Updated over 2 years ago on . Most recent reply
Newbie with a mission!
Hello all!! I am excited about joining BiggerPockets! I spent the last couple of years paying off 30k of debt to become completely debt free, and savings for a down payment for my first rental. I've read a couple of books, one of them beings Brandon Turners, and what's left is me jumping to take action. After reading the book i leanred i didnt have to use my money to get a rental, but im here now!! I'm still in the beginning stages of trying to learn how to analyze a deal and learn about rehab cost. I would love to have my first deal somewhere in the macon, ga area, and preferably a multi family. I used BP to reach out to my first team member a realtor, last night. Here's to doing the dang thing!! Anyone that has anything postive for me, I would love to hear them!
Most Popular Reply
Congratulations on paying off your debt, that's an amazing feeling!! You're definitely on the right path with having already contacted a realtor! As far as analyzing deals, your realtor should be able to help you run comps so that you can see what the return on investment looks like. A local contractor will be able to help you determine a rehab budget as well.
There are good hard money programs for first time investors as well. Depending on purchase price, rehab amount, ARV, etc., I've had a lot of clients who have been able to get 90% of the purchase price and 100% of the rehab budget financed without having prior experience.