How Do I Buy More Property With Little Cash?

by Kevin
(Edmonton, AB, CA)

Hi, I had just brought one condo in Edmonton. I have just rented out. I brought it with 60k home equity and 140k mortgage. I really wanted to build my real estate portfolio but I only make 40k per year. Cash is very limited. I have seen people with a slightly higher paying work and can hold 9 properties. I seriously want to be like you guys but there are no face to face mentors in Edmonton. Please help me. Thank you.

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Dec 01, 2011
 RE: How Do I Buy More Property With Little Cash...
by: Tom Karadza

We hear ya!! The great part about your story is that you already have one property so you're ahead of 95% of everyone else! So don't get too down on yourself!

Buying with little cash is difficult but can be done. Most people do it by networking at real estate conferences and doing joint ventures. Now, there are pros and cons to doing joint venture deals and you'll want to get professionals involved to review your agreements but that's how we've seen people do it.

We got started by buying one property and then saving money. And then when we saved enough for the next we bought it. It took a while but it begins to snowball as your earlier properties gain equity that you can leverage.

So it may seem like you're starting slowly but if you stay with it you'll notice that you begin to move faster and faster.

I know that doesn't solve your immediate problem them, hope it helps a little!

Tom

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