Financing...any ideas welcome!

[Michael Limina]

Hello all,

I've done tons of reading, I'm ready to get started with my real estate endeavors; but one major problem is stopping me: Financing! How does somebody jump into this business with little money up front? I own a home already, but don't have enough equity to use for a home equity loan, and since I'm looking for an investment property I need to put 20% down (that's not an option for me)! Any ideas on how I can solve this little problem? Thanks!

[Bill Gulley]

As mentioned in many threads here on BP, when you lack money you need to make it up in labor or knowledge or both. Look to wholesaling, assuming properties from older landlords wanting out of the rental headaches, identify properties that aren't selling and the reason they aren't selling, solve the problem. Get with others in RE and network, partner with them offering your labor or skills.

What you are really looking for are opportunities to earn money, like a job rather than "investing". Consider getting a license and start out as a Realtor.

You'll do better in the long run if you begin with the basics and just stay away from guru methods and products. The reason so many in RE are so limited in the scope of their business activities comes from the lack of knowledge of the basics, legal aspects of contracting, valuation, financing, title issues, regulatory matters and market analysis. Without cash or assets you'll be marketing yourself, your knowledge, otherwise you'll be doing labor, which isn't bad either.:)