You, yes YOU! If you are reading these posts or blogs or listening to podcasts we can all come to the conclusion that you like the IDEA of owning real estate. SO, what's stopping you?
"I have no money" So...go and try and find people who own their properties and ask if they will finance part of it if a bank agrees to finance the other larger portion. When you are seeking a commercial loan, the loan officer will review the deal and be your mentor in a ways. They will look at it and tell you if it stinks or is a score! If its a score, they will likely still want you to come up with SOME money so you have skin in the game...that and you should have some reserves. Armed with the great deal you have in hand go to your family and friends who obviously love the passion you have to get the deal done. Or...
Pick a duplex, triplex, or 4 unit building an apply for a FHA loan (you need something silly like a 580 credit score, you rural folk can perhaps even nab a ZERO down loan) where you only need 3.5% to get into the property. C'mon...you have got to have friends who can lend you 3.5%!
Still no luck w a great deal and thats STILL not working. Leverage your ability to bring the deal to someone. For their 3.5% or even as a consignor give them 50% equity. YES I SAID 50%!
This is obviously a sign that you won't quit #noisforlosers #howcani #idonthearno
Now, you have another "teammate" looking over your deal and will tell you it stinks or its a slam dunk. (You know its a slam dunk when they start helping you set up that LLC together and want to know the closing date.
"I don't have a good relationship with a loan officer or an investor" GET TO WORK! NETWORK!
This is in itself, free. But, offering a $4 cup of coffee, attending a conference, or offering your time to that investor to dig a trench, paint a wall, or clean out a unit while she/he is flipping a building gives them reason to think you are worth the skin you are rocking. PLUS, most successful investors respect themselves and their loved one enough to share their time with people who ad value to their LIVES...not just deals. SO, all you fitness instructors, yogis, nutritionists...try an exchange of your profession...for theirs. Health is Wealth and time is the most powerful currency you are trying to get from some pretty exceptional people. The people who have "made it" hustled. You have to impress their pants off with your ingenuity, hard work, and passion.
Go make an offer and make it work.