All Forum Posts by: Chris McGowan

@Alyssa Compton - Yes, that definitely helps. I may have to make an appointment with someone and talk to them to find out more info. That would be the best bet to find out all the answers to my questions. 

@Marcus Johnson - Yeah, you may be right. But I shouldn't let debt get in my way. With my side-gig business that I do part-time, the original investment was $2000 for the equipment. I wasn't sure if I should even invest in something like that because at the time, $2000 was a lot for something I just wanted to do part-time. I made the $$ back in 1-2 months and it's been lucrative for the past 3 years doing it. So my point is, I'm willing to take risks and do things smart, just figuring out how to get a ball rolling is my challenge. 

@Tom S. I figured that was the case as for the cash reserves. I know things come up and repairs need to be done. I have about $3k saved on the side from my part-time gig. I am just trying to see if I can move forward with something bigger than what I am doing now. d I'd be willing to do what it takes to run a rental property. I guess everything you do has its up and downs, which comes with anything you do. I may have to save up a little more and see where it leads me. I was going to follow what Brandon said in his videos about putting xx % aside for things like CapEx and other misc things every month. The property I was looking at seemed like it had a bunch of upgrades and not a whole lot more needed to be done. I ran it through the rental property calc and the #'s came back good with what I put in.

Thank you Andy for your response. I will wait a bit before doing anything.

Hello All. My name is Chris. I am learning as much as I can over the past few weeks with real estate. I've been doing as much homework as possible. I came across this site and learned a lot from reading. My problem is that I do not have much of a down payment. I work 2  jobs to make ends meet. The 2nd job is a at home job that I started myself making vinyl decals after work. The money has been good to the point where everything is paid and have a little left over (but not much). I am not really into too much debt other than a car, paying bills like everyone else. I support 2 other people in my family other than myself. Saving has become very hard lately. I am interested in a rental property on the market. It's a multi-family building with 2 units. One unit is already occupied the other isn't. From what I read, any multi-family property, most banks want 20% down.  IF I really wanted to get some $$, I can talk to my father-in-law but I'd rather do this on my own and keep family out of this. What I'd like to know is, for those who are starting in the real estate and do not have much to put down, what did you do? How did you begin your journey? What did you do to succeed with your first deal? I see a lot of videos with Brandon on YouTube. He explains everything very well. He always uses examples of putting $30-40k down. I'd be interested to hear what others have to say. Thanks for reading.