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Updated almost 4 years ago on . Most recent reply
![David Rosenhaus's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2102899/1621518084-avatar-davidr1121.jpg?twic=v1/output=image/crop=150x150@0x0/cover=128x128&v=2)
Trouble before even starting, newbie needs advice.
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
![Chris Levarek's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1003979/1649445369-avatar-chrislevarek.jpg?twic=v1/output=image/crop=1241x1241@360x460/cover=128x128&v=2)
@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.