Investor · San Antonio, TX · Member since 2018 · 188 posts · 53 votes
As a newbie, what time of real estate deal should I be looking for? I just want to buy and hold for the first deal. I've been pre approved for $200,000 FHA and have about $10k for rehab/closing costs/down payment.
Real Estate Coach · Boise, ID · Member since 2022 · 177 posts · 285 votes
3y
I just hit this in your other thread but I'm sure most would agree, house hacking is an obvious choice for where you're at. Congrats on taking the leap brotha, you're in the right place!
Real Estate Coach · Boise, ID · Member since 2022 · 177 posts · 285 votes
3y
I just hit this in your other thread but I'm sure most would agree, house hacking is an obvious choice for where you're at. Congrats on taking the leap brotha, you're in the right place!
Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
3y
Hi Juan, One of the easiest ways of scaling in real estate today is to invest in turnkey properties out of state. If you have a busy 9-5 routine but have the money to get started and don't have enough time, turnkey companies provide some of the best resources to scale your portfolio. I have used that strategy so feel free to reach out if you want to discuss.
Hi Juan, One of the easiest ways of scaling in real estate today is to invest in turnkey properties out of state. If you have a busy 9-5 routine but have the money to get started and don't have enough time, turnkey companies provide some of the best resources to scale your portfolio. I have used that strategy so feel free to reach out if you want to discuss.
Real Estate Agent · Pasadena, CA · Member since 2015 · 476 posts · 263 votes
3y
I would start with a primary home : condo. and let it ride for the next 2 to 5 years.
Easy - comfortable - inexpensive
while : saving more money and learning as much as possible.
Once you have a better idea of what investments you want to make, how much time and money to put into them, the team you will need, etc etc
you will know your next move while letting the condo purchase (or single family home) grow in value and pay down the loan.
Many people will tell you to buy a duplex first (and they are right)
or a triplex or 4plex (and they are right)
or even a fixer in any of those categories ( and they are right :) )
but the problem is don't know what you want to do and you have only $10k for the process.
Get more education - get more money (yours or other people's money) and more experience along with mentors under your belt and then the experience of buying the first home and the wealth you will build bc of it will propel you forward.
Many people want to buy many homes in their first time at bat… I say, start and start fast.
If you don't feel comfortable yet… build your savings to $30k + 6 months of emergency funds and go from there.
Uber and lyft : and all the money you make for the next 6 months: put it aside for the investment. You will be ready by next summer!
Let me know when you are ready and I can put you in contact with good lenders and realtors anywhere in the US