Financing options for a newbie

[Twana McGrady]

Hello I’m new to this forum and real estate investing in general. I have not purchased any properties as of yet but intend to very soon. My question to the experienced investors is this, I have very little money to invest with but in there are two counties in nj that I’m familiar with and there is a lot of money to be made and is being made with flipping and wholesaling in particular. Any thoughts on how I can begin acquiring sfh with no money down techniques. Any ideas would be greatly appreciated. Also interested in lease opts.

[Eric Neith]

Are you looking for buy and hold or fix and flip?

[Gabe Viteri]

@Twana McGrady I would highly highly recommend the book - How to Invest with no and low money down - by Brandon Turner. It is such a great directional guide on how to get creative with financing when your personal options are limited. 

Yeah, he's the guy that's on all our podcasts, but the man wrote a great book that outlines so many strategies that really allow you to expand your financial possibilities.

It's less than 200 pages, and I read it in 3 sittings. 

[Alina Trigub]

@Twana McGrady There're a lot of strategies. You need to educate yourself. So read books on the topic, go to networking events where you can meet HML's and private lenders, reach out to friends and family, get a HELOC on your primary if you have one, get a loan from either your 401k (if you work) or from your life insurance (if you have one.) Bottom line, education is the key!

Best!

[Steven McCutcheon]

Hi Twana,

If you’re looking to fix and flip you might want to think about partnering with someone that can provide the cash if you have the skill set to make the flip happen. I would network, attend REIAs, and read as much information as possible.

If you start wholesaling make sure you’re an excellent marketer, and always follow through with what you’re saying. 90% of wholesalers aren’t truthful or good at what they do. Stand out by being someone people respect, trust, and know they can get a good deal from. Good luck!

[Twana McGrady]

To everyone who answered thank u so much for taking the time and your honesty. Mr.Neith yes to both.fix and flips for quick cash and buy and hold to build up a solid portfolio. In my target areas there are so many foreclosures in great areas where the owners simply cannot hold the mortgages any longer. I've seen 2 in the last month through an online auction that sold for $100 each in great condition,just taken from the owners. So yeah i want to invest in as many avenues as i can as well as help people in the process. Im not out to take advantage of anybody, i have good intentions.

[Twana McGrady]

Anyone in NJ interested in being a cash credit or needing someone to find that perfect deal let me know. Times wasting away while every property i look at is bought up rehabbed and either flipped or rented so i know the area,its renters and the local market-somewhat. I am taking everyone's advice and educating myself. Thanx again