New investor-how to find my first deal

New investor-how to find my first deal

Williamston, MI · Member since 2017 · 12 posts · 9 votes

I'm a new investor with a small amount t of cash for my first investment. I have no immediate friends or family that can invest currently. I have sought out private/hard money lenders but all request large deposits. Feeling discouraged but still motivated to find my first deal! Thanks.

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  • Real Estate Agent · Saint Petersburg · Member since 2017 · 45 posts · 41 votes
    8y

    What is a small amount?

    FHA Loan = 3.5% down

    VA Loan (Veterans Only) = 0% down

    Seller Financing: Lower down payment (or none) may be negotiated.

    Lease Option: Lock in purchase price and pay rent while you save down payment needed to purchase. 

    Find someone to partner with.

  • Williamston, MI · Member since 2017 · 12 posts · 9 votes
    8y

    Thanks Joe. Explored most of those options. We're locked in our primary residence with an fha. Looking at seller financing but nothing worth jumping at as of yet. 

    We have a few thousand to play with. We're discussing wholesaling as a way to create more capital for our long term goal of buying buy and holds. Keeping at it I guess I was looking for some more creative means that aren't in my potential tunnel vision. Hoping to network and discuss more at the next REI meetup but until then struggling to find a deal. Thanks again

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