Landing/Funding Your First Deal?

[Jeffrey Daguro]

Hey BP Fam,

Hope you all are doing well. These past few weeks have gone by as I'm learning and studying REI. I've had some thoughts that's been running through my head on how to go about purchasing my first investment property.

I really like the idea of rental properties, especially for multi family properties, apartment complex, condo. With that said, just to briefly summarize my current situation. I have a property that I share with my parents and my wife, it’s our primary home - purchased earlier this year - essentially the mortgage is split between my wife and I and my parents.

I've been trying to juggle and brainstorm creative ways I can do to fund my first deal. I can work another job to earn more income? Partnership, HELOC and cash out refi (although I don't think this would be great idea right now since we haven't gain much equity on our property). I understand there are more creative ways (legal ways, of course lol). I also understand the importance of cash reserves.

I’d love to hear your guys thoughts and feedback and what you guys would do if you were in my situation. Definitely can learn more this way and think more outside the box, so to speak. Looking forward to hearing back from you all! Thanks in advance!

Love and Peace,
JD

[Stefanie Johnson Sykes]

Hello @Jeffrey Daguro, 

Thank you for posting! My husband and I are in a similar situation; trying to figure out how to leverage our current reserves to purchase our first investment property. We are looking to use a conventional loan with a smal down payment to maintain our cash reserves. Best success to you and your family! Want to hear what others have to say.

Blessings