So, I am completely new to Investing. I have been going through the site and reading some forum posts. I really believe that I am learning a lot. I would like some direction on where to start. I don’t know that I’m an ideal candidate for investing. I have no money. I don’t have perfect credit. I’m 25. My goal is to start investing, so that I can quit my job by age 30. Immediately, I would like to find a home, that I can live in. My current living situation is not ideal, and I would like to have a designated office area, so I can organize my REI files. I’d like to eventually have some rental property for residual income. I spoke to someone who hired a coach for $1000/month. that person told me I’m not thinking big enough. I really don’t want to be attacked by people who think i need some cash first before I start investing. I don’t have any, and I don’t see any in my near future. I’m just looking for guidance on how to break in, and recommended routes for me to take as a newbie. Please and Thank you.
The best way to break in is to probably wholesale properties. You can do it with no money and it’ll help you build up some cash reserves. Having now money for marketing however does bring some challenges, you’ll have to focus on finding motivated sellers by doing things like driving around looking for vacant houses. I’m not sure what type of job hours you have, but if you are free during the day you could go to the courthouse and pull probate files or evictions.
Do you have any money to send out mailers? I spend about $300 a month on direct mail to out of state owners and probates. That is all my budget can afford right now but it gets people calling.
Hope that helps a little bit.
Don’t be discouraged. Most new investors start out like you: low on funds and less than stellar credit. That being the situation, there are two realistic strategies for getting started. One has already been mentioned, and that is wholesaling. Tough, in my opinion, because it can be quite difficult for a new, inexperienced investor to be able to negotiate a wholesale price with a homeowner. Very difficult, in fact.
A second approach, and one I think is much easier for the new investor, is lease options. You should look into them as a way of breaking into this business.
You would be following the wholesale properties and be conscious as follows:
1.expert in your area.
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Best of luck.