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Updated almost 7 years ago,
Help!!! Getting financing with little or no money
i am looking to purchase commercial real estate in texas. i looking for 10+ residential/ apartment complex. i dont have a lot of money or credit. i am currently fixing my personal credit, and i am opening my llc this weekend. i also have a plan to build my llc business credit.
the question i have is once i get my personal and business credit to excellent. i still wont have a lot of money to purchase real estate. does anyone know of any info, companies, strategies or just anything helpful?
i dont have any assets to put up for collateral. i have no friends, family or anybody that has any kind of money or credit to help. again any info will help. i have been reading so much, and learned a lot. i just dont seem to know how to get the first deal started.
the only thing i can think of is to buy a single family home that has about $10k to $20k equity. then cash out the equity at closing. i would use the money as a down payment to purchase my 10+ unit apartment building. then rent the house and apartments. the thing is this process would be a headache to get done.
so can anyone help with some advice? anything would help. thank you in advance.
Justin
p.s. the most money i could save up is about $3k. i have cut my cost of living to the minimum. i even moved in with my parent to save even more money