How to Finance my First Deal

[Justin Van Daele]

So I'm a complete newbie and I've jumped head first into Bigger Pockets for the better part of the last two weeks.

My question is this..  I bought a house a year ago with my fiance.  So with already having a mortgage, how do I go about getting financing for an investment deal?

I do have about 15k I would like to invest in something but I don't think there's any way a bank would extend me another mortgage.  

What "niche", if any could I get into so that I can get the ball rolling.  

Thanks in advance everyone!

[Ben Leybovich]

Justin, here you go:

Find an asset which you can purchase at 70% of market value. Find a private investor to finance the thing to you. Once you own it, put the tenant in. In 9 months go to the bank and do a refi at 75% LTV (or whatever they do now days). Pay the private investor back and keep the house.

But be sure to work those numbers like crazy :)