The #1 rule of thumb, is to never use your own money....if you can avoid it at all cost.
So here are a few tips.
1. Find yourself an Private lender. You must buy the property below market value (with built in equity)
your payments will be minimal, with an ballon payment at the end. You can agree to a five yr.
agreement, maybe more.
2. My best advice though is this. Every city has AA meetings for alcholics. They also have the same for those in Real Estate. People from every facet attend; Lenders, investors,agents, you get the point. Often times they have guest speakers, but people come to network afterwards. Folks who purchase ugly or pretty houses, come to find those who buy them. And those who buy them, come to find private lenders who will finance them.
Generally there is a fee, which is usually very minimal (under 50.00) It will depend on your state.
3. I also know of other, far more lucrative ways to invest in Real Estate by contracting w/the government. But it would not involve keeping possesion of the property. However it can finacally accomadate your desire to hold investment properties, for your portfolio.
Good Luck in your Ventures. I don't know if you can contact me, but if you can....feel free.
Carlton Sheets Real Estate Course, Attended Real Estate Boot Camp, and have read various books on the subject, and Lots of research. Still learning!