I have spent the last few months pouring over BP forums, podcasts, and real estate books, and I still am just not sure where to begin.
I work about 60 hours a week and make good money but I am very interested in either the buy and flip or multi-family investing.
Where do I begin?
I have a small savings (about 5k) but am not eligible for a FHA loan and can't afford the 15-20% down payment required in a conventional loan. I see such great properties come and go but I just can't afford the down payment.
I've spoken with lenders but can't seem to find anyone to work with me.
I work in the Idaho market and would be happy to chat with you. I can give you some ideas how you can get going right away. Email me!
To get started in REI you either need time or money. Sounds like you are restricted on both. There are some no money ways to get started but they require time to work on finding these deals. So maybe you can work on them a little bit each day.
"Buy and flip" (which is wholesaling) is certainly a possibility for someone just getting started and you can work on it in your spare time. Once you build up a list of investors for your wholesaling business, you might be able to find a money partner for a multi unit rental, which you are saying is your interest.
If you currently own your own home then a Heloc could be a possibility. The other thing you need to be doing is start building up your investment capital which means cutting back on things you don't need. Study the market and if you come across a good deal you can reach out to investors to partner with or get the property under contract and find a buyer.
Hope that helps