Property, Partnerships, and Profit

Property, Partnerships, and Profit

Snellville, GA · Member since 2017 · 5 posts · 1 vote

Good evening everyone! 

I'm just starting out real estate investing in the Snellville, GA area and I'm running into some speed bumps. I recently finished the free course on BP so I'm taking a leap of faith and starting my 90-Day Investment Plan. I've started collecting a number of properties within the last week or so but that doesn't seem to be the biggest problem where I live. The problem is...(as you can probably guess) MONEY!! I live in a pretty nice area with an excellent school system so affording these properties are a stretch but I want to purchase in the area I'm familiar with. I'm a young student with no money and little credit. Granted, the credit that I do have is fairly good for someone starting off, I know it might not be enough for the lenders and properties in my area. My plan is to take out an FHA loan and find a partner to help pay for my first property, live in it for a year or two and fix it up, and then rent it out to someone else. My difficulty is being able to qualify for a loan, more specifically what the lenders will be looking for, and finding a partner that's willing to put their money on the line. The market in my area is doing fairly well and after studying up on my real estate I believe this could make a decent amount of money. But as the saying goes, it takes money to make money and I'm very limited with my resources. Any advice for a newbie? I would really like to do well with my first property, as anyone would. Thanks.

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Rental Property Investor · Scottsdale, AZ · Member since 2017 · 116 posts · 136 votes
9y

@Carly Ogletree, welcome!   Not sure from your post... have you already tried to get pre-approval for a loan?

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  • Rental Property Investor · Scottsdale, AZ · Member since 2017 · 116 posts · 136 votes
    9y

    @Carly Ogletree, welcome!   Not sure from your post... have you already tried to get pre-approval for a loan?

  • Snellville, GA · Member since 2017 · 5 posts · 1 vote
    9y

    @Nichole Stohler I haven't, I wanted to wait until I was preparing to close in on a property. I figured they'd want to run a credit check of some sort and I wanted to avoid running a credit check more than once If possible. Should I go ahead and get a pre-approval now while I'm ahead?

  • Miami, FL · Member since 2017 · 7 posts · 4 votes
    9y

    @Carly Ogletree

    sitting down with a lender would probably be one of your best choices right now. they can gather the information they need and tell you if its possible for you to get a loan right now as well as up to how much they can approve you for. 

  • Specialist · United States · Member since 2016 · 38 posts · 6 votes
    9y

    @Carly Ogletree Im in the area. PM me

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