You’re not alone.
Most people that want to start investing in real estate don’t have the capital to buy a house.
Many don’t have the credit to go to a bank or to get a business loan.
So how do you get started?
My advice is to create revenue.
Start with a fix-n-flip. Buy a home that needs some basic to medium level repairs/upgrading. Fix it up and sell it for a profit.
Use that profit – which even on a poor deal should be $15,000 or more – as seed money to fund your business.
I already hear the yells…
BUT LOU, WHERE DO I GET THE MONEY TO BUY AND FIX A HOUSE?
The best place to start is with Hard Money Lenders (HMLs). They are in the business of lending money to investors on ugly houses.
Yes – they are going to charge you higher interest and some points – but you’ll have the money!
The best place to find HMLs are the local ones that work with your Real Estate Investors Association. There are also many other HMLs. Some specific to certain states and others that are national.
Just do an internet search for “Hard Money Lenders for Real Estate Investors” and you’ll pick up a lot of information.
Be careful though – not all HMLs are created equal. They all have different programs. I suggest that you talk to many and ask them a lot of questions about their program – and then select 3 to work with.
Why three? Because you don’t want to have a deal to fund and discover that your one HML cannot or will not loan. It’s always good to have some back-ups.
Be sure to do an extensive interview so there are no surprises in the end.
If you would like a set of questions to ask Just Click Here Now and I’ll share my list with you.
Don’t let funding prevent you from making money in real estate.
Expect abundance,
Lou Castillo
