financing first rental

Financing, Hard Money Lenders, Private Money
1

I just bought my first residence (condo here in Honolulu) and during this process I’ve found other units that will cashflow or at least carry themselves right off the bat. This is not easy to find in my area.

Seems a lot of the advice is for more the hardcore investor. I’d like to field opinions on how to best aquire a first investment property. I certainly wouldnt qualify income-wise, but i would like to find a unit with a live-in tenant to cushion the blow somewhat. any ideas? could you point me to any specific threads?

2

Serrow,

There are many ways to buy a property without getting a loan from the bank. You can buy it Subject-to the existing financing, with Owner financing, on a Lease Option etc. All you need to do if find a seller that is desperate to sell.

However, before you buy a rental, be sure that you understand the real expenses and be sure that you have enough money or credit to cover contingencies.

Good Luck,

Mike