Finally taking the plunge

[Elizabeth Richter]

Really not a question but more of a looking for encouragement post.

I’ve been a long-time lurker of BP. Probably since I was around 21-22 and I’m now 25. It has just never been the “right” time to start. Right around the time I was about to start looking for something to house hack I met my husband and now it’s 2 1/2 years later we’re married with a 5 month old. House Hacking isn’t something we are willing to do.

I’ve been antsy about trying to get into real estate so that I can become financially independent and stop working these horrendous 24 hours shifts and on holidays at that.

We likely would not qualify for a conventional loan because husband's credit score needs some love, and my DTI alone would be too high (our personal home mortgage is under my name). Not to mention how long it would take to save up for a 20% down plus a buffer for potential repairs.

The idea of trying to do an off market deal for my first deal always scared me and I never even considered it, but I’ve decided that if I want to make this happen any time soon I’ll have to go out of my comfort zone.

I found out how to find all the absentee owners in my area and I plan to start doing direct mail to try and find an owner finance deal. From what I’ve seen most probably aren’t likely to let me do 0 down but that’s the goal 😉

I’ve been toying with the idea of doing some syndication and asking family/friends as well but asking people for their money when I have no experience ,just book knowledge from the good old internet, gives me anxiety.

Any tips for getting that owner finance deal or other outside the box thinking for zero down is appreciated. I’ve listened to countless BP podcast episodes so I’ve likely heard of most of the ways, but go ahead and throw em down there and it might make me think about them harder.

[Nick Velez]

I would highly recommend you listen to episode 527 that came out last week. The guest dropped some awesome knowledge about owner financing and subject to as well.  With low funds and not great credit, I would start exactly where you are. Best of luck!