Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on . Most recent reply

User Stats

7
Posts
1
Votes
Kristina Lumm
1
Votes |
7
Posts

How Can I Make Money with No Money?

Kristina Lumm
Posted

Hey there.

I'm brand new here and trying to get into real estate after a needed career change due to the pandemic. I'm specifically looking for a STR property. I've done my research and narrowed down to a few locations. I'm getting to the stage where I'm ready to purchase.

Now onto my main problem: I have no money and I will not get approved for a loan or mortgage because I have little to no income. However, I do have someone I trust that is willing to invest in me and my dream. They have the income and the means to get approved for a loan and mortgage.

My question is, what are my options for taking this investment and turning it into an income for myself? Should I create an LLC and have my investor put their money into my business and then purchase the property through my LLC? Is that even possible? Should I have my investor purchase the property themselves and then hire me as an LLC to manage the property as a STR? Should we create an LLC together and be dual owners in the property? Is there something I'm not considering?

Does anyone have experience with this? Any advice appreciated.

Thank you!

Most Popular Reply

User Stats

6,681
Posts
7,666
Votes
Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
7,666
Votes |
6,681
Posts
Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
Replied

Why would this money partner be investing in you? What background do you have in real estate to support a positive investment? Just from your post, you are nowhere near ready to buy. You are taking some good first steps, but how can you be ready to buy an STR when "I have no money and I will not get approved for a loan or mortgage because I have little to no income"? Why would an investor sign on to have you choose a property and manage it? Based on what? Where are you finding deals? Do you have an agent? Do you know other investors? You need to slow down. No one should be giving you money to invest right now.

business profile image
Zen and the Art of Real Estate Investing
5.0 stars
9 Reviews

Loading replies...