I am trying to make my first deal but working in retail doesn't provide me with the nice down payment i would like. how would i go about buying property with 0 to little downpayment or using Other Peoples Money?
We have a program where we offer 100% finance using a 70/30 loan combo. You can email me.
If you abosutely don't have cash of your own, then you'll either need if borrow it from a friend or a family member who believes in your dream, almost more than you do.
Most Private or Hard money lenders will want the borrower to have "skin in the game" (i.e. something to lose if they walk away from the deal), so they really won't be able to help fund your purchase if you can't bring any money to the Closing.
Here's my solution to your situation:
Step 1) Learn how to properly manage rental properties and then get some hands on experience by any means necessary. David Tilney offers a great Prop Mgmt course for investors. The next one is 18-19 Oct in Atlanta, GA.
Step 2) Meet RE investors and market your services for managing investment properties. REI Clubs are a good place to do this.
Step 3) Find a great RE deal.
Step 4) Inform your network of RE investors that if they buy the property you'll manage it for them at a reduced cost if they'll give you an Option to buy the property in the future at a set price.
This approach gives you something to offer to the deal since you don't have cash. It also teaches you a skill which most investors aren't good at. Lastly, the Option gives you an equitable interest in the property which becomes more valuable as the property appreciates, which, by the way, you're helping it do because you're the one managing it.
Best of Luck,
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