How to buy first rental using OPM ?
I want to buy a multi family unit using other people’s money and rent it out..
How do I get started??
I’ve never bought a house, I have 0 credit and am working on getting a credit card, and I don’t have a whole lot of money.
I’ve heard some things about private lending, first time home buyers loan, and a rehab or 203(k) loan.
I do know that for a first time home buyers loan, you have to be living in the house. But I also know there’s ways around that. Or I could house hack it as well..
My goal is to buy a multi family home using a first time home buyers loan, and a rehab loan. And use a private lender for any down payment or other costs. Then fill it with tenants and use their rent to pay off the loans.
How do I go about this? What’s my first step? Who can I talk to about this?? And what else do I need to know that I might be missing?