How can I buy property with OTP (other peoples money)

[Jada Bailey]

Hello, 

Im starting off in real estate and thought wholesaling might be a good idea but, that does not provide me with the residual income that I need. Im looking to purchase multi units to rent out, but have 0 capitol to start, how an I go about this ? What are my options ? 

[Teresa F.]

Hi Jada!  You are starting off well, reaching out to other investors. From your post it seems like you would like people to “invest in you” so that you can buy multi family properties.  In other words, loan you money.  Two suggestions, take a hard look at your background.  What can you offer investors to give them confidence their money is safe?  You are just starting out so can’t boast of your experience.  Perhaps you are a contractor that can oversee construction and ensure completion of work is timely.  Second suggestion, talk to various types of lenders, banks, mortgage brokers, hard money and learn their terms and what each offers.  

Once last piece of advice, get yourself a mentor or three.  Spending time talking to people who have been there and done that will save you time, help you avoid mistakes, and hopefully result in new friends.  Best, Teresa