Im starting off in real estate and thought wholesaling might be a good idea but, that does not provide me with the residual income that I need. Im looking to purchase multi units to rent out, but have 0 capitol to start, how an I go about this ? What are my options ?
Hi Jada! You are starting off well, reaching out to other investors. From your post it seems like you would like people to “invest in you” so that you can buy multi family properties. In other words, loan you money. Two suggestions, take a hard look at your background. What can you offer investors to give them confidence their money is safe? You are just starting out so can’t boast of your experience. Perhaps you are a contractor that can oversee construction and ensure completion of work is timely. Second suggestion, talk to various types of lenders, banks, mortgage brokers, hard money and learn their terms and what each offers.
Once last piece of advice, get yourself a mentor or three. Spending time talking to people who have been there and done that will save you time, help you avoid mistakes, and hopefully result in new friends. Best, Teresa
Thank you so much Teresa, this was so helpful ! !
I think you should go find a killer deal, put it under contract for yourself and then finds someone to do a double close. This makes you some serious money without investing anything other than time.
If that doesn't work, do the first part get something that has a high profitability and then find an equity partner.
Hope this helps, vote for my post if you like it.
And Tag me if you have further questions so I can answer.
Thank you all for your responses thus far, Could you give me a idea of a "killer deal"? I have a loan I am going to use for funding but i want to rent it out to someone but I want to make sure that I am doing it right.
A Killer deal would be something that makes obscene money. Like a place you rent out for 2k and the costs/mortgage is 500.00. There are deals that make more than that but extremely hard to find.