First, I just wanna state that my purpose of this post is not to complain, but to provide insight into my personal situation and to gain possible solutions to overcome my current obstacles.
I am an aspiring real estate investor, who at this point has not had a single real estate transaction other than signing leases on the apartments I have lived in. I am 25 years old with a bachelors degree and a 9 to 5 job. Like others my age during this time I have substantial debt from student loans and at this rate have little possibility of gaining any traditional forms of financing. In addition to my student loans, my personal credit is poor due to years of working jobs that failed to cover basic expenses. Again don't want this to be viewed as a "woe is me" just providing an overall view of my current financial situation.
I refuse to let my finances deter me from breaking into real estate investing and would like to know if there is anyone out there who has any advice on how to finally make my first purchase? I have talked to hard money lenders, attended local REIA meetings, and spoke with possible mentors in the space; however what it comes down to is that I do not qualify for traditional funding sources. I just became a member of bigger pockets and hope that this can be an outlet to connect to individuals who could provide strategies for locating sources of alternative financing for people like myself, who are just starting out.
As stated above I am still young and interested in buy and holds that yield a consistent monthly cash flow. As I continue to grow my portfolio it is my goal to discontinue working my 9 to 5 and pursue real estate investing full time. I would appreciate any feedback and sources of funding that is available for people in my same/similar situation.
I'm almost in the same situation as you and trying to find alternative financing. I'm just moving to US and don't have a credit score at all)) That's why i don't qualify for traditional funding sources. Thanks for post! It's important question for me too.
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Your going to need to reduce your debts and increase your earnings.
To buy real estate you need at least 1 or 2 the following.
At the moment you don't have any but that is ok. You have to start somewhere. Partnering with people that have money is possible if you have experience or credit.
I would recommend getting licensed and working part time as a Realtor. This will check off all three of the items for you. You can gain experience in real estate, while earning more money to pay off your debts.
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