The biggest challenge for real estate BWBs (Beginning Wealth Builders) is the down payment needed for their first property. So if a BWB starts with a low-cost property (say $50,000–not $5-million), it’s much easier to borrow the down payment.
For instance, if you need 10% down, that’s $5,000 for the $50,000 property, but $500,000 for the $5-million property. There are thousands of sources for a $5,000 loan. But there are fewer for the bigger loan!
“Where can I find low-cost properties?” you ask. Here are a number of active sources you can start using today: