All Forum Posts by: Drew Z.

I just closed on my very first investment property today!

I have been saving up, and with a good job, I was able to put over 20% down on a property valued at over $ 200,000 at the age of 22. I originally wanted to start my real estate portfolio with a multi-family property, but I soon realized it might be in my best interest to start small, in case I need to learn from mistakes on this purchase.

The property is a cute 2-bedroom, 2-bath condo directly on the beach. I wasn't really planning on buying a condo for my first investment, but when I saw the price and checked out the comps, I realized there was no way I could lose money, even if I'm breaking even on rent versus mortgage payments. I genuinely want to hold on to it for as long as needed and rent it out, because I believe the area has excellent potential for appreciation.

Does anyone have any tips? Tricks, or advice about finding your first tenant? Or, do you have any advice on which site/app to post my rental listing on? I also understand the tenant screening process is absolutely vital to ensure they are a quality tenant who will make payments.

Over the next two years, my goal is to take out a HELOC on the property and apply what I've learned from my first purchase to a multi-family unit in the range of $400k-$500k. Any advice or stories about going the HELOC route would also be invaluable.

This is my first post on BiggerPockets. I am a brand-new member. I have been saving up money, and I have no debt. I want to break into the market and get my first rental property. My plan is to invest in a live-and-fix property. As a young guy with six months of free time per year, should I continue to save for a 20% payment for the next year, or should I pull the trigger and purchase with an FHA loan? Also if anyone has helpful advice for my first live and flip rental property that would be great!