Save first or look for properties first?

[Sachin Acharya]

Hey guys 

I'm getting started in the journey that most of you are going already. I currently have a steady decently paying  job, but no cash to invest with. 

My question is, should I... 

a. first put aside money every month and save enough for my first down payment and then start looking for properties 

Or... 

b. Look for a good deal and then figure out how to creatively finance it. 

Thanks 

Sachin Acharya 

[David Dachtera]

This is going to be another controversial post from me...

1a. Look for properties to analyze
1b. Analyze properties to find the ones on which you want to make offers
1c. Make offers

2. Forget saving! Learn to find private money lenders. No one does this business alone. You need a network, and that network will need to include sources of funding. From time to time, you will need to look for hard money lenders, as well.

Why? Because your sources of funding profit when you profit. So, YOUR profits MUST occur first so you can pay interest to your lenders. That's part of your purpose as an entrepreneur: to make money for others by making money for yourself or your own business(es). Zig Ziglar said it this way: "You can have everything you want as long you help enough other people get what THEY want!"

... and no, you're NOT going to be getting loans from the banksters. The fallout from the crash has pretty much assured that! Even when you can get loans personally, they only let you have so many in your own name - an artificial limit you neither need nor want. Learn to acquire properties in business entities, even if you must personally guarantee what ever financing they acquire.

How many mortgage loans can you have in your own name? A limited number, generally around 10.

How many business entities can there be in your entity structure? As many as you need, and even if each only has one loan out, that's still more than you can have in your own name.