now that I've found the place to purchase I'm not sure what to do next to line up financing for the purchase and rehab.

I plan to use it as income property, not a fix and flip.  Is there a mentor out there willing to partner with a newbie and lend your expertise to make this become more than something just in my head and heart?

I want this.  Now, what do I do next?

Is the property you're looking at in your local area?  If not, it'd be best to share which city this is in so locals can chime in.

If this is in SD, there are a number of active multi-family buy-and-hold folks (myself included) active on BP who I'm sure would be willing to help make it happen for you.

And, to your question, your next step is to figure out how likely it is you can get it under contract - in the current market, it's common to waste time thinking about things that are off the market in no time or won't actually get under contract for whatever reason.

 Yes it's in SD.  I'm working on getting it under contract as we speak.  Will follow up when I do.  

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You should learn how to analyze the numbers.

If you don't know how a good deal looks like...it's going to be difficult to line up financing and equity partners for the deal.

Do a cashflow analysis.

Here's a good spreadsheet that I use (I uploaded it in BP Fileplace:

Cashflow Analyzer

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