I've been reading up on real estate investing for a while now and i was just about getting ready to purchase my first residential property. However, I am at a dilemma at the moment - and due to the lack of experience i hold, i would appreciate any advise from more experienced investors.
I found out yesterday that I didn't get approved for any loan. All the research and work that I've been doing has been directed towards this kind of a purchase and now that the loan is not working out, I am a little stuck here. Without the loan, I don't know what direction to take as far as investing in real estate. At the moment, I have $24,000 cash to work with. I've been considering going to the tax defaulted property auction that i mentioned earlier and purchasing from there, but do you have any other suggestions of what else I can do from here?
I appreciate your advise
Find investors or homeowners willing to sell you a house on a land contract or lease option and then rent it out for more - that is an option since you have some cash.
You can also do a Sub2 deal - find deals for other investors to buy.
Lots of things you can do without getting a loan. Not easy or quick but doable.
Hi I was wondering if you got the advice you needed to get started? :)
You seem to focusing on the resource you don't have - financing from this one particular lender - instead of focusing on all the resources you do have.
Also, the question of "what deals can I do?" is probably not the most relevant for your situation.
I think you ought to focus and get really clear on your outcome. What is the result you want? Is it passive income from rentals, a few good paychecks from flips?
Starting in real estate is like planting a crop. You need to plant the right seeds and focus on growing that crop. Focus on what you want, and don't allow yourself to get distracted by every new cool sounding technique that comes along.
If you don't focus all your energy on taking care of the crops you put in, you are totally wasting the resources you do have. You've got to focus on that crop until you harvest time.
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