Better late than never!

[Manny Santacruz]

Hi Everyone,

My name is Manny, I am currently waiting to sign the contract to my first rental property and I'm beyond excited to start this journey. I'm brand new to the real estate investment world so in the mean time I've been trying to learn as much as I can and read as many books as I can cram into my busy schedule to try and get off to the right start. If anyone has any tips for us newbies, i would love to chat and get a better understanding from people who are more experienced.

Also, I work in sales for a plumbing supplier so I have many great connections to plumbers, HVAC techs, and other professionals who are experienced with doing jobs for real estate investors. I would love to recommend them if anyone needs a professional.

[Drew Sygit]

@Manny Santacruz there's a couple of different ways to interpret your, "waiting to sign the contract to my first rental property".

Are you still looking for a property 

or 

found one and waiting for an agent to prepare a purchase offer for you to sign?

Asking the forum for general tips will get you => general info, that probably won't be much use.

If you can formulate better and more specific questions => better answers for you!

Here's some questions to mull over, some are mutually exclusive:

• Motivation for Investing: _____________

• Risk Tolerance:
  High
  Medium
  Low

• Type of Investing:
  Wholesaling
  - How are you going to find motivated sellers willing to sell for LESS than market value?
  
  Flipping
  - How are you going to find reliable contractors?
  - How will you estimate & budget so profitable?
  - How will you monitor quality of work?
  
  Rentals
  - LTR: 12+ months
  - MTR: 30+ days
  - STR: < 30 days

• Rental Property Plans:
  BRRRR: Buy, Renovate, Rent, Refinance, Repeat
  House Hack: live in property while repairing

• Property Class:
  A: Tenants with 680+ FICO scores
  B: Tenants with 620-680 FICO scores
  C: Tenants with 560-620 FICO scores
  D: Tenants with < 560 FICO scores
  Other: ____________

• Property Type:
  SFR
  Small MFR (2-4 units)
  Medium MFR (5-20 units)
  MFR 20+ units

• Finance:
  Cash: $_____
  Mortgage Pre-Approved Amount?
  Conventional Mortgage
  DSCR Mortgage
  DSCR Renovation Mortgage
  Other: $_____

• Purchase Budget: $_____

• Repair Budget: $_____

• Property Condition You are Willing to Work With:
  Turnkey < $3,000
  BRRRRR > $3,000
  BRRRR > $15,000
  
  
• Target Rent-to-Price Ratio: _____

• Target CAP Rate or ROI: _____

• Target Cash-on-Cash: _____

• Deed/Title:
  Your Name: required for FNMA, FHA & VA mortgages
  LLC: required for most DSCR mortgages
  Trust
  Partnership
  Other

Let us know how else we can assist!