All Forum Posts by: Austin Shandley

Any recommendations on possibly finding a private lender? 

My realtor/friend wants to unload a single family 2bed 1bath house in a suburb of my current city that is very sought after for its low crime and good school district. She also updated the kitchen and bathrooms a couple of years ago while she was living in it. 66k, split closings. Already has a renter until December, $750/Mo. My trouble is I just bought another rental house a couple months ago and drained my account. I have considered a HELOC but I was wondering if others did hard money for buy and hold properties or personal loans. What other ways do you finance a down payments? I would hate to miss this deal.

I have been a biggerpockets member for about 9 months now. I am mostly interested in buy and hold rental homes with maybe a flip mixed in there. I currently work in the health care industry but my family background is construction and rental properties. I live in Sedalia, MO which is in between Kansas City and Columbia.  I read a ton of blogs and real estate books for about 6 months, then stayed up late looking for deals. I finally pulled the trigger and closed on my first single family rental home this past March and had it rented the next week. So far so good.

I am eager to get my rental company going and acquiring more properties. My wife and I have our first baby on the way, so my motivation to give her an amazing life has already kicked in. I have great equity in my primary residence and have been playing with the idea of a HELOC for my next investment. I've read and been advised to always buy in the winter but also to buy your first few rental houses in a short amount of time so the cash flow can offset vacancies, repairs etc.

I really enjoy the articles and blogs of biggerpockets. Makes me hungry for more.!