All Forum Posts by: Scott Erdmann

There are many different creative financing strategies that real estate investors use, depending on their specific situation and the property they are interested in. Here are a few examples:

1. Seller Financing: In this strategy, the seller acts as the bank and finances part or all of the purchase price. This can be a good option if you don't have the full amount of cash needed to purchase the property or if you want to avoid going through a traditional lender.
2. Lease Option: This strategy involves leasing the property with an option to purchase it at a later date. This can be a good option if you need more time to secure financing or if you want to test out the property before committing to a purchase.
3. Subject To: In this strategy, the buyer takes over the seller's existing mortgage payments and assumes ownership of the property, without having to obtain a new mortgage. This can be a good option if the seller is motivated to sell quickly or if you have difficulty qualifying for a traditional mortgage.
4. Private Lenders: These are individuals or groups who provide financing for real estate investments, typically at higher interest rates than traditional lenders. Private lenders can be a good option if you need funding quickly or if you have difficulty qualifying for a traditional mortgage.
5. Hard Money Lenders: These are specialized lenders who provide short-term loans with high interest rates, often to investors who need financing for fix-and-flip projects or other short-term investments.
6. Creative Joint Ventures: In this strategy, you partner with another investor or group of investors to purchase and/or renovate a property, sharing the costs and profits. This can be a good option if you don't have enough capital to invest on your own.

These are just a few examples of creative financing strategies that real estate investors use. It's important to remember that each situation is unique, and what works for one investor may not work for another. It's important to do your research and consult with experienced professionals to determine the best financing strategy for your specific situation.

Really depends what you're looking for.  Some have better Communities then others.  While some have better one on one coaching.  Also a wide range of pricing.

None. Join a local networking group and learn for free. Read books. Interact on the forums. Listen to podcasts. You can learn everything you need to know in six months and then start investing.

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.

6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.

What type of investing are you willing to focus on for the next 12 months? What are you wanting to get out of a mentorship program? At the end of the day, verify that whoever you choose has what you want and/or is actively doing what you want to do. If you want to do single family brrrr's, let's talk. I know a very effective group that will give you the tools you need to get into a deal in a short amount of time.