Daytime Job + Investing in RE?

If you’re 17, I imagine he is too… so he knows nothing, don’t listen to him.

As far as a day job, until you can pay your bills without one you need it… it’s a MUST. When your investments pay your bills by themselves, then quit your day job. Simple really.


If you have NO bills then heck… no, a job isn’t needed to pay your bills. :smiley:

One problem you may have though, is you’ll need a down payment and work history to get a loan. It’s VERY hard to get a loan without an established work history, a current job, and a down payment.

Of course, if you can be creative there are ways around it, but it’s tougher. You can buy houses with other people’s money, but you really can’t get a business rolling with “no money down”.

You’ll also find that “going full-time” is a lot easier “said than done”. Ahh, I remember when I was young… it all looked so easy!


Howdy Swirlaze:

If it was easy everybody would be zillionaires. There are several factors that are important, timing, luck, knowledge perhapes even a small part with dumb luck. There are several old jokes going arount about how to make a million in REI start with 10 million etc.

I would suggest you learn the ropes and hook up with a mentor or birdog for another investor until you earn some money and can get started. Afetr only perhaps a few birdog deals you may want to get a good deal under contract and try to wholesale to an investor and make even more money. You can learn as you earn this way too.

There are several zero down methods but most take at least some earnest money and appraisal fees. You can get loans without a job and income and credit and even horrible credit. I just got approved for my 4th hard money loan with all the above. I had to show them that I could rehab and had to find 60 to 70 % LTV deals but I did it and am still finding them. I actually have tooo many deals and not enough time or earnest money or appraisal money to do them.

It is confusing I am sure how and where to start especially at your young age. Starting over for me again at 50 is hard too but probably easier than you will have it. I lacked the ambition for several years after filing BK and breaking my leg. You seem to have a burning desire and that is great. Add to the mix a little experience and up up and away you go, Best of luck and please ask more questions.

The easiest explanation for me to give of “leverage” is “controlling a lot with a little”.

So… when you control a home or property with only a small down payment (or nothing) you’re controlling a 150k (or whatever) assett with maybe 15k. (or less)

You leverage $ by getting or taking over a loan and using OTHER peoples $ to buy that home.

When you hear the term “nothing down” it usually isn’t literal. “Nothing down” typically doesn’t mean the seller get’s NO money, it usually means he gets none of YOUR money. You either get a new loan, find a partner with money, or use an existing loan to fund the project… therefore it’s nothing down to YOU, since you put none of your $ into it, but the seller usually still gets something from somewhere.

So, in most cases, you have to either have good enough credit to get someone else to fund the deal, have good enough contacts to have a $ partner, or have the skills to find someone else to take over the payments or buy the property.

If you have great credit, a lender will give you the $ 100% so you use none of YOUR money to control it, then you might acquire the property by BUYING it.

If you have great contacts you might find a partner or a co-signer, then you might still BUY it.

If you have good skills you can work on a “subject2” deal, where you might have the seller GIVE you the house keeping his loan in place, or you might LEASE OPTION it from him. This option takes no credit and sometimes NO cash… but you will want to have some $ or credit in reserve to fix it up, pay holding costs, or any other of few things.

So, I hope this shows you what is meant by “nothing down”.

Even if you find a deal where you can get a house with no $ out of your pocket, you will still need some $ to get you into it. Closing costs, legal fees, holding costs, insurance, business cards, advertising/marketing, entity fees… you can keep it to a minimum, but you’ll find it tough to do this while spending nothing.

As far as my suggestion of a job, it’s hard to get credit or the loan without a job… that’s why I mentioned before it’s important at 1st… unless someone will co-sign with you.

You might want to learn how to “bird-dog” for another REI. You can make $500-$1000 a shot without doing anything but getting into your car and/or using the web… then making a few phone calls! This will teach you a lot, as well as put some $ into your pocket.

In any case, you are definitely on the right track, and remember… do not to take advice on how to get wealthy from anyone who isn’t.

Howdy again:

I was a bit offended I think about the do not take advice from someone who is not a millionaire. Just a little narrow minded I believe. I did have a million in equity once and watch it vanish and not I am in the middle of a chapter 13 and 7 case trying to save some of the property including my home. I am fighting like a wild bear but need to sell some of my rehab deals to pull myself back up again. It will happen. I will survive. I have given advice hundreds of time and folks here have greatly appreciated it. When I first started on this forum I did not realize how much my experience could help others. I am no guru with a fancy Mercedes and fast exotic cars or a zillion dollar home paid for. I have realized that having the experience of being in the trenches and doing deals is what new investors want to here about and learn from. Finding good deals and being motivated enough to be able to write that first earnest money contract is where a lot of folks need help too. One conversation I remember is a guy calling and saying that he had given up and could not find a deal. All i did was to encourage him to look some more. He called again a few weeks later and said he found a deal and made $30000 already. He sounded pretty depressed the first call and he could not quit thanking me on the second call. I did not tell him I was not a millionaire. I sure as hell will be. Just last night I was telling a guy from Nevada about John Cash’s book about Sub2 book and the 500 plus deals he has done and he said that i should write a book too because he had read a lot of my posts and thought I was super. I just politely thanked him and told him to get Johns book that he was the King of Sub2 and that is what he needed help with the most. I do not know if John is a millionaire or not and I do not care. He has done 500 deals and that makes him a 500 aire if he only made a buck from each deal buy very knowledgeable in real estate subject 2 deals. I read his ebook on Birdogging and thought it was wonderful and I know when I get a chance to get the sub2 book it will be just as great.

One more thing too about having to have good credit to buy property. Not so. I just bought in the past few months a condo, and three houses to rehab and I am currently in Chapter 7 for 4 years and filed a Chapter 13 a year ago to save my home. If I can do this with a credit score below 500 and with 2 active BK cases anyone can do it. Even a 17 year old with no job and no credit. He has ambition and a burning desire and a willingness to take action. If he talks to enough people and shows them what he wants to do he will succeed and he will be a millionaire and we can learn how he did it and he can sell books.

This is a great industry and even a poor homeless wino slob off the street with no money and credit can do deals. All he needs is the desire and knowledge and know that he can do it. My own daughter told me last night that she will never be able to get a house. That depressed me that she does not have a positive attitude. Then I remembered the last 4 years of my life of going nowhere and being depressed myself. I had no goals or burning desire. I did have it when I was building our dream home. I was the happiest man on earth when I saw the finish coat go on the hardwood floors and realized that my dreams had almost come true. It was 2 am and all the sanding had been done and it raw Oak floors looked nice before. But when the sealer started being applied and the rich wood grain starting shining and standing out I started crying it was so pretty and my goal had been achieved. Wow i had the burning desire to build this house. After that I lost it somewhere and have finally found it again. The desire this time is to help folks learn to do deals plus to do more deals myself. I discovered finally that the fun was in building the house and achieving the goal. The having the house is great too but near near as rewarding as the achieving. I do not play the lottery for that reason. I want the experience of earning that million dollars. Sure it would be great to have and never have to worry about paying the light bill but the reward is just too great for just a buck. I am going to have a much greater life earning it the old fashion way.

I still believe I have some good advice to give folks and it is free for the asking. I hope you find it worth a million dollars and use it even though I am not a millionaire. When I do write a book it may not be free so you had better hurry and get some free. I am not running out but the supply is limited to how fast I can type with two fingers.

Ted… I NEVER said “do not take advice from someone who is not a millionaire”, as you quoted. And I was NOT referring to you when I said that, I was referring to the guy in the 1st post.

I said:

do not to take advice on how to get wealthy from anyone who isn’t.

There’s a lot of different ways to be wealthy… money, knowledge, etc… My point was… don’t listen to an idiot who’s trying to steal your dreams, unless you are POSITIVE he knows what he’s talking about, which his friend obviously doesn’t, especially at only 24 years of age. Heck, I’m not a millionaire, but I have things to offer…

I also never said:

you have to have good credit to buy property

I actually stated a way how you can get property without any credit or $. Let’s be realistic though, it’s a hell of a lot easier with credit or cash!


You don’t NEED a degree to succeed… but it helps. (I don’t have one… and believe me, it’s held me back!) You don’t NEED a job to get a loan… but it helps. You don’t NEED credit to succeed… but it helps.

This is business, not a streetfight. Tell the banker that he should treat someone with a 490 FICO the same as someone with a 790 FICO and he’ll laugh at you… it’s not realistic.

You MUST be realistic sometimes, because those are the FACTS. You win your fights against others that are much larger than you because you are BETTER. It’s a FACT. The loser has to be realistic… the realization is that you kicked his butt, and you’re tougher than he is!

A banker will fund someone at a lower interest rate with a better credit score. It’s also a FACT… the realization is that the lower person is a credit risk.

Sometimes you have to be realistic about things, you’re forced to play by the rules, whether you want to or not…


You're right we have to be realistic but my point is this, don't let it stop you and don't be put down because of it.

I think we ARE on the same page… I’ve just read the book a few more times over 43 years than you have. :wink:

I just said not having credit/cash/education make it tougher… not impossible. Weak or negative people will find a problem even if the red carpet’s laid out. People like us make the walk with or without it!