Hello-
My husband and I have very little money to invest but we want to get our foot in the door in real estate. I saw a small piece of land for sale in upstate NY for $1,000. Should we start there? My husband and I are trying very, very hard to break out of our financial rut in life and everything we’ve read says to get into real estate. Any advice would be greatly appreciated!
Thank you!
jrs8888
Developing raw land is kind of complicated for beginners since you’d be dealing with zoning and planning departments. Then contractors from every specialty. Then selling or renting it. Its tougher to do with limited resources ($) as well.
Keep reading about RE and figure out what you want your niche to be. Wholesaling and bird dogging is easy to do without $, rehabbing is easy to do without $ however much more complicated. Rental properties are a little harder to do without money but its certainly possible. Gigantic 5,000 room hotel/ casinos are possible to do without money but I wouldn’t recommend that as a place to start.
Bottom line: Keep reading and figure out what you want to do and you’ll get more specific help.
Thank you for your reply. We are going to research wholesaling and bird doggging tonight!
Thanks again,
jrs8888
Vacant land is almost NEVER a good place to start!
Look for property that generates a revenue stream.
Keith
i can show you how to get cash for buying properties in florida.so you make cash for buying the houses and cash for selling them
- hey hey this cash for buying and selling >>> can it be done other places out side of fl.??
yes
WOAH! Send me the details of that! ;D LOL
Insider secrets my friend, write me a check and I’ll think about telling you.
I’ll send you a check for $1,500,000…is that good? Should I warn you in advance that I closed that account last week?
Maybe you can pay to join an investment cult with your rubber checks. Even if the account was still open, $1,500,000 wouldn’t even cover my bar tab!
Come to think of it I could probably use the rest of them to join Nuevo Riche.
“Gigantic 5,000 room hotel/ casinos are possible to do without money”
Are you serious?
How is that be possible?
Are you serious?How is that be possible?
Ofcourse it’s possible. I didn’t mean no money at all, I meant no money from the developer. It’s all the same principles in RE no matter small duplex in Wymoing or hotel in Vegas. The most memorable (because of the huge failure) of hotel/ casinos done with “no money down” is the Trump Taj Mahal. Albeit it’s probably more like 1,000 rooms, but it’s proof of concept. $834 million spent to build the tackiest pile of crap I’ve ever seen.
Haha I totally agree. So is what you’re saying that deals of that magnitude made with little money invested will be associated with a reputable name behind them?
I doubt Trump has the most reputable name in RE- too many failed ventures. I couldn’t tell you what motivated lenders/ investors to spend money for such a work of abstract art. I believe a rock solid plan (which may be a business plan for large buildings), utilizing the best and brightest for the job, is enough to convince lenders or investors to do anything.
If I were new into real estate investing and interested in commercial real estate, and had no money as indicated in the original post,
I would capitalize on my sense that successful real commercial developers are no longer willing to do the “heavy lifting” of scoping out new development sites, talking to people on the “street level” etc.
Having time on your hands and a thirst for learning about the commercial business in my opinion is a good currency to have people at many levels help to teach you parts of the business.
This experience you develop will become valueable for other investors and may reveal joint venture opportunities.