advice on how to start investing?

Question

I have done research and created a business plan. I want to just get started investing. I dont know how i should fund my deals. People keep telling me hard money lenders and private lenders should be left up to experienced investors. I havent had positive feedback on getting a bank loan. I just want to know where i should start.

Jeff Beckles · Answer

@Jerry Padilla

Yes I do.  One of the ways I am trying to help my cause is by going to get my real estate license.

Gino Barbaro · Answer

@Jeff Beckles

Hard money lenders are just guys who get money from private money lenders and charge you more.  If you have a good deal, present it to private money lenders.  Also look up lenders in the community.

@Jerry Padilla is very active with loans.  Use linkedin to search for private money lenders

Gino

Gino Barbaro · Answer

@Jeff Beckles

Hi Jeff

You need to be specific and target a niche, buy and hold, fix and flip, etc.  Each niche has strategies on how to secure financing.  You can always look to partners to help fund deals

Gino

Jerry Padilla · Answer

@Jeff Beckles

For conventional financing, you will have to prove you can pay the loan, so income is an important factor. Do you have 2 years of tax returns?

Jeff Beckles · Answer

ok thank you for that advice @Gino Barbaro. I will do that.

Jeff Beckles · Answer

Thank you everyone for the great advice. I really appreciate it. @Gino Barbaro I have found a niche that I want to target.  I have created a business plan and mapped out everything that I want to do.  I just need to find the best way to go at it as far as getting funding for deals.  Most people I talk to has said that Hard money lenders are for more experienced investors.  I have great credit and a little bit of money saved but I don't work a normal job where I get a check stub to show banks.  Its hard to prove my income because its all over the place right now.

Noman Tariq · Answer

i great way to get into the game..  Buy a multi family house .. Live in one unit and rent the other.. Better yet live in the basement and rent both of them.. Continue working continue building your equity and continue savings those rent checks.. Nothing in life is easy.. Neither is becoming a re investor with no cash

Ed Emmons · Answer

Education  is the key you can either spend a lot  of money by just jumping in and doing things yourself or you can go to your local library and get  books for free or maybe buy something from respected experienced investors. I would advise against paying a lot for this kind of education until you prove to yourself that you can follow the cheap or free stuff. Make sure you are getting advice from someone that is already where you want to be and is or has done what you want to do. Things done in NYC markets won't necessarily work in small town markets and vice verse. Hope this helps. If you want more specifics maybe I can help at @edemmons3.

Paul Timmins · Answer

@Jeff Beckles

Welcome. Without a solid foundation you will stumble. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). You can Google to locate them and go to meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses,  The Book on Estimating ReHab Costs  http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

advice on how to start investing?

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