Financing my first rental property

[Raeann Baumgartner]

Hi all!

I have been marketing for several months now, sorted through multiple leads, and am looking to purchase my first deal! My original plan was to wholesale my first several properties, but I really feel this one I've found would be great as a long term rental. Ideally, I would like to avoid getting a loan from a bank, and would rather find a private investor or partner to share the deal with that could buy with cash.

I've been searching for some time but haven't found anything. Does anyone know of a private lender or willing partner in the Fond du lac or Fox Valley area that would be interested in hearing about my opportunity?

Thanks in advance for the help!

[James Folsom]

I am in the same boat - looking to purchase my first property.  

From the research I've done so far, if you can qualify for a traditional mortgage with a bank and have enough money for a 20%-25% down payment - go that route.  Interest rates are incredibly low.  

It seems that with trying to find a private lender who you do not have an existing relationship with, they will want to see that you have experience in real estate before lending you tens of thousands of dollars.  

My plan is to get several properties through conventional financing, and build a small portfolio before going out and marketing myself to private lenders.  Or if I try private money early in the game, talking with a friend or family member with $$ who I already have trust with.

Just my $0.02.  I'm sure others with more experience can speak more.