I've been on BP awhile but felt this was the best place for this post.
I live in Russellville Arkansas.
I've got 3 properties I've bought and resold owner finance and working on number four. These were very cheap properties I paid cash for fixed up and resold.
My deal now is I want to do more in real estate, but I can't. I'm stuck. I work shutdown jobs and they have been slow. Therefore money is low. Ive tried several small businesses that have fallen through. I've been looking for another job to no avail. I want to make money in real estate. Is there anyone that can give any advice or help on what I should do? I've read forums and listened to podcast but they all seem not to apply to me or I can't understand them. I'm looking for a mentor or some solid instructions on what to do.
Thank you in advance for all your help!
You're money is low, but is it too low to finance money? You can get 1.9% auto refi loans @ 5 year term at some credit unions and they loan up to 130% of the vehicle's value! That's cheap money.
You could also possibly do some upgrades to your current residence and refi some cash out of that as well.
Borrow money from family or friends. If your current investments are proving to be profitable you should have no problem.
Check out some credit union's business/commercial loan department and see what they can do for you.
@Mike Reece congrats on the success thusfar in your buy & hold/rehabs! My suggestion(since it's what I'm doing/know) is to see if you'd be interested in wholesaling. Theres so much to explain but maybe give that a review? Any questions feel free to reach out.
I could probably get a loan but I don't know where to start after that.
I will checkout wholesale and try to find a local agent that may be able to help around Little Rock or even Memphis.
Inbox me if you would like to be added to our list here in Central Arkansas. While most of what we wholesale are cash only, occasionally we will wholesale a sub2 or OF structured deal. That said a few calls to local investors in the REIA usually has those sold immediately.
Be sure to celebrate in your victories. You've done more in REI than 95%+ ever will.
You are not stuck, you are creating your own road blocks. Move to where the jobs are and find a more secure line of work. That is your best option for success. Real estate investing can be done anywhere. If you are determined to stay where you are then you do not have the proper attitude to succeed.
If investing is what you want to do then do what is necessary to make it work. You need a job with a secure income.
You are right Greg!
I am going to think of a plan off of what you said.
The way I bought the houses I have is by making a steady income and investing profits.
Thank you for that advice.
I really appreciate it!
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