With an online loan marketplace, you don\u2019t have to waste time driving from one bank to another and sitting in on lots of boring meetings, only to hear the same old spiel again. You simply fill out some information, compare loan options, and get set up with the best partner for your plans.<\/p>\n
![\"marketing-presentation\"](\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2017\/01\/marketing-presentation.jpg\" "\\"\\"")
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2. Put down a large down payment.<\/h3>\n
Are you having trouble qualifying for a mortgage? Or perhaps the interest rate you\u2019re offered just isn\u2019t feasible given your numbers?<\/p>\n
One option is to hold off for a few more months and stash away more cash. If you can put 25 percent down or more, you can save considerably on the interest. If you can furnish more than 50 percent, you might even be able to attract a hard money lender on far more favorable terms.<\/p>\n
3. Ask about seller financing.<\/h3>\n
Seller financing is a clever option<\/a> that often works when an investor can\u2019t get a loan from a bank or other traditional lending source. In this case, the seller of the property\u2014which is almost always owned free and clear\u2014essentially becomes the bank.<\/p>\n You take ownership of the property, but then cut monthly \u201cmortgage\u201d payments to the previous owner. Should you default, the seller has recourse to take the property back.<\/p>\n If you try to pursue seller financing, you have to get together a smart game plan. Approaching a seller without any details isn\u2019t going to inspire his or her confidence. You need to have specific terms written out and ready to be executed.<\/p>\n There\u2019s something to be said for owning a piece of real estate free and clear. This avoids the potential of a foreclosure and gives you more room for your numbers to work out.<\/p>\n You probably aren\u2019t in a position where you\u2019re able to buy a property with cash on your own obviously. But thankfully, you don\u2019t have to. You have the option to gather a group of investors and go in together. Let\u2019s say you\u2019re interested in buying a $200,000 rental property, for example. If you find three other people who are willing to put in $50,000, you can collectively own the property and start to cash flow on it much sooner.<\/p>\n This is a great way to get your feet wet while spreading out the risk.<\/p>\n You never want to rush into buying a property. It doesn\u2019t matter whether it\u2019s going to be your personal residence or a rental. Nothing good ever happens in real estate investing when the trigger is pulled prematurely.<\/p>\n There will always be another property, and few deals are ever the \u201ccertain thing\u201d you may be tempted to believe in the heat of the moment. Be patient and wait until your financing falls firmly into place.<\/p>\n4. Gather a group of investors.<\/h3>\n
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\nRelated:<\/strong> 5 Achievable Tasks for Real Estate Newbies Feeling Lost & Overwhelmed<\/a><\/em><\/p>\n![\"piggy](\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/03\/pig.jpg\" "\\"\\"")
<\/p>\nPatience is Paramount<\/h2>\n
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