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Looking for recommendations
Hey guys , I am studying strategies on creative financing and how I can raise the capital for a down payment on my first rental property. I came across crowdfunding as a opinion and seen that GoFundMe is one of the biggest crowdfunding platforms. is this a good way to raise the starting capital for my first rental property , if not what did you guys do for starting capital ? looking for recommendations and advice. thank you !
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- Real Estate Consultant
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No. That is not what GoFundMe is for. Right now, you are thinking of yourself and how to get you ahead and not stepping back and looking holistically at the process. Why would someone (a stranger) give you money for the downpayment on your first rental property? That's what crowd funding would do. There is nothing in it for them.
You should be going to real estate investing meetups as much as possible and networking with other investors. When you don't have money for a downpayment, you should not be trying to buy a home because no matter how you do it, you will be overleveraged and have no reserves for repairs, etc.
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