Turbulent start and I could use some outside help.
I need some help from the community on recommendations. As a new investory, finding funding has proven very tricky. I've allowed myself to start analyzing some deals, but without getting funding it's very difficult. Here's my situation...
According to the lenders I've talked too, my house hack 3.5 years ago isn't considerable as experience because of time. So I'm essentially a vanilla slate. I'm about half way through my course for my RE license, and I've found a broker who I am going to mentor with/work for. My goals are to be an investor "part time" and maintain my full time job. I'm in pursuit of Buy and Hold cash flowing properties. We have two exit strategies. The first is the most realistic, we will liquidate properties through retirement, and whatever is left hand down to our kids, or sell off and leave it for inheritance. The second is our lofty dream. We want to liquidate down the road, and use the money to buy an apartment/condo building with a decent view and renovate the entire top floor to be where we live. I want a spot where I can stand and have a 360 degree panoramic view of the outside, as well as a roof top deck for entertaining. To reach these goals I need a few things.
I need a lender who works with new investors. I have $5k in available cash, $20k in available credit, a very respectable salary, a credit score floating around 800, and no debt but a car and house payment. I felt pretty confident in my wife and I's situation since people somehow do it with next to nothing, but this apparently isn't enough for investment lenders. Do you know a lender willing to work with these conditions, or can you recommend less obvious ways to better prepare myself or my pitch?
My farm area is South East of Tampa. Brandon, Riverview, Apollo Beach, Sun City Center, etc... I'm looking for Wholesalers working that area, but I'm open to other areas if they meet my requirements. I'm after SFR or Duplexes, 2/1 minimum per unit, that are likely distressed. I wish I could find financing for something turn key to get the ball rolling(Don't we all though...) but I'm mostly concerned that it's not condemned.
With these two things I imagine I'll be well on my way, and then can pursue the other pieces of the puzzle as they come into focus.
As a separate question... I've noticed prices are starting to get up to the 2006-2007 time frame. Has anyone moved past concerned and into worried yet?
Thank you all!