Starting with a HML as a new investor.

2 Replies

Hello BP community.

My question is if to start investing with a HML is a good idea. I have no previous experience investing, but have been reading and informing myself for quite a long time now and feeling ready to give it a shot. I am a Truck driver that makes about 2 k a week and have some capital saved up, I would prefer to keep saving money to the point of I can buy a property of about 50 k in the outside of Chicago.

The strategy that I am most interested on is BRRRR.

There's not a hard and fast answer there. There are people who succeed using hard money on their first deals and there are people who succeed using hard money on their 10th deals. It's less about the financing and more about the situation. Without previous experience the terms you'll get won't be the best, but they might work for you depending on the circumstances.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

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.

We hate spam just as much as you