I just recently spoke with a real estate broker that I went to high school with. He told me that in order to get a loan for a 2-4 unit multi family house I would most likely need at least $100,000 to get started and get the loan to purchase the property here in NJ. This is a bit discouraging because it kind of seems a little unrealistic for me right now and I need to wait longer to get the money and to take action. Is there any insight or anything anyone can tell me on whether this is true or if there are other ways to get capital? Any and all advice is greatly appreciated. Thank you.
Your best bet is to find a partner that has more money, and split the profits. You need money; nothing says it has to be your money.
There are other avenues to purchase property with a small amount of money down - check out Brandon Turner's book on "Low and No Money Down" in the BP store if you want an overview on the different techniques people use.