New investor in Chicago

Hi everybody,

I’m a new investor in Chicago with no exp in RE beside owning my own home. I have less than 3k to invest and would like to know some ways that you guys started that used little or no money. Also, I’ve heard a lot about assigning contracts, is that profitable? Will it cost anything initially?

Thanks guys

This is a difficult question to answer. Everyone’s beginning is so different.

IF you want to make money with no money at all in real estate, your best bet is to find vacant abandoned / ugly houses and negotiating with those sellers for cheap discounts, and then assigning (selling) your contract to another rehabber / investor for a few thousand dollars.

This method doesn’t require any upfront costs and is probably the easiest possible way to get into the real estate business.

In the current real estate market, I would ask yourself is it really wise to start investing if you only have 3K to spend. What is something happens? Will you be able to sustain yourself? You can make a lot of money in real estate, but you can also lose a lot too. Just be careful and make sure this is a wise use of your money.

Wow, thanks. Those are very good advice. I will start with the assigning of contracts and saving more. In the case of eventualities, I don’t want to get my husband and children homeless trying to make money off of homes. Thanks