Working towards a second home for renting.

[Norbin Cruz]

BP newbie here!

Hi everyone! My name is Norbin I have decided to take the first step towards what I hope will be the road to financial freedom. I joined BP community because I would like to get into real estate investing but don’t know where to start – well I kind of have a small idea but don’t know if it is the right one.

A little about me, I purchased my first home back on 2009 in Updates New York. I purchased the home about 20k under its market value and since it has gone up about 15k . It was a fixer upper and that needed lots of cosmetic work which did most under the DIY fashion. I'm fairly handy and won't mind taking on the responsibility of becoming a landlord. Ideally, I think of buying-n-holding a multi-family home (under 200k is possible) to collect two rents but not sure if what I have is enough to buy\repair and rent. Another option is to purchase an apartment instead, but considering the HOA fees I wonder if it will be easier to bite the bullet and go for a home instead.

I’ll take the time to browse through the materials available - already signed up for a webminar. But I welcome and comments\suggestions.

PS - Future unit will be purchased with money saved. Equity on the first home will not be used. 

[Michael S.]

Welcome to BP Norbin, Great to have you here. You can find more resources under Education for your REI learning. Good luck and all the best