What Should I Buy First?
Hi! My name is Clint and I want to get into real estate investing, but I don't know what to buy first. I want to get into rentals. Something like a duplex or something in the Dallas area. I prefer the Collin county area. Are there any MENTORs out there that would be willing to let me "tag along" and see how it is done. I really think that is what I need mostly. I have about $6,600 cash and enough credit to get a 50k to 60k loan. I know that's not much, so does anyone have any suggestions on a good way to get started. I hate to fail at my first attempt.
Regards,
Clint Halsted
Hi Clint, If you haven't listened to Rich Dad Poor Dad, Perhaps, There's tape's and books free to check out at your local library. Hope this helps
Are you employed? If you're planning on buying traditionally get prequalified with a Loan officer and they'll tell you how big of a property ($) you can buy based on your income. In general it will be:
(Income X .36) + (rental income X .75)
You can get 100% financing pretty easily via traditional financing for 1-4 units. Easier still if they're owner occupied.
I'm partial to:
-buying 4 plexes
-Buying houses sub. to and selling on a www.L.O.
-Commercial (5+ units)
Look for undervalued properties that can be improved. Good luck.