how to purchase first property

6 Replies

Hello! My name is Jermaine and I am new to the forum. This is actually my first post and I am looking for advice on how to purchase my first rental or flip property? Any help will be greatly appreciated. I'm currently looking to invest within the Cleveland, Ohio area, but I am willing to invest in other states including Detroit if beneficial. Thanks!

Welcome to the site sir.   My advice would be to get pre-approved with a lender first. There are PLENTY of them here on BP.

Generally speaking, nobody,...property manager, agent, contractor, etc will take you seriously at all about real estate investing out there until you have at least taken the step of getting preapproved with a lender.

@Jermaine Perry

Welcome to the forums. I found it most helpful to read up on all of the different strategies and choose the one that would help me reach my goals. Once you decide on a particular strategy then you can dive in and start to analyze deals accordingly.

Thanks for the quick response. I was thinking more along the lines of buying something between $4-$6k and rehabbing it to rent out. Would pre-approval really be the only way to obtain sound direction? 

Joshua, I will definitely start researching strategies. I was looking at wholesale tips/videos to provide a funding path, but for now I'm looking to buy cheap for the first property.

Would there be any greater benefit to pre-approval loans vs cash options? 

Originally posted by @Jermaine Perry :

Hello! My name is Jermaine and I am new to the forum. This is actually my first post and I am looking for advice on how to purchase my first rental or flip property? Any help will be greatly appreciated. I'm currently looking to invest within the Cleveland, Ohio area, but I am willing to invest in other states including Detroit if beneficial. Thanks!

 Welcome aboard Jermaine. Give The Ultimate Guide to Grading Cleveland Neighborhoods a look through for some more data on the Cleveland market.

Wow! Seems like learning the real estate investment business is going to be harder than I thought. I have learned a lot in my first day on the forum. Seems that you have to be careful, especially looking for your first property. 


Would it be better to purchase a rental or flip? And as far as what I've been reading, south of $10k is not worth the investment. I have also read to be super careful of wholesaling.  

Originally posted by @Jermaine Perry :

Hello! My name is Jermaine and I am new to the forum. This is actually my first post and I am looking for advice on how to purchase my first rental or flip property? Any help will be greatly appreciated. I'm currently looking to invest within the Cleveland, Ohio area, but I am willing to invest in other states including Detroit if beneficial. Thanks!

Welcome to the site. I have been investing in the Cleveland area for years! I've gathered a ton of information on investing in the Cleveland area, and would be happy to share the link to it if you are interested. It includes, among other things, a comprehensive map of the Cleveland area, grading each area from A+ down to F, using a consistent, objective and transparent methodology using publicly available data. Feel free to drop me a private message!

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