Just want to start by saying this is a GREAT webpage/forum about real estate. Cheers to the Mods/Admins! :beer
Anyway, names Bryan. I’m 22 and don’t have any experience in real estate yet. Right now I’m involved in Sales & Marketing and reallly enjoy it. However I also love being creative and properties(always loved buildings and arcitecture). So I’ve decided on my career path FINALLY. I’m going to be a real estate investor-developer/sales rep/business owner.
I’m already progressing with my Sales skills and business skills however I’m definately lacking in knowledge about real estate. I’ve been trying to find good information around the web and at my local book store but so much of the stuff out is about inspiration and generalities that it’s hard to find a good starting point. Thank god I found this place!
Based on what I’ve researched I’m most interested in Lease Purchasing, Rehabing/Flipping, and Commercial LLing. Main problem is I have NO money saved, NO credit built (not bad just none), and NO connections yet. So, my question to you all is what would be the best route to take to get a solid understanding of the fundamentals of RE and also what would be the best route for someone in my position to start in investing and making some positive cash flow/money?
Check out the thread by Hassansr titled I’m going to buy a house this month. He has some great insight and show what it takes and how much work is actually involved in this business.
msq7163, thank you for the quick reply!
I have already read that thread thoroughly and found it quite informative. Infact, reading it has me extremely excited about my first deal! Appreciate the recommendation anyway though.
Any other information you would point me towards?
Get your financials in order. If you have no credit, get a credit card, use it responsibly and pay it off at the end of the month. Use it for things you have been using your debit card for. Start saving money. Cut down on some of your discretionary spending to build up an amount to begin investing. In this market, banks are going to want to see you have money saved up to put into the deals. Understand that the commercial side of things falls into a completely different set of lending rules. You’re not going to get into something with 0-3% down. If you’re curious about what banks will want, call around and ask them what their lending criteria is for the type of property you’re wanting. This will give you a goal to save up for. If you have a local Real Estate Investors Association, you can make some connections there. If you get into rehabbing/flipping, you can ask around for referrals for people to do work that you cannot do. Different Realtors will know some investors around town. You can always ask who they use for plumbing, electrical, etc. I like using the same people over and over. Find someone you trust and stick with them.
If you are involved with sales and marketing and like it, why don’t you study to get your real estate sales license?
Sometimes real estate companies pay for your schooling so it is free. You will get an education and be doing something you like.