Need Help Starting in Real Estate Investing

[Cleiton Levinski]

Hey everyone,

I'm new here and looking for some advice on getting into real estate investing. I've heard you can start without much money, and I'm curious about how to do that. I've got some equity in my home that might help me get started, but I'm not sure what the best move is.

I'm also thinking about getting a mentor. I've heard about programs like Relaunch and Real Success, but I'm not sure if they're worth it. Has anyone tried these or got any tips on finding a good mentor?

Here's what I'm trying to figure out:

• What's a good first step for someone with a bit of property equity?
• Any advice on mentorship programs or how to find a mentor?
• Are those "no-money-down" deals for real? How do you actually do that?

Would love to hear from anyone who's been in my shoes or has any insights to share. Thanks a bunch!

Cheers,

Levinski

[John Karg]

Hi Cleiton, 

Welcome! You're likely not as much of a beginner as you think, as learning how to take care of your own home is half of the battle. Here's my answers: 

1. For getting equity out of your current primary residence without affecting your current mortgage, you can use a HELOC or HELOAN that will go up to 90% LTV. If you don't have a low rate locked in, you could do a cash-out refinance as well that goes up to 80% LTV.

2. I am personally strongly against any type of mentorship program or course. Stay away from the gurus! All the resources you need are 100% free between the internet, agents and lenders that will all be more than happy to help and answer any questions for you.

3. For investment properties, there is no way to put zero money down--20% down is the bare minimum. It may have been possible years ago, but not anymore--lenders want to make sure that you have skin in the game and that you won't just walk away from the property if things get tough. It's a different story for a primary residence however--there are indeed programs for 0% down that are not exclusive to VA/USDA. I have a 100% LTV FHA program that is open to almost anyone and can be used with a duplex. You can also put 5% down with conventional on a 1-4 unit property.

Feel free to reach out anytime if you want to discuss more!

John