Flipper/Rehabber · Atlanta, GA · Member since 2014 · 166 posts · 88 votes
Hey BP its been a while..
So I've managed to save about 10k to use as a downpayment to invest in a 2,3 or 4 unit multi. But my dilemma is that I have a small negative mark (late payment) on my credit that is preventing me from qualifying on my own. I can wait 1 yr (which will be in November) but I feel like that is a waste of precious time that I could use to invest.
Anyway. Preferably I would like to partner up with someone from NJ/PA since that area is where I want to invest in since properties are fairly cheap there compared to NYC.
They would need to have Good credit and income well good enough to qualify for FHA and can bring "some" funds to the table.
Prior experience closing deals is preferred or at least have connections with contractors , brokers ,agents etc.
OR
If anyone is crowd funding a deal and is looking for one extra investor.
10K will not be enough to start. With DB, closing and needing reserves you will be out of the market. Your better bet would be to drastically curtail your life style, save every penny you can and by the time you reach 50K in savings your credit should be top notch and you can go it alone.
Investing in real estate is not a race, time is not precious as there will always be properties for sale.
Get yourself fully educated and wait till you have the money, reserve funds and credit to succeed.
Alexandria, VA · Member since 2017 · 3 posts · 0 votes
9y
I like the Idea of getting invested, but buying a 2-4 unit for 75-100k might be a little tough and there would likely be a lot of loss due to damage that happens in that price range. Saving a little more might be a better idea. Maybe if you are looking to get into a project now and cant wait you should look into tapping into your 401K or TSP (there are mixed thoughts on this idea). 10k doesn't buy much in housing. Best of luck.