I am totally new to this, I have never invested in anything, I am unemployed, No money, my credit is in the sewer several times but I want to get started on this. I purchased Carleton Sheets 20+ years ago barely opened the box …I know this sounds dumb, but do you have any suggestions on getting started …I need all the help I can get. thanks :flush :flush :help
The best thing I can recommend is to just do it, also you need a job in the meantime. You can be a cashier or janitor anything as long as you can have some income until your real estate career kicks off.
Also use this time to learn as much as you can. Use the links to the left and read the information.
You should probably just try some bird dogging. If your money situation is as bad as you make it sound, no one is going to touch you for financing…especially these days. You need to read the forums here and try to meet some investors local to you to find out what they look for on REI deals.
There’s just not much else you’re going to be able to do independently with no money and bad credit. Try to work on improving your own situation while you’re learning.
People talk about getting into real estate with no cash or no credit. That is because if you are selling a program there is a larger market to sell to there. The honest truth is that real estate is a credit business. You can do some real estate like things without credit but you need to get your credit straight before you can actually be in real estate. It is like football. Picture a guy that is 5’5” 120 pounds that wants to be on the football team. He knows he is small so he signs up to be the water boy. He goes to all the games, he gets to go into the locker room, and he even gets a team jacket. He is indeed on the team. But when you and I think about football we are thinking about the 6’ 200 pounders that run fast and jump high. They are the real players. In real estate the bird dogs, realtors, note buyers etc. are the water boys. What we think of when we say real estate investors we are thinking about Donald Trump or Harry Helmsley. Even on a smaller scale we are thinking about the guy with 10, 20, or even 100 rent houses. These guys own. They are the players. In order to play you have to have credit. These guys don’t save up a billion dollars and buy a property, they borrow the billion dollars. The have to have credit. If you want to own 10 rent houses, you have to have credit.
You treat your credit like you treat the tools of your trade. You don’t co-sign for family members because that is a tool of your trade. You don’t choose to go to the movies instead of paying a bill on time, you don’t borrow money for consumer things that you can pay cash for. You find out what your credit score is and you nourish that score like a farmer nourishes his crops. Never let a bill go unpaid
Bluemoon - I always love your analogies.
Postres - He’s 100% correct. The people selling REI information are simply doing that…selling information. It’s easy to think of the what if’s when you’re up at 2 am and the guy on TV is talking about buying houses for $300 because of property tax issues. It’s easy for these information gurus to develop some books, cd’s, and dvd’s and prey on people’s emotions for $39.99.
What’s the more likely way one of these gurus is going to become wealthy -
Is one person going to give them a few million dollars or could they convince tens or even hundreds of thousands of people to give them $39.99?
Everyone has heard stories of people making tons of money in REI. Many people want to give it a shot. Reality is very few people actually do REI because of fear, lack of money/credit, inability to sacrifice their time for education and deals, etc.
Give a big hand to Bluemoon. The thing is reality is different and harsh. I suppose that you will do better if you increase your credit score like Bluemoon said. Show your persistence and you are on your own again. All the best.
I love you guys but I have to disagree. You can get into real estate with little or no money! You NEED to Hustle your a$$ off though! It just does not happen instantly. I came from NOTHING! At 24 years old over $100k in debt, just recovered from having back surgury, lived in a funtionally obsolete slum lord apartment with the walls falling down. My credit sucked because I was bedridden for almost a year (3x the 4 years prior to my back surgury) I am still cleaning it up now. Now I have no debt, job or boss to anwser to, my own house which I bought no money down twice (but that is another story altogether) You can make money in real estate investing with no money you just have to hustle your a$$ off. It is not push button and it doesn’t happen overnight but it can be done! I did it through real estate investing so can you. I love to just give information away for free!
Anyone can get 10 bucks lock up a wholesale deal with a purchase agreement or an option and wholesale it easily for 5K to 10K to another experianced investor.
:beer Hey REITVShow love that post. so explain to us how we can do this with $10???
sincerely, Newbie From Michigan :help
Hopefully by now you will have some deals going on but the best way to do this is finding a motivated seller and try to make a deal, have the contract signed with $10 or less earnest money and sell it to another investor, Simple as that! :biggrin
No money and no credit deals? Yes, absolutely!! I’ve been doing this for 20 years and out of some 400 deals, I’ve used my money and/or my credit maybe a dozen times. Use the seller’s credit already in place or use a partner’s money or credit.
Is money and credit needed to do a deal? Yes, but it does not need to be your own money nor your own credit.
Much is written on these types of deals or you can find endless sources of mentorship.
Hope this helps.
Rob in Atlanta