First time investor with no money

3 Replies

Hey BP, What do you all suggest for a new investor with good credit but no savings? All my money has gone to paying down high interest debt, and now that debt has been paid. I'd like to get started investing. I'm meeting people at meet-ups. I'm meeting with Realtors. But, I don't have any money to put down on a property and I work two jobs, one of which is full time.

Your next step, aside from intensive financing and investing research/study, is to now take the money you were using to pay down your bad debt and put it towards saving up cash to invest in a DB and for reserves once you buy your first investment property.

Difficult to go far in this business without either cash or a cash partner. There may be other routes but they are long, slow and difficult.

Now that you have achieved the goal of paying down debt you can leverage your good credit to obtain either personal lines of credit or if you have equity in your personal home you may leverage that as down payment money on a acquisition loan or use that to purchase low costing investment property, depending on what market(s) you are looking to invest in.

I've personally was in your same position and used personal loans to outright buy investment properties in various markets and I wish I would have known about lines of credit prior to getting involved with loans. Long story short, I paid off the loans with the lines of credit, which I continue to utilize over and over again for the same purposes I've spelled out for you.

There are other methods and if you'd like to message me feel more than free to do so!

Happy Investing...

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