Hello all and thanks for taking the time to read my first post!
I'm almost a complete newbie to real estate investing and have run into something of a brick wall. I figure now would be the time to ask for help/strategies as to what my next step should be.
I own to rental properties, both duplexes for a total of 4 units (1 of which I occupy and 3 which have tenants). Through a stroke of strange timing, I got the second property in the same month that I was laid off from my job. I've managed to land some low paying, part time work which covers my minor bills and my mortgages and other business related expenses are being taken care of by my rental income.
My question simply: What steps can I take, given my current situation to grow my business? From what I can gather, the buy-and-hold strategy really takes wing at about 3rd or 4th property.
Any suggestions would be greatly appreciated and I look forward to hearing from you guys.
Thanks in advance.
I am not sure what your actual income is.... You can get financing for the next property if your w2 income and rental income are supportive of your DTI's. Rental income is counted at 75% of the lease agreement if it is too soon to reflect on your income taxes. If the property is reflected on your income taxes, than the net rental income is used. It seems by what you are stating though that you don't have much verifiable income, so for conventional financing you may have to wait until you have a full time job to support your DTI's. You would also need reserve money as well as the down payment. Maybe you could find some sort or creative financing deals?
Hey there Jerry, thanks for the quick reply. From the sounds of it, if i want to go through a bank ill need a regular job which seems counter intuitive to going into business for myself. Heh. I've been toying around with the idea of wholesaling and trying to build up a down payment that way but i have no idea where I'd begin to look for buyers or how to not get cheated or how to find actual good deals. Any advice you could offer for wholesaling?
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing