Let’s talk about owning investment properties. Are you finding yourself having trouble getting started? I know that it can be hard when you’re trying to buy your first deal. So what I wanted to talk about is the first property that I ever bought. I’ve gotten to a point now where I own multiple properties such as single-family, and multifamily. I remember that it was so challenging when I was trying to buy my first deal. But it got easier and easier over time
The biggest thing that I find is that the financing is hard. When you’re just getting started, it’s hard to tell a bank to give you some money to go buy a property. What I did was I owner-financed a property in College Station where I was going to school.
Real estate is all about getting creative and thinking outside of the box. There are always multiple solutions, but people don’t always realize that those options are. They just think, “I couldn’t get approved by a bank. I guess that’s it.”
When I went through that process, I was so confused because nobody would give me money despite having great credit and a job. I was about twenty-two years old. I was thinking, man, how can I not buy a house? I didn’t let that stop me though. I just kept pushing forward. I kept looking for new lenders. I kept talking to more people. And then I realized I don’t even need a lender. I’ll just get somebody to owner-finance me a property.
So I got a condo in College Station. I did a 10 percent down payment, a 4.75% interest payment, and I had a 30-year term. The condo was $61,000 making the down payment only $6,100. I lived there for two years. My mortgage payment was $475 and it was a great opportunity.
I learned how to buy a property without going through a bank and having a pretty low down payment. This is just one great strategy to use. There are so many strategies within real estate to use and we try to be as creative as possible. We want to help y’all explore ALL these options.
When you look at a deal, don’t just think there’s one option and think “I’m going to shut it down and give up.” Keep pushing, keep trying. There’s always something new around the corner.
If you have any questions, we’d love to help you. We’d love to guide you through. Reach out to us via e-mail, give us a call, find us on our social platforms, get in touch! Let’s go get it!