All Forum Posts by: Cody Dover

@Bill Goodland

I'm fresh off the bat as well and the biggest thing that has helped me come along so quick is just simply taking action. The best teacher is your last mistake, but of course still learn along the way! I read and followed up with people for 2-3 months before diving in and finally got my first rental.

 I'm only 22 and currently working on getting a second and a third door if the seller and I can come in agreement on price. My strategy early on is buying a property with a tenant already in place. The state that I'm from is one of the better rental markets.

From what I'm thinking you have some reserves if things were to go south, but there is always a way to find $ for the down payment and let the tenant take care of the rest [hopefully]

P.S if not already start acquiring credit cards, they can be used for good things if you're disciplined enough. Oh and cant get much better by the 0% they promote for signing up.. good luck, stay with it and go get it!

@Eric DeVito

I went through the same problem in the beginning, came to realize you can't win a war of words. You are wasting time trying to explain yourself with people who have a completely different mindset. In the beginning you will need to just persevere through it all and let your actions speak loudly for you and the jibber jabber will all be put to rest. On the saving part, in a way you are saving your money in a "note" that someone else is paying for you; with a little risk involved :)

Let your intuition take over, not other people's opinions. Good luck with everything and continue to learn.

Very well said. Had to take a pause for the cause to read this while trying to work.

@Patti Robertson

Yea that would be something good to look into down the road when I can free up more time from my 8-5 W-2 job. Would like to head in that direction though. Looks like just contacting the local housing authority would be my best bet. Thanks

How do investor's go about using Section 8 housing to help families who might not been able to find a place to stay otherwise. Heard tremendous things about being involved in the program, just curious as to how to one might go about doing so.

That was a solution I've pondered on going through my local REI group @Emily B.

And yes @James Mc Ree this is a commercial loan therefore the down payment can come from any source. As for an equity partners, I understand how they work on flips, give you money up front, split back end profits. As for a rental that will be long term you're saying split the cash flow? I guess what I'm trying to get across is how to structure an equity partner for a rental..?

Hey guys,

Just wanted to seek advice when it comes to acquiring rentals and coming up with the down payment. Recently got my first house under contract that's already cash flowing, but having issues with trying to close on 2 more units which also cash flow from day 1. I'm looking for an alternative way to fund the $2-5k down payment. I do have that in my savings, but cant wipe it all out, will need some seed capital to fall back on for unexpected cost. I understand it's easier to ask for financing on a flip because of the quicker turnaround giving the borrowed money back, but for small amounts like this, which is the best approach?

Also enjoyed listening to your podcast on BiggerPockets and as well as reading the articles posted on your website. Thanks for taking the time to do all of that for us who are trying to find a way through. @J Scott

Thanks for the advice! @J Scott. That's correct, something I will dive into and I completely agree I simply don't know it yet; you just don't know what you don't know and something that I will wrap my mind around sooner than later. Definitely eye opening that it's time to get my hands dirty and go to work. Nothing comes easy and that's something I was seeking, I'll be the first to admit.

Thanks for being straight up and putting my back to reality, definitely need to get more ducks lined up before I jump off the edge. At this point, just searching for answers, I'm working closely with a rehabber whose is successful in it but not tech/computer savvy. Trying to build this partnership up utilizing our skills and not our weaknesses. He takes care of that part while I try to put a system in place. @J Scott @Eric F.