Getting Started

Financing, Hard Money Lenders, Private Money
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

Starting with rentals can be tough, especially in high crime areas. The other problem you are going to have is all lenders I’ve ever come across won’t lend less than $50,000 so you’ll have to find another way to purchase.