Show much info out there on getting started

2 Replies

What’s the best way to get started I know there is a ton of info out there house hack this , brrrr that, flip here. My goals are to get a 1-4 live in one rent out the other but so many options I’m overwhelmed!! Need advice please!

@Akeem Moreno

First, the good news...you have your goal. However, I suggest you get a little more specific than “a 1-4”. Do you want a duplex or a quad? Make a choice, and set that as your goal.

Next, what is your market and sub market? Are you looking locally in the city where you live now, or are you planning to move, etc? And within the city, what neighborhood or communities do you want to invest in? You need to identify the areas where you want to invest. And since your plan is to live-in at first, then you also need to consider where you are okay living for at least a year.

Third, decide your investing strategy so that you can determine the type of property you need to purchase. By that I mean, are you looking to do major renovations? Minor renovations? No renovations at all? Are you looking for a property that is completely vacant or already has Tenants? These are all things you need to decide, based on your interests, skills, time constraints, resources, etc...

Next, get your funding lined up. If you already have cash, then great. If you need a loan, then talk to Lenders and get a good estimate of how much you can borrow. Based on your strategy above, your own money, and your credit, can you get conventional loans or will you need to seek out private lenders? Determine these things and get your funding lined up.

Once you have the above steps in order, find an Investor-friendly realtor and start looking at properties. Or again, depending on your strategy above, connect with Wholesellers and start seeing properties.

When reviewing properties, I highly recommend you analyze the numbers first and make sure that it cash flows according to your goals. If it does, then go see it in person.

@Chris Coleman thanks for taking time out and responding. It’s just a matter of do I want to do a 203k loan or put 20% down then fix it up my self increasing the value then rent it out. Or go the hard money route so many possibilities. My housing range is anywhere from 100k-150k minor rehab is ok don’t mind getting my hands dirty.

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