I’m currently an undergraduate in college and I’ve been working dead-end jobs for the past for the past few years. I’ve been wanting to get into the real estate investment game for a few years now, but never really had the courage. However, all indications, along with common sense, tell me that right now is a buyers market. Now I know that generally the average real estate investor needs nearly then of thousands of dollars in capital and savings to even come close being a success. However, I don’t have that kinda capital freely available to me. Does anybody have any beginners advice or tips that you would be willing to share with a poor college student? Like what direction I head in the first place?
Tips? start studying everything you can get your hands on relating to REI! also start meeting the players of the local REI game, join a local REI club, memberships are usually pretty cheap. keep your personal credit in order, and if you don’t have any, START BUILDING IT! wholesalekid already mentioned wholesaling as a starting point, which is a possibility, or you could birddog for other investors. that is, find deals and properties and and “sell” the deals to other investors. a good way to learn RE and make some cash while working in college AND learning the REI game.
Alirite then. I’m gonna look into the REI Clubs. I bought a few of those Armando Montelongo e-books 5 or 6 months ago, and I’ve just been reading them constantly. I’ve concluded that either this is as it appears, to easy to believe, or that the general population is missing out on one of the greatest deals of all time. Have the Montelongo techniques proven useful to anybody?
You won’t find many good reviews of him on here. Seems the general consensus here is that he’s a tool.
Do you have any construction/remodeling skills that could prove useful to REI? Maybe you could partner with someone who has more money available or maybe you have enough to make one deal on a SFH for a rental. You could get your feet wet with just one for now and see if you can make it work. I strongly suggest you find the forums on here that interest you and read every single post from oldest to most current. Take notes along the way too.
Look into using promissary notes to help you buy real estate.I read about one guy who bought a house with $1000 down and a $19,000 promissary note.Of course the seller has to agree.Every deal should be win-win for everyone involved.Promissary notes can be written any way you decide.You can do monthly payments due the next month or pay off the full amount at the end of 6 months(with no payments in between).