In a few months I'll be 18, and I'm looking to get into the rental property game. The only issue is I am struggling to come up with money for a down payment for a hard money lender. Any ideas on how I can reach my goal sooner? I'm trying to save and work but while in school its rough trying to come up with a few thousand dollars. Are there any assistance programs out there or any way to beat the clock so to speak? in a year I would like to have 5 properties or so under my belt.
Flipper/Rehabber · Denver, CO · Member since 2009 · 1k+ posts · 726 votes
6y
Quincy,
Sounds like you are ready to take some massive action!! There are many ways to get creative in real estate for sure. Here are some suggestions: 1. Get good at finding properties - wholesale a few to get a down payment. Use your new superpowers to find awesome rentals. (do this step anyways, deal finding is fundamental)
2. Partner with another investor, someone with money but little time, and use your deal finding abilities to bring deals to the table
3. Partner with a family member/friend who believes in you and will lend you some startup funds
4. Find sellers who want to do some creative financing, cut out the hard money lender and let the seller be the bank
Of COURSE these arent as easy as they sound, but with consistency and persistence, you got this.