New and Looking for Advice

Lender · MD · Member since 2025 · 148 posts · 54 votes

2d

Welcome to BiggerPockets, Luke! It sounds like you’ve already built a solid foundation by spending time learning before jumping into your first deal. Meeting with loan officers and analyzing properties early is a great way to understand what you can comfortably afford and what type of investment fits your goals.

I’d also recommend connecting with experienced local investors, investor-friendly agents, and lenders who work with rental properties on a regular basis. Those relationships can make a huge difference as you evaluate your first deal and avoid common mistakes.

Best of luck on your journey! If you’d ever like to compare financing options or talk through the numbers on a property you’re considering, I’d be happy to help.

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Arman AhmedPro Member

Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 911 votes

2d

Quote from @Luke Hoffman:

Hello, hello, hello!

My name is Luke, I’m 25, and I currently live in Delaware. I’ve recently decided that I’d like to be doing more with my time and also diversify my investment portfolio hence me wanting to get into rental real estate!

I’ve been spending some time watching videos, reading books, and learning what I can about owning and managing rental properties. I’ve committed to taking the leap and ready to put in the work, and am looking at properties and meeting with loan officers. Learning from books and videos is great, but I also know that there’s no substitute for real world experience from someone who’s been in the business during its ups and downs.

If you’ve been investing in rental properties for a while and would be willing to grab a coffee or a drink, I’d love the opportunity to pick your brain!

Feel free to reach out if you’d be open to connecting. I’d really appreciate it!

Sounds like you’re doing the right thing by learning first and getting out there talking to lenders and investors. Don’t feel like you have to stay in Delaware either. If you’re open to out-of-state, I’d put the Midwest on your radar.

[email protected]614-418-6081

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Joseph ScoreseBusiness Member

Banker · Philadelphia · Member since 2009 · 2k+ posts · 630 votes

2d

Welcome, Luke! You’re already doing one of the most important things—educating yourself while also getting out there and building relationships.

My advice is to focus on understanding the numbers before worrying about finding the "perfect" first property. Learn how to evaluate cash flow, expenses, reserves, financing, DSCR, and your exit strategy before you make an offer. Your financing strategy should be part of the conversation from day one, not something you figure out after finding the property.

I work with real estate investors throughout Delaware and nationwide, so I’m always happy to be a resource as you start evaluating opportunities. Feel free to connect with me. Keep learning, keep networking, and most importantly, start looking at real deals—the experience comes from doing.

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Brad SeidBusiness Member

Lender · Licensed in 28 States · Member since 2026 · 127 posts · 33 votes

14h

@Luke Hoffman Hey Luke, welcome to real estate investing! Sounds like you’re doing your homework and getting ready to take the leap. If you’re comparing financing options or need help navigating lending for your first rental, I’d be happy to connect and see how I can help. Best of luck!

[email protected]248-408-3855

West Capital Lending5122 Reviews

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Michael Eskenasy

Investor · Pacific Northwest · Member since 2026 · 531 posts · 298 votes

14h

Luke — if I were starting where you are, I’d do this before buying anything:

Pick one market and one property type. Don’t “look at rentals.” Look at 3/2 single-family homes under $X, or duplexes, or whatever your lane is.

Then underwrite 30–50 of them.

For every deal, pull the actual rent comps, actual taxes, an insurance quote, realistic repairs, vacancy, maintenance, capex, management — even if you plan to self-manage — and the financing you can actually get.

A deal that only works because you ignored a roof, HVAC, turnover, sewer line, property management, or six weeks of vacancy does not work.

I’d also keep enough cash after closing that one ugly repair doesn’t turn you into a forced seller.

And before you buy, know your second exit. If the rental plan gets punched in the mouth, can you sell it? Refinance it? Live in it? Change the tenant profile? You don’t need five exits. You need one credible backup.

The thing I’d spend the most time learning is not “how to find deals.” It’s how to tell the difference between a cheap property and a good property.

We do a lot of work around exactly that — taking a property apart far enough that the hidden assumptions stop being hidden.

If you get good at that before your first closing, you’ll skip a lot of expensive education.

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Diana Khan

Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 329 posts · 123 votes

9h

Quote from @Luke Hoffman:

Hello, hello, hello!

My name is Luke, I’m 25, and I currently live in Delaware. I’ve recently decided that I’d like to be doing more with my time and also diversify my investment portfolio hence me wanting to get into rental real estate!

I’ve been spending some time watching videos, reading books, and learning what I can about owning and managing rental properties. I’ve committed to taking the leap and ready to put in the work, and am looking at properties and meeting with loan officers. Learning from books and videos is great, but I also know that there’s no substitute for real world experience from someone who’s been in the business during its ups and downs.

If you’ve been investing in rental properties for a while and would be willing to grab a coffee or a drink, I’d love the opportunity to pick your brain!

Feel free to reach out if you’d be open to connecting. I’d really appreciate it!

Welcome to BP, @Luke Hoffman! I’ve worked with a lot of people buying their first rental, and one thing I see all the time is that they spend so much time finding the right property and financing that the landlord side gets pushed until after closing.

Before your first purchase, I’d start thinking about how you want to own the property, what your lease and screening process will look like, what local rental rules apply, and how you’ll handle things like deposits, notices, repairs, and documentation. You do not need to have everything figured out today, but having that foundation in place before the first tenant moves in can save you a lot of problems later.

I’d be glad to stay connected, @Luke Hoffman. I always enjoy connecting with new investors who are taking the time to learn before jumping into their first deal.

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New and Looking for Advice

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