I own the home that I live in with about 160K in equity but I am low on cash and also low on the FICO scoreboard. Is there a way to leverage this equity to acquire property for fix & flip, buy & hold or some other investment strategy? I really want to get off the sideline and do some investing. I am open to suggestions from skillful investors. Thanks in advanced.
@Clive Dias Congrats on joining this journey! Before you start investing, have you set your investing goals? Why are you trying to get into real estate? What sort of real estate are you interested in? Are you looking for cash flow or appreciation? Do you need the cash flow now or can it wait?
Lack of funds is one of the obstacles that can be overcome and should not hold anyone back from investing in real estate. If you can find great deals, there will be funds for those deals either through hard money, private money, partnerships, or investors, even with a less than stellar FICO score.
Leveraging your equity can help you get started, but it is not necessary as you focus on finding great deals. If you can bring the hustle and/or the knowledge, then you'll find the financing.
Thank you AJ for responding to my post. I am looking for rental properties to provide a reasonable cashflow. I am open to remote investment even though I understand that they can be somewhat tricky. Did you start by acquiring rentals?
For investing, there is funding available for almost anyone. there are hard money lenders that will lend you without experience. With that said, the less money you have for down payment, the less experience that you have all that is going to cost you, which means you have to find a deal that will pay for your lack of money and or lack of experience and still leave you with a profit.
@Clive Dias I started with a couple SFR that I lived in and then rented out when I moved. When I finally got serious about investing, then I focused primarily on out of state multifamily properties. That is where we are today. We focus on multifamily properties with 10 or more units.