Quote from @Erik Browning:
@Ty Spinks It's great you want to move forward into RE Investing, but sometimes folks need to come back to Earth. What I mean by that is - do you have cash?
Cash for both sustaining your bills (if you want to go full time) and cash for a deal. You can find OPM, however the majority of us starting out do not have access OPM. I recommend you have about 35% of the purchase price in cash to account for the initial purchase, holding costs, and loan costs. Or leverage other products that are geared toward primary residence purchases. Buy a home using a 0% down USDA or VA loan. If you don't qualify for either, consider a 3% down conventional on a property you can renovate yourself to get the experience as well as the best financing terms available.
Hey Erik, thank you sir. And to answer your question, yes, I do have about 30% I can easily put down towards a multi family home in my market. I’ve spent the last year preparing myself financially so I’ve already already paid off bad debt, have no auto loans, great credit, emergency savings, stock investments, and now I have money set aside for real estate and looking to do my first deal. I’ve been contacting different folks in DFW along with lenders to wrap my head around what I need to do once I find the property. I am hoping I can keep growing my network with folks and start this journey.
