Hey everyone. I could really use some guidance on how to get started in the REI arena. I’m looking to buy, rehab(if needed) and rent. I’m looking for 2-4 unit multifam. to start. I have about $3,000 - $5000 max. My FICO is 687 - 700. I’d rather buy properties that don’t require much work but I feel that I’d have to put up more money. I live in Pittsfield, Ma. The market has cooled down alot. Flipping for down payment money could get risky. I’m in the process of joining the local landlord association. I’d like to finance 100% if possible to start. Is it possible to get most or all it financed? If so, can someone plesa point me in the right direction for financing? Thanx.
Mike
contrary to what you may read and hear from the guru’s and others i personally the idea of starting with renting a property before trying to flip a property or rehab one. I would look for a duplex, preferably one that is 50% occupied, a 4 unit could be quite a bit to bite off for your first deal. Anyway, here is a link you should check out http://www.myhousedeals.com/cities/boston/index.asp this a guy out of Houston but his site is a place where investors post their deals and though i have never looked at the site for Mass. the site for Houston stays chocked full of deals ripe for renting, rehabbing or wholesaling…
Try and keep as much of your money as possible by looking for a really cheap property that is selling way below market value that you can purchase using an 80% ltv investor/rehab loan; this loan is a quasi-hard money loan but you must have good credit (which you do) and the maximum they will lend is 80% of the value… you should be able to find a resource for this type of loan either here on REIclub.com or on the site i gave you up above…