Unsure about financing my first investment
Hello, as I am new to this forum and have yet to begin investing I am a little confused about how I should finance... A little about myself.
- 18 years old, little to no credit (just got my credit card a month ago) I work for my grandpa's construction company (have also been working there for a month) I don't have much money saved at the moment but with this job I will be able to save around $1,000 a month. I plan on flipping a single family home to gain capital in the early months of 2016 so I can then begin investing in multi-family homes.
But what steps do I need to take now to actually be approved for a loan? I plan on buying in the $20,000 - $50,000 range so a 20% downpayment shouldn't be a problem, still just a little confused with the whole process. Any help or tips would be greatly appreciated.