Hello everyone, my name is Chris and I am looking to begin my real estate investment journey. I have been doing research for a while and have been finding potential deals. Willing to do all the legwork, deal finding, and coordinating. Just looking for investment connections or advice in general as I have little to no capital to start with. Any and all input helps!
Christopher Welcome to Bigger Pockets and good luck investing!! You have come to the right place to begin your investing journey. Have you looked into attending local meetings and joining Facebook groups?
Realtor · Stamford, CT · Member since 2022 · 14 posts · 5 votes
1y
Hey Christopher,
In this market it will be very tough to find anything with no money down unless you are a Veteran. With little money down, one very good option would be "Time to Own" by Ned Lamont. It's a program that assists you with closing costs & down payment assistance. The down side is that it does run out of funds and it takes about 45 days to close.
The other downside is that with so many buyers coming to the table with cash and almost no contingencies, it's been really tough for first time homebuyers to purchase their first home.
Now, I am not trying to discourage you. I just wanted to give you the current situation. It is still very possible to use the program to purchase a home. What I would recommend though, is to focus in building up your capital reserves. It doesn't have to be anything crazy, but every little bit helps.
In this market it will be very tough to find anything with no money down unless you are a Veteran. With little money down, one very good option would be "Time to Own" by Ned Lamont. It's a program that assists you with closing costs & down payment assistance. The down side is that it does run out of funds and it takes about 45 days to close.
The other downside is that with so many buyers coming to the table with cash and almost no contingencies, it's been really tough for first time homebuyers to purchase their first home.
Now, I am not trying to discourage you. I just wanted to give you the current situation. It is still very possible to use the program to purchase a home. What I would recommend though, is to focus in building up your capital reserves. It doesn't have to be anything crazy, but every little bit helps.
I appreciate it! I always want the reality of the situation at all times. Sugar coating wastes my time! Still going to keep grinding until I make something work!