What's holding you back from buying your first rental property? I was where you are 10 years ago and now have 127 rentals including a mix of single family, multi family, office, commercial and ground up development. What's your top question or questions you'd like answered that would help you get you to put an offer in on your first rental property? I had help getting here and would love to pay if forward.
Raising capital for the down payment and rehab. I'm new to REI and still researching ways to finance a duplex fixer upper. Is there anything similar to a 203k loan for investment property?
I'm currently getting ready to transfer out of the military next year and I am still deciding where I will move to. For the more experienced investors reading this, where would you recommend a new investor move to, given a fresh start?
@Salvatore Lentini following
@Salvatore Lentini - mainly collecting the capitol for down payment. I am currently working on getting my personal finances straight to start.
@Eduardo C. - A 203K loan will make it difficult for you to get a deal on a property because of how long it takes to close. If you get a hard money loan or private lender loan you can get up to 90% of the purchase price and 90% of the rehab costs. Of course the interest rate is crazy high 10-14% (or more). But the loan term (length of loan) is short (usually 6-9 months) and the plan would be to buy it, renovate it and then refinance into a permanent loan (30 year term) at a low rate (4-7% depending on credit score, type of lender and LTV). At that point you'd potentially own a property for zero $ of your own money because you got it all back at refi. As far as raising capital, you could partner with someone, borrow the 10% of down money and rehab, or look into creative financing (research - seller financing, subject to, lease option, quit claim, seller carry back financing).
@Salvatore Lentini Thank you