Tom - Where Do I Start

[Tom Conant]

Hello Everyone, I’ve heard that the Bigger Pockets community has a lot to offer. I can’t wait to explore the blogs and see if other discussions have already answered most of my questions. I am mainly interested in seeing if anyone has approached RE investing from my current perspective. I don’t have any money in my pockets for down payments but I do think I have the wherewithal to obtain financing (bank loan, private, etc). I think I am going to start ride sharing in my free time to build capital to invest. Has anyone used this strategy? Then I am going to purchase a three fam as my primary residence and house hack it until I can buy another and either roll the purchase into another multi or just buy another and reno one at a time. Thanks for any input or suggestions! Tom

[Tatyana M.]

hello Tom. Welcome to BP! you are definitely on the right track so far - thinking about house hacking (using FHA loan at 3.5% down maybe?), thinking about cutting expenses and saving up. I had saved up for my first couple of properties that were paid cash for (under $30k pigs) but it gave me an upper hand later as i could use them as a collateral to obtain a line of credit from a local bank. actually i was quite amazed how easy it was once i showed them i had some skin in the game and experience as a investor. in your situation, once you buy your triplex, you'll start getting equity with each mortgage payment as well as experience as a landlord of the other two units and a real estate investor.

on a side note, as much as many say that it is possible to make money in RE without much money, i disagree (sorry Brandon T), you will need money for the down payment, whatever small it is, the closing costs, and repairs (there are always repairs, always). dont get discouraged, keep learning (the podcasts are amazing, start from show 1!!!), keep saving and good luck!