Getting Started

General Real Estate Investing
1

Hello, I’m new to REI and wanted to know if you could give me some advice regarding lenders. Since I’m new to the business, I think its best that I start with Rental properties. I interesten in purchasing two Condos in a High Crime area and renting them for cash flow. The cost of each is around 25000, and my credit isn’t all that Great. I have some slow pays on credit cards and a car I’m still paying for. We just refinanced our home to get out of a ARM, which was stupid, but that was before I knew better. Anyway, I’m about to apply with a Bank to determine what I qualify for. Two questions:

 Is rental for cash flow best to start wiht and If declined, where can I find lender or hard money work with me in the purchase.
2

What state are you in? I can’t imagine paying $25k a unit in the ghetto.

Hard money is not for rentals, the points and the interest rate will kill your cash flow.

3

I’m in texas, maybe it’s not the ghetto, but it is grimey. In the DFW area.

4

What are the monthly rents? They should be at least $500/mo to ensure positive cashflow.

5

The monthly rent is 580 - 600. You have really answered my question. Thanks for responding. This my first investment and I need the help I can get.

6

Please slow down and educate yourself before you purchase anything anywhere…