I am brand new to the real estate world. I know a couple of people with single family rental properties and am hoping to follow that strategy as well. I just graduated college last year so the biggest roadblock for me currently is having very low capital to invest. Any suggestions or tips on low/no money down financing would be greatly appreciated.
Welcome to the site.
Best low money down strategy is an owner occupied duplex or quad.
3.5% down. 30yr term. Cannot beat that.
Welcome to Bigger Pockets. You found the perfect site to learn and ask questions. Under the Learn tab check out the blogs and watch the podcasts. Under the Network tab, you can find members local to you.
Welcome to BP.
James Wise's advice is spot on. Owner occupied financing is the easiest financing to acquire and will offer the best rates. Since you're fresh out of college, you may also want to look into "house hacking" which essentially means taking on roommates in your own unit in exchange for rent. Life circumstances tend to make that sort of arrangement less viable as you get older, but it's a commonly used method for younger people to get ahead.
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.
@Tanner Krauth , you might like to attend the nearby Meetup this Thursday August 27, detailed by Aaron Westerburg here:-
(Can't be there myself). Cheers...
Updated about 6 years ago
Also, start developing a good relationship with your Bank, including getting good SAVINGS happening. Oh, and welcome to BP! All the best...
@Tanner Krauth Welcome to the site. Between BP and the books available at the local library you can amass a large amount of information in a short period of time. Feel free to reach out with any questions.
Welcome. Take a good look at student housing see below.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Welcome to Bigger Pockets! I've learned a ton of information on this site and everyone has been extremely helpful, so you've come to the right place for help with this decision! Best of luck, we're all here for you!
Thanks for the replies everyone. I am looking forward to learning from all of you.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you