I am currently 18 years old have little to no capital and would like to start in the property rental real estate niche.
With that being said, how can I start with no money down?
I am in Metro Detroit and would love to partner with anyone.
@Omar Faruk learn how to market...focus on inbound...jump on Hubspot and learn all you can. Learn people...you should be reading as many books on psychology as real estate. Learn how to structure a deal with a focus on purchase money mortgages. You'll be a millionaire by 35 ;)
@Brandon Sturgill any psychology books you would recommend? where would you learn to structure purchase money mortgages?
@Omar Faruk first off I'd like to say, I wish I would have had the guts and ambition at 18 to ask the question you just asked!
I would say that your smartest way in would be to house hack. You're lucky enough to live in a low cost Market that can start your real estate Journey off at a more reasonable price point. I'm not an expert on Detroit, but some of the research that I've done says that the city of Detroit offers incentives to buy properties to fix up. You may want to reach out to your local city office and asked if there is any subsidies in place for guys like you. Then, go find a duplex, Triplex, or 4 unit. Rent out the rest of the property and save the returns. Don't forget, treat the income from the property as long-term savings, and don't spend it! Good luck!
@Omar Faruk i live and invest in the Detroit area, getting started off I would say find some way to build money or capital. Have a W2 job or a bank wont lend to you and find a multifamily to house hack for a year or so.
@Keyonte Summers what type of loans do you take and from which bank? Out of curiosity
Most of my investments are conventional loans for residential properties. You could do a FHA for a live in multi family I use some credit unions and a traditional bank. PM me if you need more info .
@Account Closed sorry...lat to the game. Shoot me a PM if you want to chat more on purchase money mortgages...a lot of details to cover.