How did you acquire the funds for your first investment property?

Question

Curious to see how different people have done it. When you FIRST started, how did you acquire the funds to buy you first property? Mortgage? Savings from primary job? Inheritance?

Account Closed · Answer

Ryan,

If you want to start investing but are limited in your funds and/or credit I would recommend starting off using investing techniques that don't require money or credit.

There are many types of investing methods to use such as wholesaling, lease options, lease assignments, sandwich lease options, partners etc...

I would recommend finding a mentor to teach you how to invest in real estate to avoid costly mistakes and save you time from trying to learn on your own.

Also the investing technique you consider will need to be determined by how much time you have, how motivated you are and it is vital to know why you want to invest.

I don't invest because I like to work, I invest to create financial freedom to do the things in life I have passion for such as spending time with my family and not having to worry about money and the stress it causes in my life.

If there is anything I can do to help you get started please let me know.

Remember anything the human mind can conceive and believe it can achieve. Norman Vincent Peale.

Good Luck!

Marv Rousselow

Sam Craven · Answer

Saving up cash and a HELOC on my house.  Risky, but it paid off.

John Jackson · Answer

Ryan Fischer  LO's are a great way to get started, as they require no cash or credit. 
I started in 2003 and was a clueless idiot, but I made it happen via LO's. 
It required no money and no credit, just work, AND, I helped the seller and the buyer.

Ryan Fischer · Answer

Hi Marv,

Thanks for the advice! I have the cash to put down a downpayment on an inner city property. But I'm not sure i want to go that route. I would have to save for a whole longer for the downpayment on a nicer property in the upper scale part of town.

Any advice you could give would be great. Could you explain more about the lease options and other stuff you mention?

Ryan

Kurt K. · Answer

Seller financing and savings for down payment

Gulfield Jones · Answer

VA loan

Joel Owens · Answer

Closings I had from my being a real estate broker.