Plus you'll have a little skin in the game at this point (appraisal fee).  

How could I have done better to finance this with as little skin in the game at the very beginning to be able to employ my capital somewhere else for the next deal immediately to grow my portfolio?

This is the plan my business partner is considering because getting into his first property he wants to have as little skin in the game as possible and potentially OK with that and owning the house in 5-6 years.  

In addition, some sponsors would rather take equity than an hourly management project fee to keep skin in the game for the sponsor or the upside is higher for the sponsor, some sponsors want to take fees during the project to get paid and some are only fee based and have very little equity in the deal.

I know there is something about them being known to you instead of soliciting random strangers.If you meant to say $1 million, you're going to have a MUCH easier time finding loans, but if you have no skin in the game or no experience or both, that's also going to be a difficult sell.

Point is, if you have no projects, reduce your finance cost as much as possible. if you have more deals you could be doing that are profitable, hoard your cash for the 15-25% equity skin in the game required by hard and private money so you can maximize the amount of real estate you can control.

Cash is king and if you leverage your future buys with good financing you will get the best results when you can put some skin in the game.

I will require my JV partner to have SKIN IN THE GAME - or their own money on the line.

Also have a property we've been working on funding for, but don't have the "skin in the game" cash, and it's less than the mostly required $50,000.

Originally posted by Ejaz Syed:Guru's I joined this forum today and read through a couple of postings all of them are extremely interesting but what I did not understand is how can you RE- Sell property without investingFor a new investor like me do you guys have any suggestions on where I should acquire more basic knowledgeI have just moved to the DFW area from VA ThanksEjazJust mess'n with ya some, you need thick skin in RE and a sence of sick humor....Ned gave you the low down, buying without money though is not quite right.