Next logical step forward?

[Leche Hopkins]

Hello Everyone,

I finally went to see two sub 30k properties with my realtor yesterday. Both homes had water damage on roofs and the upstairs ceilings were completely caved in. One even had tons of mold. I’m feeling very discouraged that I really just don’t know what I’m doing. I also thought I could get a loan but because they’re so low I’d have to pay cash( which I don’t have enough for property and rehab). I’m in need of some advice on what to do next. Should I move on to something else? Should I try and find a loan? Should I be looking for a contractor to see the property? What is the next logical step in the process? Any help/ recommendation would be great! Both properties are in the south jersey area.

[Lauren C.]

Hi @Leche Hopkins. Why are you only focusing on sub 30k properties? If you have 30k, that is enough to close on a loan for a 50-80k house and leave some for small improvements. Being your first deal, I wouldn't jump right into a major rehab. Unsure of your current living situation but I'm a big fan of the house hack. It allows you to get into a property for lower money down thanks to owner financing and provides some training wheels while you figure out renovations and landlording. Good luck!