New Membe from NJ
Hey, I am 25 and a very very new investor that has been on the fence for a while now on whether or not I should begin to invest in real estate. To get my feet wet and hopefully not drown lol I purchased a 1 bed 1 bath condo on Jan 22, 2016 for 25k by Febuary 1 I had the apartment completely renovated for almost 5k and a section 8 tenant moved in with the state paying 692 and the tenant paying 108. Also for the unit I purchased one is on the market right now for 50k and another one sold for 45k recently so I'm guessing mines should be worth somewhere around there. With that being said this market is totally for renters and I'm guessing is in a C area after reading some post. Now that I have one property with plans to get many more I would like to try the BRRRR method. Gratefully I have enough cash to do a few more buy and hold deals but before doing so I would like get financing in place to make sure I can cash out refi to buy more properties and not have my money stuck. I understand that I should be explaining this to a bank and not to you guys.... But I was looking for advice on which banks should I try to contact first and how exactly should I word what I am asking for? Also what documents should I have prepared with me? and since I purchased this property under an LLC will this be a problem?