All Forum Posts by: Doug Johnson

@Charlie MacPherson

Much thanks Charlie

Thanks Joseph. I asked to join. :)

Nathaniel,

Thanks for the reply. I am actually listening to the same book. It is amazing and loaded with information to answer the questions I have now.

All,

I am a new investor looking for buy and hold cash flowing properties and as I have been searching I found a multi-family property I like and the numbers play out really well. The seller wants 178,000 and the agent believes we can ask for less and get it.   Suddenly I am realizing that I do not have money for a down payment. I have great equity in my home and a good job. 

Can that equity be used as a down payment at closing?  

Would I have to get a HELOC or 2nd mortgage before making an offer?

Any creative ideas?  Oh. Did I say I am new at creative financing so please educate me if I am missing the bigger picture. 

Much thanks,

Doug

Hello Biggerpocket Members,

My name is Doug Johnson and I just joined the community. I am new to investing in buy and hold properties for cash flow but I am excited to get into it and am absorbing information daily.  I am in Lexington KY which is somewhat landlocked because of the Horse farms that surround the city (no room for the city to easily spread). I believe this has somewhat elevated the property values within the city. But I was glad to hear that that does not matter because I can be a "Long Distance Real Estate Investor".

I am looking forward to meeting some of you (virtually) as I dive into the forums.