QUOTE (simmy30 @ Aug 10 2010, 01:18 PM) I would like to invest in real estate but don`t have much to invest only about $5000 saved at this time that I can use. Don`t want to go into joint venture partnerships. What can I do to finance a first time investment?
I was a bit surprised that nobody`s mentioned Russell`s JV Package. He had one that could work well here - I think it was called the No-Hassle-Tenant strategy. I know you mentioned that you don`t want to go into a JV, but, like pretty much everyone else on here, I can`t see how you realistically can invest in RE without money or experience. (This strategy assumes that you don`t currently own your own place, though.)
This strategy is pretty simple in its concept. Basically, you find a JV partner that
1) likes and trusts you
2) has access to money
3) wants to invest in RE, and
4) doesn`t want the hassles that go along with owning rental properties.
The two of you partner up. They provide the money for the downpayment, you live in it, maintain it, take care of all the expenses, repairs, etc. (So, some of your $5 000 would go towards that, and the rest would go towards getting more education.) Then, after a set amount of time, you sell it (or one buys the other out) and split the gains. The way you divide up the gains would naturally be determined at the start, and stipulated, along with everything else, in the JV agreement.
This lets you get your foot in the door now, lets you start accumulating capital for future purchases, and (really important) gets you a letter of reference (in a few years, of course) from a satisfied JV partner.
Anyway, food for thought!
Have a good one!
JohnS