Updated almost 2 years ago on . Most recent reply
financing first investment property
For a first investment property, with about $25k dedicated to put towards a property, how do most people start out? I'm looking to get my first investment property but the financial part is what is getting me hung up. I'm aware of the seller/creative financing that is available but the light bulb hasn't turned on mentally when I think about how I should finance my first property. I'm consider partnering on the deal and would like any advice on that idea. I'm living overseas and looking to invest stateside so I am trying to see all the options for financing an investment instead of tying up 20% of my capital through conventional. Thanks in advance.
Most Popular Reply
@Jaden Griggs - Do you know anyone here in the US? Having "boots on the ground" is crucial to success, especially early on. I've partnered on all my deals since I started 10 years ago. I'm closing in on 200 rentals. In the beginning my partner (brother in law) was in charge of finding private investors. Along the way I found my fair share as well (my realtor, my attorney, my bank teller, my realtor's friend, neighbor....all invested with us). We'd do high interest only loans and pay them back as we rehabbed, refinanced and kept our properties. As deals got larger we'd bring investors in as equity partners. We started with $60K properties and our recent acquisitions have been $5M+. I would not suggest putting all $25K of your money into your first deal.