New Member Introduction // Couple Questions

[Tyler Scully]

Hey everyone, my name is Tyler and I have recently decided to pursue my newfound passion for real estate investing. I live in Charlotte, NC, but I am originally from New Haven, CT. I graduated from UNC Chapel Hill three years ago and currently work as an investment banking analyst. 

After reading a couple books and exploring the forums here, I am very excited to get started and I am eager to invest in my first property. I plan to spend the next 10-12 months further expanding my knowledge base and building capital to acquire properties (house hack first property with FHA, then buy multi-family). I have one initial question below for you all, please let me know if you have any insight! I am also more than open to communicate directly over IM or via phone! Thanks!

1. Does anyone have experience raising money for down payments where lenders participate in equity upside as opposed to charging interest like a traditional lender? I have found properties that can be great deals, but the markets I know are expensive and I have do not have the reserves to fully fund a 20% down payment. The math works, but the numbers are high (for me). 

[Wyatt Wolff]

So come controversial advice here... focus in on earning. Is there more you can do at work? Can you pick up a side gig? 

Reason I say that... you only need 3.5 to 5% to qualify for a decent number of programs. Build relationships with coworkers, and buy close to work. Rent out those rooms, offset living costs, AND KEEP WORKING AS MUCH AS POSSIBLE. Do not make the mistake of taking your foot off the gas. This is where you make it worth it. 

Ideally, this will offset your living cost (largest expense), and now you can supercharge your savings for another property. If you did your math correctly, you will make more when you move out and rent your room/area of the house out. 

Good luck, shoot me a PM with any questions you have.