Need motivation/ early on struggles

2 Replies

Hey BP community I need some help. I'm a 20 year old new investor who is trying to complete his first deal. I have a solid wholesaler in Philadelphia and I also have a HML who will cover 90% of the deal. I was planning on using a PLOC to fund the initial 10%. I just went to my bank(longest account with them) and I didn't get qualified. While making 2k per month it seems like my best option is to wait until I either make more money or until I have that 10% saved.

Really got a lot of work/information put into this industry and while I have almost every other part, I don’t have the 10%. Really bumped out because I recently had a great amount of success with systems I have breaking down deals, networking to build team members, etc and don’t really know what do to do.

The properties range from 50k-150k so the 10% will obviously change. Any tips or things to help me stay motivated would be great.

your 20 years old, not making much money, and trying to borrow 100% of the purcghase price for this house essentially.  Way too much risk to put on yourself at that age, I would 100% wait a couple years and save up a good nest egg before going into investing. You have plenty of time.  Thats just my two cents though.  

Hi @Michael Caro

I would recommend reaching out to family and friends for the 10%. You may have to offer some type of return on their investment but it will allow you to move forward. You can also try shopping the deal around to other more seasoned investors that would be will to work with you. This could present an opportunity for you to learn the business as well as make a little money. Real Estate requires you to always think creatively to be successful. This is the beginning of that lesson. Good Luck!

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