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Updated about 5 years ago on . Most recent reply

User Stats

22
Posts
4
Votes
Lake I.
  • Rental Property Investor
  • Altoona, PA
4
Votes |
22
Posts

How do I do my first deal with $0 in the bank?

Lake I.
  • Rental Property Investor
  • Altoona, PA
Posted

Hey all,

I am trying to get started investing but I don't have much savings and I don't want to borrow from family. Should I wholesale? Hard money lender? HELP. I am very eager to get going. I've read and watched and listened to everything out there. I moved home to save money but want to house hack immediately. My market is small - population 7500 where I'm looking. Houses that are run down go for price between 10k and 30k. Seller's financing only covers so much, right? 6% of closing costs? (Tyrone, Pennsylvania)

Most Popular Reply

User Stats

237
Posts
168
Votes
Shain Ismailovski
  • Real Estate Agent
  • New Jersey
168
Votes |
237
Posts
Shain Ismailovski
  • Real Estate Agent
  • New Jersey
Replied

You could use a hard money lender if the pricing seems right and doesn't hurt your bottom line. You could also choose to partner with someone (or multiple people). A 203k loan may also be another route. There are a lot of ways to get the capital needed to close. Figure out what's best for you and go for it.

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