Name is Cody and I have been looking for ways to start my first real estate investment. I live in San Diego, CA and near Sacramento part time as well.
I work for a friend who does roofing and make good pay but it's off the record and done with cash. I will have difficulty taking out a loan for a property, but have around 4-5 grand extra money monthly. I have around 35,000 I can use for a down payment.
What are your suggestions? I can't use a FHA loan because
I don't work for a corporation. Any help is greatly appreciated.
It sound like you could use a partner Cody. You're someone who has cash, but I'm assuming you don't have the credit. If you could partner with someone who has the credit and can get a loan combined with your cash going towards the down payment you may be able to get started. Otherwise you could play the role of a private investor lending to someone else who needs money to get started and earning a percentage of their profit.
Once you have enough cash built up you can either buy a property for all cash or if you're holding on to the property you may be able to tap into the equity to give you more money to work with for your next project.
@Mark S. Has it. A partner would be great.
Another option I learned from my uncle, and later I myself did, is to buy a house that needs work, and live in it. Being in/around construction you can perhaps find someone else that even wants to live there and you can both split it. Spend your extra time fixing the place up. There will be lots of lessons.
As to the future you and the long term , you can either save all cash till you can buy each place, or will need to find a way to build a relationship with lenders that you can show a proven track record of successful investing.
I agree :
partner with another investor
buy and live at investment property
become a private lender
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