Funding Your First Deal

[Devan Bermejo]

Hi everyone, Im just curious what avenues you took to get your first deal.

I am looking for small multifamily rentals in the Fort Wayne, Indiana area. Im still new to the real estate investing world though i have been on bigger pockets for about 3 months. Im on the MLS, Facebook, craigslist, etc. constantly looking for deals and analyzing them on BP. One thing that's always in the back of my mind is how I'm going to fund my first deal. Though i have some money saved up, it's not enough for a 20% down payment, I don't have enough equity in my house since I'm only in my second year in it, and I don't really know many family members or family friends that'd have money to be a private investor. I have good credit, my DTI is okay but I'm taking some Dave Ramsey advice and knocking down some annoying consumer debt. Anyhow, I'm very eager to get into the game and to start my journey to have some passive income for more financial security. I'm a carpenter by trade now, but mainly commercial. I feel i am capable to tackle the minor repairs and updates because of though. Any thoughts, opinions, stories, and advice would be greatly appreciated!

[Aaron Van Curen]

Welcome to BP!

Seller financing is great if you can find it but as mentioned above, it can be difficult. Sometimes trying to dive into real estate can be difficult in general. With your background as a carpenter, you may be able to find part time work with someone that is rehabbing houses in the Fort Wayne area. Someone like that more than likely also owns rentals or knows someone that does. Good way to network with people that not only will help you knowledge wise but may even partner with you on deals in the future. 

Whatever you do, keep up the great work!