Hello I am in the DC metropolitan area. I'm in the process of getting my real estate license at the moment. What I really want to know is it possible to get your first rental property with no money down? I heard you still need to put some money down. Can someone with experience please let me know. Thank you god bless.
There's actually a whole book on the topic: The Book on Investing in Real Estate with No (and Low) Money Down
From what I understand, the deals where a seller will accept nothing down are few and far between. I have done deals with small consideration, but none with no considerations. Better to save some money. Budget and cut back on some non-necessities. You can still get creative, but you won't need to spend years chasing that one elusive no money down deal you may be over-paying for anyway.
Also in a lot of the DC area you will need to have some equity to have a mortgage payment that is smaller than the rent.
Rent Amount // compared to PITI + Maintance is important in REI.
I would look into buying a FHA 4 plex and living in 1.
Sounds like you might need to partner and/or take a family/friend "gift" if you really need to get started immediately.
If you have money, you just want great (infinite) leverage then you could consider purchasing a distressed property (conventional financing, however you'd like) fixing it, then getting a HELOC/HELOAN for the new appraised value, to get your cash back out. That's what I'd like to do, but I've got negative experience in that area, and don't quite know where to start.
Far and few between? Not in my experience. I've done several deals like this.
Here's a thread where I go into detail on how I buy. I'm set to close on a 12 unit like this now.
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