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Updated almost 4 years ago on . Most recent reply

User Stats

77
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David Rosenhaus
  • Freehold, NJ
42
Votes |
77
Posts

Trouble before even starting, newbie needs advice.

David Rosenhaus
  • Freehold, NJ
Posted

I'll try to be brief, lol.

I'm trying to get prepped a bit before seriously looking for my first deal (wholesale or flip).

Background:

I cannot get any first time home buyer breaks and can't house hack. I have no high value assets. My credit is garbage (had to do bankruptcy last year) and I only have access to $10K (assuming I can roll my 401k into an SDIRA. If not, I only have $3K). No family or friends who have (or are WILLING, lol) to lend.

Even assuming the 10k, it's nowhere near the 20-30% down payment needed for hard lenders.

Add to that, I'm in Central NJ so nothing is cheap.

I've read about assigning contracts and all that ron legrand-type stuff, but it all seems scammy if not illegal, and I refuse to run a dishonest business.

There has to be a way to get going, but right now I'm at a loss. Any advice or guidance is appreciated.

Thanks.

Most Popular Reply

User Stats

903
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1,126
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Chris Levarek
  • Real Estate Syndicator
  • Phoenix, AZ
1,126
Votes |
903
Posts
Chris Levarek
  • Real Estate Syndicator
  • Phoenix, AZ
Replied

@David Rosenhaus Read the book on "Long Distance Real Estate Investing" by David Greene. Then invest where it makes sense. Much easier to get started this way.

I live in Phoenix, AZ and chose Durham, NC to buy two duplexes getting started. I used a HELOC on a primary residence and pulled off the BRRRR method. Much easier to buy something out of state and will make you a better investor by forcing you to build systems/processes.

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