Starting Out in Real Estate Investing
I am new to the world of real estate investing and struggling to get going with my first property due to lack of financing and loan opportunities available to me...if anyone has a suggestions of advice on how to overcome this obstacle I would greatly appreciate it.
Hi John, what seems to be the reason that you are having difficulty getting pre-approved?
My suggestion would be to focus your time and energy on finding deals... if you find a good deal, the money will find you. Whether that be through a bank loan that will lend to you based on the asset, or other private money in your market. If you have a deal, finding an experienced partner may be a great option for you as well.
All of those opportunities follow you finding a deal!
Hey John, lack of financing or loan opportunities never stopped me. Have you looked into the DSCR loan program? I used this loan last year. It's for investment properties up to 8 units and works like a commercial loan where they don't look at your income. They look at the income from the property to approve the loan. Need to purchase in an LLC. I think what you need is some mentoring and skills in raising funds for your deals. DM me.
-
Contractor
- HSS Investment Properties LLC
Jhon,
I am a mortgage broker and offer many different types of financing for investors, lets talk and see what options can work for you!
Hey John, every previous comment here are good avenues to educate yourself on and possibly explore. My two cents is that you want to keep the right mindset when faced with challenges. It is easy to focus on the fact of not having enough money. However, ask yourself how do you find enough money? Start by talking to people who have money and see if they are willing to partner with you. Find lenders and see if they can help you. See what you have that you can leverage. There are multiple ways to find money. The key is to know how to search for it.
My current method is looking up local lenders in my area and asking them if they work with first time investors and how. I am also attending meet ups to see if there are any potential partners there.
Keep at it my friend and you will be just fine.