Hello,
These past 3-6 months have been crazy for me. I saved up a lot of money to buy my first house, but had to use all the money I saved to pay off an attorney so I could have custody of my son! Regardless, I've only got a few thousand dollars to my name and I've been networking in my market like crazy. Talking to other investors and getting to know them has been great. Every once in a while I get a deal thrown my way and they explain how it's a great deal for a beginner like me. The only thing is, I don't have 5% or even 3.5% down to get a deal done on a multi family in my area. Yes, I'm trying to come up with the money, but I guess I'm a bit unsure on how to generate interest from other investors and how to raise capitol to get a deal. What's the first step? What is the "vacuum the truck" thing that I need to do to get started? Do I ask other investors for money and then find a deal? Do I find a deal, get it under contract, then raise the funds? I've also heard that I might not be able to get the contract on a property unless I have proof of funds. How do I get across that? I know it's possible to start investing with other people's money. I'm not living a life of luxury, I just have double the expenses as a single dad. I'm not trying to come up with excuses. I want to act and get some properties in my portfolio. Once I figure this next step out, I will take it. But I just need help figuring that step out and how to approach investors and ask them to come in on a deal with me. Any knowledge that you can share is amazingly appreciated! :)
Thanks,
Alex Hammond
from
Rochester, MN
