Starting out and Hitting Road Blocks
Hi everybody,
I am looking to purchase my first rental property and I do not think I am ready yet based on feedback I have received from multiple people.
I do not have enough money for a downpayment on a conventional loan, DSCR loan. I have attempted to go the seller financing route, but every seller has declined that option. I have also went down the private lending route and everybody has declined. I feel that I am analyzing deals well in terms of price, downpayment, rents, cashflow, etc... It is the funding that I am lacking.
I feel that I am in a stalemate and the only way to purchase my first rental property is to generate more income than I am right now to get to the point of being able to pay the downpayment.
Thank you all for reading this post and I appreciate any responses and advice. Have a great day!