Does anyone have suggestions on how I should purchase my first investment property?
I live in Texas and I’m planning on buying a property to rehab. Unfortunately I don’t have the money to pay cash so I was wondering if anyone could give me some information on other financing options. Should I go to a bank or a mortgage company? Are there special loans to apply for? I plan on starting a small L.L.C. company for my investment properties. Is there any government assistance for small businesses such as this? I don’t really know anyone in the industry so I am having trouble finding a lot of the information I need.
The more you finance, the harder it will be to get positive cash flow from a place.
Also, rehab always takes longer, and costs more to do than you expected.
If you can work with a company that does this for 6-12 mos you will get a better feel for the place…..
Start with the biggest down payment, or the cheapest place that you can feasible rent out.
If the place looks bad on the outside, you will have difficulty getting a mortgage….if you have family you can get cash with, that is probably the best way to start.
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