How to Buy Your First Investment Property WITHOUT 20% Down
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- Опубліковано 25 чер 2024
- Episode #304
Want to buy your first investment property? You DON’T need twenty percent down sitting in your bank account. We know; everyone has told you that you need a massive down payment before you buy a property. But did you know that expert investors like Ashley and Tony rarely come to the closing table with their own money? If you know where to find the right funding, you too could buy multiple income properties a year WITHOUT having to scrimp and save up tens, if not hundreds of thousands of dollars!
We’re back with another funding and finance-first Rookie Reply episode. This time, Ashley and Tony will go over how to fund your first BRRRR or fix and flip, EVEN if you don’t have twenty percent down. On a closely related note, we’ll touch on what to show a private money lender when you’re looking for funding and the “private money packet” new investors should start creating TODAY. Then, Ashley and Tony will hit on how to make more offers so you can build wealth faster. Lastly, you’ll hear the differences between small and large multifamily and why experienced investors LOVE larger deals.
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group, call us at the Rookie Request Line (1-888-5-ROOKIE), or click here: www.biggerpockets.com/reply
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Join the Real Estate Rookie Facebook Group:
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Find an Investor-Friendly Agent in Your Area:
biggerpockets.com/agentmatch
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Find Investor-Friendly Lenders:
biggerpockets.com/lendermatch
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Submit Your Real Estate Rookie Question!
www.biggerpockets.com/reply
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Listen to Episode 303 with Spencer Carpenter:
www.biggerpockets.com/blog/ro...
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Check Out Our Mentee Episodes with Lawrence Briggs:
Part 1: www.biggerpockets.com/blog/ro...
Part 2: www.biggerpockets.com/blog/ro...
Part 3: www.biggerpockets.com/blog/ro...
Part 4: www.biggerpockets.com/blog/ro...
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Connect with Lattes and Leases and Serena Norris:
Lattes and Leases: @lattes.and.leases or / lattes.and.leases
Serena Norris: @serena.claire or / serena.claire
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Connect with Ashley and Tony on BiggerPockets:
Ashley: www.biggerpockets.com/users/e...
Tony: www.biggerpockets.com/users/t...
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Shoot Ashley and Tony a Question on Instagram!
@wealthfromrentals or / wealthfromrentals
@tonyjrobinson or / tonyjrobinson
Show notes at: www.biggerpockets.com/blog/ro...
00:00 Intro
09:59 How to Fund Your First BRRRR
14:07 What to Tell a Private Money Lender
23:01 Start Making Offers!
31:06 From Small to Large Multifamily
40:49 Connect with Other Investors!
Podcast starts at 10:04 for those who want to cut to chase, skip all the small talk, high fiving, and ass slapping in the intro
The long intro lost me. Thank you!
Great episode! Creative finance will be a great tool if you’re looking to get into deals without putting 20% down. My last deal I brought in a bank for 75% and then seller financed the remaining 25%. Opportunities like this are everywhere! From what I’ve experienced, building good rapport with the seller is crucial when you’re looking to have them finance for you.
Excellent advice on the private money lending piece. Thanks Tony!
Found you guys on Spotify and Podcast just this month and you've been my commutes companion. I am beyond grateful to have found you. On the process of educating myself and hopefully sooner but not later I can start investing.
Great episode.❤
Great Podcast!
My name is Lionel Saint. I’m 28 years old, and I live in Gatineau, Quebec, Canada. I recently visited a city in New York called Ogdensburg. I was really impressed with the low prices of the properties. I have always been interested in real estate, and I think this is a good opportunity for me to start my journey. I found a property 4 units in good condition all being rented at moment. The cost of the property is $140000usd and all units make $1800usd a month. I contacted local banks in Canada that do business in Canada and all require 25 % down and for the moment I only have $25000cad.
Love watching both of you on the podcast. I'm a newbie that been watching continuous videos on real estate...but need some guidance from someone to start my first buy and hold deal. How do you calculate a property to know it's a deal???
This was a great episode! It included so much valuable information for rookies! Thank you Ashley, Tony, and BiggerPockets for answering my question! 🤗
❤❤❤
what is a hard money lender, and why is being in massive debt to aquire a possibly overpriced property a good thing??
The fact that inflation is depleting my cash reserves makes me worry more. I now require precise market trajectory data, but I'm unsure of the appropriate course of action.
I completely agree and have been in contact with a financial analyst ever since covid. Nowadays, buying into trendy stocks is really simple; the challenge is knowing when to purchase and sell. I've accumulated over $550k from an initially dormant reserve of $150K, and my adviser decides entry and exit instructions on my portfolio.
Authorized by "Kristine Marie Brice" You may just do a search for her online because she has a presence there.
do u have any recommendation for mentorship program?
BiggerPockets has courses for Rookies and registration is open now! biggerpockets.com/boot
omg ...taking out a loan on your property to rehab and try to get another property with high interest and cost of labor and cost of materials?? if it doesnt work out then you have to come out of pocket for the loss or risk losing your primary residence!! how is this good advice on any planet??
Looking to partner or network I have a market
Some people come from circles that have absolutely no money to lend and a lot of seekers and want bulk pay at once. What then?? LoL