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

Comments(2)

  • OfAllTrades11th July, 2003

    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

  • hibby7612th July, 2003

    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.

Add Comment

Login To Comment