Investor · Austin, TX · Member since 2020 · 20 posts · 13 votes
Hi all,
I'm currently a UCLA senior and am working on purchasing my first investment property in Kansas City, MO. Right now, my largest challenge is securing funding - I have a down payment saved up, but no stable W2 income. I start work full time in April, so an easy answer to this would be to wait and purchase an investment property then, but that doesn't work with my goal of purchasing a buy-and-hold investment property before my graduation in March.
Assuming FHA loans and cosigners aren't options, what strategies would you use to finance a property like this? Right now, I'm exploring hard money lenders in the metro, but am actively trying to find other options.
@Account Closed Congrats on getting your first property at a young age!
Financing is an obstacle that can be easily overcome if you have a great deal whether through hard money, private money, partners, or investors. It looks like you are exploring the hard money route which is a good strategy. The other methods I mentioned may also be worth a look.
As it is your first deal, it might be worth looking into a partnership with a more experienced investor or partner. You may give up some equity in the deal, but the experience you will gain will be invaluable. This will provide you the momentum to move to the next deal. Ensure your partner has complimenting skills to enhance the partnership.
Thank you for the referral @Christopher Hill! I will be sure to reach out to John.
And thank you for the advice @AJ H.! Of all the methods you listed, a partnership sounds ideal. I am actively looking for investors familiar with the metro to partner with.