Does anyone have any good ideas on how to get started with no money out of pocket. I have about a month left in the military and hoping to maybe close on a deal 45 days from now, but just dont know were to get started. I would like to do multifamily investing.
Do you have a job or other income source lined up for your time after the military? Do you have money saved up? Do you have a property identified yet? Buying to hold and rent without money down is very unlikely to happen in this market. Buying any investment property without money saved up is a recipe for disaster (unless you have a great income each month). Many people want to be RE investors. Many call themselves investors without having ever completed a deal.
You can try owner financing, but if I were going to do that for someone I wouldn’t do it if they didn’t even have any money to put down.
Yes i do have money saved up but I was hoping to get into the business with no money down deals.
Your choices might be somewhat limited, but for getting started I would recommend options and lease options. They are safe and if done correctly require little to no money out of pocket.
Cooperative assignment lease options are truly no money down and actually very easy to do. Downside is you won’t get rich off this strategy.
Wholesaling is another viable strategy if you aren’t looking to come out of pocket with much. If you’re wholesaling listed properties and/or REOs you’ll need to float an earnest money deposit which may be anywhere from $1k-2k depending on the area and the price. The good news is you can make many offers off that one check.
Or you could wholesale ugly and/or vacant FSBO properties and give them $10 to bind the contract.
I think you will take loan from Bank but before you have a client for a profit for which you will take loan.
Hello, i am also quite new to REI, and am asking more about wholesaling.Also a friend of mine has found a motivated seller and we are thinking about doing an assignment, does anyone have some advice.
Sure, get it under contract, market it to find a cash buyer, and sell it! It’s that simple.