Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Wholesaling
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago on . Most recent reply

User Stats

27
Posts
6
Votes
Cesar Burgos
  • Realtor
  • Fort Myers
6
Votes |
27
Posts

Do I need cash for my first deal ?

Cesar Burgos
  • Realtor
  • Fort Myers
Posted

I want to by my fist home, my gold is to get a plex in this 2019, but I have not money or credit!

Most Popular Reply

User Stats

2,465
Posts
3,858
Votes
Patricia Steiner
  • Real Estate Broker
  • Hyde Park Tampa, FL
3,858
Votes |
2,465
Posts
Patricia Steiner
  • Real Estate Broker
  • Hyde Park Tampa, FL
Replied

The bottom line:  You will need money and credit to acquire an investment property.  To finance a property, you'll most likely need a 25% down payment plus closing costs.  The lender will want to see that you meet your financial commitments and are a solid risks for them by assessing your credit report.  

Investing by definition and practice is "the expenditure of money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture."  

So what to do when you don't have either:

Start saving and apply for credit.

Start learning the business; know the market; know what it will take to purchase and manage a property. Learn landlord/tenant laws. Join a Real Estate Investment Meetup Group in your city (that doesn't sell or charge the members to belong).

Find a realtor who works with investors in your market; ask the realtor to search for "seller financing available" properties.  

Seek out partners who can put up the cash and credit to acquire the property; you'll need to show what your value is to the transaction to gain any commitment as well as demonstrating how they will get their investment plus a return on that investment back.

It's early 2019...get started. Develop a plan. Learn.  And, I commend you for having a big goal that can define your financial future.  Rock on.

Loading replies...