Feeling a bit discouraged...

[Robert Rodriguez]

Ok so I currently live in the Northern Virginia Area. I was introduced to REI about three years ago by a coworker. I have always though of the idea but he actually put a book infront of me and said read it. From there I was ready to go... of course the big dream go out and make some money and leave my day job. Since then, I went out and purchased a house and have been renting it out from day one. That was when I was 24. I haven't done anything since except read books, and seams like day dream. Well no I am finishing up my Masters degree and think I will have free time to start doing soem things. I spoke with a lender who looked at my numbers and informed me that I would need 15% down payment for an investment property in this area and I don't qualify for a loan. I suppose cause of my House I bought and my 50k in school loans. I really would liked to be involved in flipping but now that I can't get a loan I am not sure where to go from here... There aren't too many houses under 100k in Northern Virginia, or atleast not that i know of...

[Will Barnard]

Starting out in RE investing is usually an emotional roller coaster ride. Stay focused, continue your education always, and keep plugging away.

For rehab flips, don't look at conventional bank loans. Go after private or hard money loans where the majority of the approval is based on the property itself. With enough of your own capital into the deal, you should be able to get going and build more capital with successful flips.