New Member in the Des Moines, IA Area

[Phil Grant]

Hi everyone, I've been on BP for a week or so and decided to formally get myself introduced to the community.  I'm brand new to world of real estate but I'm very excited to get started.  While working full-time, I'm looking to get started with rental property, single family in the beginning with the prospect of branching out in the future should it fit my desire.  I have an idea of the market I'm going to look for in my future tenants, what kind of property I would want to own, communities I'd like to be in, etc., but how do I get started?  Should I work with a lender first to discuss my financial options for pursuing this path, find property that fits my criteria and work with a realtor to locate what I want first, some other thing I'm not even thinking about since I'm new to this?  Any and all advice would be greatly appreciated - really looking forward to learning as much as I can through this community.  Thanks!

[Taylor Marvin]

Hi Phil - welcome to BP! Agreed with Andrew - start talking with a lender to secure a financing commitment. I would also recommend drafting a brief business plan for the lender - even if it's a simple one page overview regarding your background, investment criteria (e.g. house price, expenses, income), expected cash-flow, etc. It's certainly not required, but if you're going the commercial or in-house route for financing, then it could be helpful.  Give me a shout if you have any questions or would like a lender recommendation.