Property number TWO ?

Question

Hello BP WORLD. I just recently closed on my first single family house a month and a half ago, and I've already found another good deal on a single family. I have $0 at this point but I'm losing sleep trying to figure out how I can make a move on the property. Does anyone have any ideas or suggestions to what I can possibly do to gain ownership?

Chase Lowry · Answer

If it’s a deal… and i mean a deal… then you will find the money. Go to as many meetups as you can and present your deal. Make a presentation with your numbers, data to back up those numbers, and what your projections are and present this to the wealthiest people you know. Compare it to the stock market as they are probable heavily invested. Now go get your deal!

Sam Smith · Answer

Hey @Duane Hill,

How did you mind this deal and how do you know it's good? If it's off-market have you considered wholesaling it for some extra cash? If it's on the MLS then, as JD said, it'll need to be a partnership or seller financing.

I know it's hard to be patient and move out of "buy mode", which you were probably in for at least a few months. But, it might be good to take a beat.

The best thing might end up being trying to network with other, more experienced, local investors by letting them know about this deal and asking for nothing in return. By doing this, you've created a relationship by trying to provide value. It might be a doorway into a great long-term partnership!

Good luck with it! And I hope you let us know how it goes!

JD Martin · Answer

Well, with no money you'll either have to find a partner or wait to accumulate funds. If they don't have a mortgage they could sell it to you on seller financing 0 down. You'd still need money for closing.