Introducing myself and looking for helpful next steps
Hello, My name is Jeremy and i have acquired my first rental property a few months ago. I already have a renter in place and it's renting nicely. I am serious about getting my business off the ground and I wanted to to give it a real chance to be successful so I purchased the home all cash in Lexington Kentucky. I figured i could use the home as leverage
My overall goal is duplexes and, single family homes. I am not looking to get creative or recreate the wheel, I am looking to build real independence for myself and get out of my W2 job eventually. Sooner than better obviously. For now I am only looking in Lexington/ surrounding areas but I am also out of state. I live in the Northeast.
Now I am at what is my next best step. I don't want to put anything in my personal name to protect my individual assets which is the reason I paid cash on the home and put it into an LLC. By far the simplest thing I did. But where to go now?
I have been in talks with banks looking at traditional loans. of course they want it in my personal name and tbh DSCR's seem like the wild west. I was on the phone with a partner company of BP and he made it seem like get a deal and put it in our system and get financed quickly. Is it that simple? Do just go to a realtor in the market that I work with and just offer a price and make it contingent on financing. I have owned and sold 5 personal homes but this just seems different. Am I missing something or overthinking this.
Also in my situation what is the best way to find homes. Currently its just Zillow. I assume a lot of answer will be with be connecting...again difficult being out of state.
Again wanted to introduce myself and get some good advice on what some good next steps could be. Trying to get step 1 down so I can have 10 doors before I know it. Always looking to connect with people.
Thanks
Jeremy
Most Popular Reply
Congrats on getting your first rental under your belt, especially buying it cash. You’re already ahead of a lot of new investors because you’ve proven you can acquire and operate a property. The next step is really about building systems: a good lender, property manager, contractor, and deal source so you’re not doing everything yourself as an out-of-state investor. I’d also keep an open mind on markets beyond Lexington, because Midwest markets can offer lower entry points and more opportunities to scale with duplexes and small multifamily. The key is finding the right team and learning how to analyze deals confidently before adding more doors.