Hey guys new to being a member to the group. Have followed and read alot on here but never activated an account. So I have a question to see what people think. I have been bidding on auction houses, but not trying to spend alot. Reason being. Planning on buying another house around this December /January ish of 2020. I will be renting out my current home I live in. I want to buy an investment property in the mean time. But don't want to take a credit hit. Or even worse, not get approved for my next home after doing that. Wanted to do a duplex. But can't with living situation. Wife. Kids. Animals. So that's completely out to live in and rent out. Any suggestions? Do I have to wait til I buy my next home and go from there then?
The auctions seem like they could be risky if you are a newer investor and on a tight budget. You're buying site unseen usually and who knows what the inside looks like? There have been plenty of horror stories that don't need to be rehashed here.
I would say you should go to some real estate meetups and meet some wholesalers or other folks who might have deals. Try meetup.com or the Bigger Pockets events section.
Any rental property you purchase should be offset by the income it will generate so if you get a duplex that rents for $2000/mo (both sides combined), you will be able to count $1500/mo of that as income you can use to qualify for the next deal.
Just make sure your numbers really work well.
Hmm ok understandable. My only thing is not completely sight unseen as I am searching and bidding on local ones that I drive by alot. Just don't know about inside completely, and have Not been winning them. But I am bidding lol. So probably better off buying my personal home. Then seeing if I can qualify for something else to buy as a rental after I purchase my personal next home.
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