Can somebody walk me through finding my first deal?

Question

Hello again Bigger Pockets community, Is there anybody out there willing to walk me through finding my first deal. A bit about me: I Live in Buffalo, New York and want to invest here (or nearby). In three months time, I will have around $10,000 I can invest into a property (more if I stumble upon a creative financing possibility) but at the very least 10K. I currently believe house hacking is my safest, easiest way into real estate. Any suggestions as to where to look, what to look for, which strategies to employ, etc, is greatly appreciated!

Ned Carey · Answer

@Maxwell Milholland yes that makes a lot of sense.  It also makes it easier to help you.

An agent can easily set up a search criteria for you so that any duplexes that come on the market you get an automatic email.  You could also do a direct mail campaign to duplexes. Since there will not be that many compared to SFHs the cost may be reasonable.

Maxwell Milholland · Answer

@Ned Carey Hey Ned haha yeah I've been reading like a mad man. I guess I want to house hack a duplex, somewhere in the 100-200 k range, a range where I know that if I fail at everything I can still afford the mortgage payment. But, I don't think I'll fail at EVERYTHING, so I'm hoping that at the very least I can find a property that with other unit's rent will at least cover some (preferably  most) of my mortgage payment. If I cash flow, great! But with only 3.5 percent down, I don't expect to cash flow. If I wind up Paying 500 a  month for the mortgage, I will be spending less than I am for my current rent and I will have got into my first deal. Does any of this make sense? haha

Maxwell Milholland · Answer

I'm working through the details though. Market research is very time consuming.

Maxwell Milholland · Answer

@John W. I'm currently trying to figure that out. I've been doing some research comparing the local markets looking at things like unemployment, rent rates, income levels, property taxes, etc. Honestly I do not know! I know that I would like a tenant pool who is credit worthy, trustworthy, and not low income. I'd rather invest in a higher income area and not have to deal with terrible tenants. As far as where that is I am not sure yet. Super new at this haha

John W. · Answer

@Maxwell Milholland what areas in/around Buffalo would you like to live in?

Eric Adobo · Answer

Prudent thing without knowing your market is wait till 🏫 finished.

Maxwell Milholland · Answer

@Eric Adobo totally meant to mention that, 30k a year. 50-60 in a couple years when I graduate school

Eric Adobo · Answer

Dave Ramsey always ask how much you make?  It matteRs.

Big income with $10 K.  Can work with that.

Little income with $10 K. Do what above said😔.

Ned Carey · Answer

The answer is not a forum post, the answer is more like a stack of books, This is a very general question and hard to answer without more information.

What kind of deal do you want to do? What kinds of marketing are you thinking of doing? What are your goals? I suggest you start with the free guides under the education tab above.

Can somebody walk me through finding my first deal?

Most Popular Reply