Novice Trying to Buy His First Property

[Hermilo Garcia]

Hello everyone,

I am new to real estate investing, trying to purchase my first property (preferably a multi-unit). Like most young people wanting to invest in real estate, I have very little money.

Can any of you give some advice on how you bought your first property, and how you raised money for it? I would greatly appreciate it.

At the moment I am saving money from every pay check, with the hope to soon raise enough for a downpayment. 

I hope you all have a great and successful day!

[Tony Gonzalez]

Hey there!

I am in the same boat as you @Hermilo Garcia. Novice. Newbie. Wet behind the ears. 

I asked a similar question here about a month ago...the wisest response I got so far (apologies if the person who told me this, reads this, and gets sad they didn't get tagged for credit)

1 - Learn all you can. Google. Ask questions on here. Look for meetups. Look for books. @Brandon Turner has a great book (The Book On Investing in Real Estate with No (and Low) Money Down)  I bought it Amazon for a few bucks. Tons of others.

2 - Save money up. Like three to six months worth of gross pay. It's much easier to get into risky REI knowing that you have three to six (lots of experts say 9 to 12 months) of cushion. Cut back expenses (I am doing that now) and if you have to, pick up a side hustle or second job (as long as it doesnt affect your family life or health.) I work a regular job, and like once or twice every three months, I do a gig on weekends. I'm talking Putting-Ikea-Tables-And-Chairs-Together-For-Startups-Cuz-I-Need-The-Cash jobs.

I was all eager to jump in, "I got a dollar in my pocket, how do I buy a Multi-Family!"

Til reality hit me...gotta have a fall back cushion first.

And yes, I thought of asking my family for financial input, @Max Fisher, problem is...my extended family is so fraught with troubles and fragmentations, that I wouldn't even ask them to invest in a cartoon of milk with me.