My name is Chandra. My husband and I are starting our journey into real estate investing. We are on a mission to break generational cycles of financial poverty in our families and build and sustain generational wealth from our children and grandchildren and great-grandchildren. We believe real estate is an avenue we can use to accomplish this. Right now, our goal is build my foundation by educating myself and building up cash reserves. Our goal is to purchase our first rental property this year. What do we need to do and focus on the make that happen?
We are looking to connect with others who are just starting out and who have been in the game for a while. We live in Del Rio, TX (down by the border; about a 6 hour drive from Dallas, TX). However if there are any regular meetups in San Antonio, Dallas, etc, we are willing to travel.
Real Estate Agent · San Antonio, TX · Member since 2019 · 1k+ posts · 832 votes
3y
Welcome to BP!
There are a couple of ways you can accomplish this:
1. Purchase another primary residence and move into it. Doing this, you can use an FHA loan (3.5%) down. Then you can rent out your current home or turn it into a short-term rental.
2. Joint venture. You can enter into a joint venture with another partner (or partners) to fix and flip a property. I'm about to do this myself with three other people. I want to help others get started in real estate that may not have a lot of capital to start.
...these are just a couple ways, but there are many, many, many ways to grow in real estate.
If you have any questions, please feel free to reach out.
Rental Property Investor · California, AZ · Member since 2021 · 18 posts · 14 votes
3y
Welcome Chandra! Your post is inspiring and seeing that you have goals not just for the moment, but for the long term bigger picture for the benefit of your family is amazing!
If you are looking into rental property I highly recommend reading or listening to the audiobook "The Multifamily Millionaire, Volume 1". This book is a rich source of educational material for anyone looking to get into rental property. I recommend listing to audiobooks and podcasts to learn from the experience of others, and stay active of the forums to ask questions and gain knowledge from those on a similar journey.