Taking Action-Jump in or taking steps

[Dennis Johnson]

Afternoon BP, 

  After all the educating, book readings and conversations I am ready to take action but I am stuck in a dilemma.  I have reached out to several people I have personally met and trust based upon their experience.   My question is I wanted to start in small units less than 50, I found a group that would sign a non-recourse Freddie Mac loan for a fee of course but now stuck at finding investors.  Scenario 1  

     Second I am looking at an owner financing complete rehab it needs a gut job, I am not a contractor it seems like a lot of work so I am focusing on a stable asset.   So my question is, what are some ways to fund the down payment and other cost associated with buying apartment units.   It would only be about 20 - 25% needed.  All suggestion would be greatly appreciated.  

[Jacob Murphy]

@Dennis Johnson I highly recommend listening to the 8 part podcast series @Theo Hicks put together on @Joe Fairless podcast episodes 1562-1563,1569-1570,1576-1577,1590-1591. It gave me lots of ideas! Some ideas for ways to find money:

1. Make posting on bigger pockets multi family forums a daily habit. You'll make all kinds of connections via private messages.

2. Network your Arse off at local REI meetups (go deep in relationships, not necessarily handing out as many business cards as possible)

3. Think about folks in your friend group that may be interested in investing. You'd be surprised how many people want a piece of the action. Real estate is sexy

4. Move into a duplex so the bank underwrites your personal housing as an asset instead of a liability

5. Make it a point to hang out with people who have money but also have something in common with you. I personally love the financial independence community and those folks would love to diversify into some real estate.

6. Apply for personal lines of credit at the big banks, I was able to get a credit line for $29.5K at 10.5% interest. Not a bad thing to have in case funds get tight. Always better to ask for money when you don't need it.