Hello everyone I am looking into real estate I am new to this but I need a little information ...I want to begin to buy and hold but trying to save the money to get the first house is tough...does anyone have any suggestions on how to get to this process a little quicker...would working with the bank be my best option at the moment please help?!?
Check out Brandon Turner's book "Investing in Real Estate with Little Or No Money Down"... Great read and it will give you all sorts of creative ideas on how to finance properties with out having a lot of cash.
You can order it right here off BP!!!!
I just joined biggerpockets today and they has sent me a link to their free e-book - "BiggerPockets Ultimate Beginners Guide to Real Estate Investing". I just finished reading it, its a very high level view but very good info and also has a separate chapter for financing, that might be a help to you. I am pasting the link below -
One strategy you could employ since you live in a cash flowing city is to buy a house for yourself using an FHA loan at 3.5% and then convert it to a rental after a year or two.
- If you live in the house for over two years, you get a tax shelter on your capital gains
- Only 3.5% down payment requried
- It is required that you live in the property as your primary residence for at least 1 year.
Best of luck!
If you are still looking for help my company works with investors to get them started with a turn key rental property. If you want to speak in more detail feel free to message me. I got started as a buy and hold investor and I love rental properties, now I help others do what I did!
@Tiffany Langford Unless you live in it you will need 20% down. If you live in the property such as a duplex, you can do an FHA loan with 3.5% down. Fannie Mae also has a new 3% down loan but it also requires the property to be owner occupied. You might want to consider bringing in an equity partner.
I would suggest getting some reading done on buy/hold strategies Free Real Estate Investing eBook. Build up your knowledge on the subject and once you find a strategy, implement it. FHA loan could be a start with a duplex to get your feet wet in the game.
Find deals and go from there! I used to think I needed to work to save the money up to invest, but after learning and hearing people here, the best thing to do is find a deal and then figure out how to work it. If you can not hold it and can not find money people to help, then you wholesale it.
Now you have some more money for your next hold deal as well as experience.
No & low money down is AKA for bankruptcy. Everybody's brilliant in a bull run, when the bears come out and your leveraged with insufficient capital you risk losing your shirt. Is risking your shirt something you'd be willing to put your family through because your not patient enough to enter the investment world the 'safe' way?
Good luck sir
read jay morrison a book hip hop to homeowners it's a very easy read regarding financing you can get it for free of the website just google his name and his website link will pop up
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