How To Obtain Financing To Buy A Development Property

How can I obtain financing for a development property I want to buy?

One of the things I always teach people is that when you're buying a property, don't get in over your head. I am not a big believer in no money down. When you buy a property that's no money down, you're really at the mercy of the market, and you may have to sell that property at a loss if the market starts to go south. If you have no equity in the property, you're at a disadvantage. I'm a bigger believer in buying a property that fits the amount of money that you can raise. If you only have $50,000, don't think about trying to buy a million dollar house. Think about buying a two hundred fifty thousand dollar condo or a smaller house in a transitional neighbourhood. It's really important to have some money down when you're buying a property, that's my advice.