Investor · Boise, ID · Member since 2011 · 1k+ posts · 736 votes
Curious if you've come up with a particularly creative (legal) way to raise funds for your first investment property. I am writing a blog article targeted at (almost) investors who stay on the side lines because of the lack of funds needed to get started, and how they can get into the buy and hold game. I know there are some great boot strappers on BP that have started in the game through innovative strategies!
When someone is asking for 100% and don't want to risk their funds they are heading down a losing path of no return, and it is very easy just walk away and screw everyone.
I was about to ask the same thing. I realize I could ask for 100% seller financing, but there are other things, like updating and repairs, closing costs, etc. That is where I am stuck. You could possibly flip the first few houses for quick cash, borrow from family/friends, sell anything extra that you have, funds from extra part time job, secured loan on vehicle, even offer to seller to split profits with them. If you have something to barter, that could help. My ideas are pretty much all obvious ones, I can't wait to hear what our more experienced members have to add!!
Thanks Corey - I'm just starting to put it together -but there is amazing blog material right here on BP, as you know! Just working on sharing creative ways to help would be investors I meet get off the sidelines if they have the desire. Looking forward to seeing you around BP!
I should add that I'm also thinking of partnering with another investor that has better access to money. I am not sure how that would work, as I can bring sweat equity into it (remodeling and updating are something I actually really enjoy doing lol) and my time finding the right property, but I cannot bring much money for the deal.
When someone is asking for 100% and don't want to risk their funds they are heading down a losing path of no return, and it is very easy just walk away and screw everyone.
I am currently working on one proposal. It should be relevant to this post. After I am done, I will post it here or in fileplace section of BP. The whole idea to find two investors one passive to buy a mobile home (I buy only with mobile homes) and another investor (handyman or contractor) to buy materials and do renovation. My responsibilities should be to find a deal, to buy it, to organize the whole process, to find a buyer, to sell it and share profit between all involved parties.
Thanks for the link @Dana R. ! I'll check it out. @Julie Cadman - excellent ideas! If there is a will, there is a way, and you are thinking very creatively. @andriy - sounds like you've got a plan in action to capture your strengths, which is key.