Hey guys I've been a BP member for a couple of months now and have analyzed a lot of deals, listen to the podcasts regularly, and read a lot of the BP books along with many others. This is my first post in the forum, always found it a little intimidating. I live in Gunnison, Colorado (a small college/tourist mountain town) and the real estate prices are high here so it is hard to find a good deal (I am interested in buy and hold). Even with this being the case I have still been able to find deals that work. I am trying to avoid the "analysis paralysis" phase and get a property under contract. I have made a number of offers and now have a seller that is willing to sell at my offered price. My problem is that I don't have the money to get started on my own. I have listened to the podcasts and read books on using Other People's Money and they were very helpful. I was just wondering if anyone has specific things that work for them. I have family I can ask but they are likely only able to fund one or two deals and I would like to continue to grow my portfolio. If you guys have any advice on using OPM. I have no money of my own to use and am more than happy to take on a partner in which case would be the boots on the ground doing all of the work. Any tips or suggestions would be greatly appreciated. 

Thank you,

Holden Rexius

Originally posted by @Holden Rexius :

Hey guys I've been a BP member for a couple of months now and have analyzed a lot of deals, listen to the podcasts regularly, and read a lot of the BP books along with many others. This is my first post in the forum, always found it a little intimidating. I live in Gunnison, Colorado (a small college/tourist mountain town) and the real estate prices are high here so it is hard to find a good deal (I am interested in buy and hold). Even with this being the case I have still been able to find deals that work. I am trying to avoid the "analysis paralysis" phase and get a property under contract. I have made a number of offers and now have a seller that is willing to sell at my offered price. My problem is that I don't have the money to get started on my own. I have listened to the podcasts and read books on using Other People's Money and they were very helpful. I was just wondering if anyone has specific things that work for them. I have family I can ask but they are likely only able to fund one or two deals and I would like to continue to grow my portfolio. If you guys have any advice on using OPM. I have no money of my own to use and am more than happy to take on a partner in which case would be the boots on the ground doing all of the work. Any tips or suggestions would be greatly appreciated. 

Thank you,

Holden Rexius

 Hey Holden, 

Great job negotiating your first deal!

Post the information on here, you might get your partner/buyer right here in the forums. If you don't have it under contract, you might want to keep the address to yourself for the time being.

Have you considered having your family partner up with you on this first deal? If the deal is good enough, you should be able to refinance and buy out your partner in the next few years and you'll have 100% equity in the deal.

Best of luck to you moving forward!

Abel

Thank you Abel,

I really appreciate your help! I do have a family member that I could potentially partner with I just had not thought about refinancing and buying out. I will post the information here as well. 

Thanks again!

@Holden Rexius welcome to BP.

First it is not realistic to thing you can start with no money and build a sustainable business model. It is possible; yes. Is it likely; no. I know that is not what the Gurus tell you and it is not what you want to hear but it is realistic.

It took me about 6 years in the business before I did my first no money down deal. By that time I had built a reputation and I was able to get some private lenders.

In your situation you imply that you can get some money to do a couple of deals and then you would be tapped out. OK fine, do those two deals. Then figure out how to fund future deals when the time comes. 

Ned,

Thank you for the advice! I probably am getting a little ahead of myself and I appreciate the honesty. Even if its not what I want to hear, its what I need to hear. I am committed to the process so if saving money over time is what I have to do to make it work than that is what I will do. Hopefully I can start with this deal and maybe one more then go from there! Thanks again Ned!

@Holden Rexius not the case. You can make it happen although usually people like to see you have skin in the game. I live in CB and I have two in Gunnison and would love to partner on deals with people. Do you have any capital to bring to the table? How much capital is needed? Is there value add play? I really only want to do multifamily but if you have a deal in gunni and think tbe numbers make sense would love to review the deal with you and figure out how to make it work.. shoot me a message with more details.