Updated over 7 years ago on . Most recent reply
Financing without experience or W2 income
My employer recently had to downsize leaving me out of a job. I've decided to take this time to pursue my real estate investing dream I've had for years. I've done well and managed to save a good amount of cash and have been recently looking at some areas in NJ and AZ to buy my first buy and hold rental property.
The roadblock that I'm hitting is financing. Without a steady income I don't qualify for a conventional loan and hard money lenders are looking for investors with experience. Private money from my family and friends isn't an option either. Have any of you hit this same roadblock and how did you get past it? I'm in need of advice and encouragement.
Also on a semi related note, Do you typically find a deal, put in an offer and then find financing, assuming your offer was accepted, or do you typically secure financing first? I'm trying to understand the process better.
Thank you
Eric Mahecha
Most Popular Reply
Money 1st, deals second. There is no deal without money so you have to make sure you have the ability to close on a property should you make an offer. I'm not soliciting for this company, but I've spoken with Lima One Capital and they said they don't require any prior experience. Of course, they charge more points for the inexperienced investor but it's better than nothing.