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Grace Karley
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I want to start a real-estate investment, but do not have the money to start.

Grace Karley
Posted Feb 12 2024, 12:02

My name is Grace K, and I live in Woodbury, MN. I am divorced and worked as a Mental health Practitioner. I want to do real estate and am new to the Bigger Pocket podcast and enjoy it. I want to get started in investing and want some guidance.to buy a multi-family property. I have a three-bedroom townhome and want to sell it to buy my first investment property. I am open to learning and meeting up with other investors.

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Ko Kashiwagi#4 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Los Angeles, CA
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Ko Kashiwagi#4 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Los Angeles, CA
Replied Feb 12 2024, 14:17

Hi Grace,

Have you built up equity in your current townhome? You may be able to refinance or use a HELOC to access your equity. This will allow you to obtain cash to put towards a downpayment. Alternatively, have you looked into house-hacking? A common strategy here would be to move out of the townhome -> rent the townhome out -> house-hack and live in a new property with low down payment.

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Jeffrey McKee
  • Real Estate Agent
  • Plano, TX
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Jeffrey McKee
  • Real Estate Agent
  • Plano, TX
Replied Feb 13 2024, 06:08

Grace, congratulations on venturing into real estate investing! It's fantastic that you've found inspiration from BP podcasts. To kickstart your journey, consider networking with local investors to gain valuable insights. Additionally, seeking mentorship can provide invaluable guidance as you navigate this new venture. Wishing you success as you embark on this exciting path! Please feel free to connect with me and let's have a chat!

  • Real Estate Agent Texas (#0731291)

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Bryon Andrews
  • Real Estate Agent
  • Saint Paul, MN
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Bryon Andrews
  • Real Estate Agent
  • Saint Paul, MN
Replied Feb 13 2024, 08:55

Hi @Grace Karley, you came to the right place! There is a ton of great information here on BP. I am an investor ant real estate agent here in the Twin Cities. My wife and I have been investing in Stillwater and Western WI since 2019. Reach out if you have any specific questions about investing!

  • Real Estate Agent Wisconsin (#110141) and Minnesota (#40860934)

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Tim Swierczek
Lender
Pro Member
  • Lender
  • Saint Paul, MN
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Tim Swierczek
Lender
Pro Member
  • Lender
  • Saint Paul, MN
Replied Apr 10 2024, 18:54

@Grace Karley Ko's idea about a HELOC is a great idea. Another option, if you sell is to House Hack. You could use the equity in your house, likely tax-free since you lived there the last three years. You can get a low down payment multifamily property and if there is enough left you can use the remainder for a non-owner occupied investment property. PM me if you want to discuss investing.

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Richard Loniewski
  • Real Estate Agent
  • New Jersey
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Richard Loniewski
  • Real Estate Agent
  • New Jersey
Replied Apr 12 2024, 14:05

Money is never the issue, your focus should be finding great deals. There is a lot of money out there and they are in need of a good deal. Start networking for capital investors and go find that great deal. I joint venture all the time, rarely do I use my own money.