Property, Partnerships, and Profit
Good evening everyone!
I'm just starting out real estate investing in the Snellville, GA area and I'm running into some speed bumps. I recently finished the free course on BP so I'm taking a leap of faith and starting my 90-Day Investment Plan. I've started collecting a number of properties within the last week or so but that doesn't seem to be the biggest problem where I live. The problem is...(as you can probably guess) MONEY!! I live in a pretty nice area with an excellent school system so affording these properties are a stretch but I want to purchase in the area I'm familiar with. I'm a young student with no money and little credit. Granted, the credit that I do have is fairly good for someone starting off, I know it might not be enough for the lenders and properties in my area. My plan is to take out an FHA loan and find a partner to help pay for my first property, live in it for a year or two and fix it up, and then rent it out to someone else. My difficulty is being able to qualify for a loan, more specifically what the lenders will be looking for, and finding a partner that's willing to put their money on the line. The market in my area is doing fairly well and after studying up on my real estate I believe this could make a decent amount of money. But as the saying goes, it takes money to make money and I'm very limited with my resources. Any advice for a newbie? I would really like to do well with my first property, as anyone would. Thanks.
Most Popular Reply
@Carly Ogletree, welcome! Not sure from your post... have you already tried to get pre-approval for a loan?