what is the best way to get started with no money

just found out my job is going to be cutting back. and to think i was going to be buy a home good i didnt do that right now. what is the best way to get started in realestate investing with no money. i would like to do flips and rehabs and later rentals. what are some good books that i can get all the info i need. i tried birddoging for a investor but he wanted big profit deals. i want to learn how i can get this done. i guess i been letting fear get the best of me. thanks

  2. Read, read read,
    2a. The Millionaire Investor
    2b. 1 minute to property riches by Mike Rossi (e-book)
    2c. REI For Dummies
    2d. Rich Dad Poor Dad
  3. Read on these forums every day


It is critical to have a job when you start your REI business. You need income with which to pay the bills and it is very difficult to get a loan without a job.

So, my recommendation would be to first find a new job and then start REI with a passion. As Keith has said, there are 168 hours in a week. That is more than enough time to work a 40 hour job AND work 40 hours at REI. If you’re willing to do this for a few years, you will have a good chance of succeeding!

As Serio said, study and come up with a solid plan. Take everything you read with a healthy dose of skepticism. A well thought out plan using REAL numbers should all but ensure success.

Good Luck,


I agree with both prop manager and serio. It will be extremely hard to get any kind of loan without a job. If you are self employed you usually need to show 2 years of doing what you do to get a loan. Find the niche in which you want to invest in real estate and read everything you can about it. Study everything you can about the subject and work at it hard. Make contacts in the business. If you have an area that you are weak in, say income/credit then find partners to make up for the weak areas that you have. Many like partnerships others dont. Its your choice. The main thing is to make a choice and make sure you are prepared, at the same time dont make sure you are so prepared that you never start. Just do it.

Look at it this way-
If you get hard money for your first flip and happen to go over budget where will the money come from to pay back the HML? Out of your pocket! Not easy when no money is coming into your pocket. Also, who’s going to pay YOUR living expenses while you’re rehabbing and waiting for your flip to sell? Unless you have a good sized savings account I wouldn’t even think of doing anything before you find a new 9-5 gig.

The worst time to start any business (and real estate is a business) is when you need the money. You need to be able to feed yourself well before you start the business. I agree with propertymanager get a 40 hour job or even two 20 hour jobs.

Start with lease options. They are relatively easy to understand and use, and they don’t require cash upfront. They can also be tied into your interests in flips and rehabs. My two cents. . .

How are lease options going to feed him during the first few months until he can get a few aquired?

Assignments and Cooperative Assignments will put quick cash in his pocket. If he elects to remain in any deal long term, then he receives cash flow monthly, and the potential for substantial back end profits when the option to purchase is exercised.

I doubt a few hundred dollars a unit is going to replace a 40 hr paycheck. Too much risk to me to gamble it all on a new career. I’d still go for finding a new f/t job and work every other hour of the day after 5pm to jumpstart his career in RE. If he fails to make it in RE at least he can go on living a normal life. If he doesn’t have that job to back him up he might need years to recover from his losses and will have shot credit for years to come.

I’m not advocating anyone quits their job to follow the dream of real estate riches. All I said was that a good way to begin is with lease options.

  • Find a good mentor

  • Work for him (more then likely doing “labor” type work.

  • Learn from him

  • Get PAID from him, based of performance.

    If I had to do it over again I’d highly recommend the above.

Best of luck! And STAY POSITIVE!!!

I tried using a mentor once. BIGGEST waste of money I have ever spent in Real Estate. I went through about 6 of the 10 sessions and then said I was done with this crap.

If you won’t have a job don’t even think about dumping thousands into a mentor. You can learn a lot from the folks on this site and the best part is its free. Read books, discuss on the forms, get a new job, and start buying.

Iron Range,

This guy is just shilling for Mark Evans…he’s busted.


what are u talking about kdhastedt if youre talking about my old post about birddoging yes i tried that with an investor part time but he was no help things do change iam here trying to learn and who is mark evans . thanks everyone i still have my job. i meant that my job was just cutting back on the hours i work. i will go to libary to get some books.

Do yourself a favour; Dont read one book, listen to one Guru, or seek out one mentor. You see these are [deep down] excuses for putting off what you need to do. Lets agree you know what you want to do - but don’t know how to start, or how to accomplish it. I want you to do this:

Go and sit in your car in the most exclusive area you can find, take a flask with you. some sandwiches and a blanket and just sit and admire the scenery, look at and admire the $10 million dollar mansions, and soak up the atmosphere, let it wash over you, let it alter your thinking and awaken your ambition. You might have to sit for 2 hours, 2 days, maybe 2 weeks, but its time well spent. You see your going to join these people.

Lesson 2: Do not mention to any member of your family what your doing, where you’ve been, and what your goals are, this is your secret and you must reveal it to no one.

Lesson 3. Get yourself 5 Option Agreements to buy a property[s], take 5 options out on 5 properties, three will be no use, 2 will be big winners, sell the winners, meaning you assign the options for a big-profit. You laid out 5 nominal option money fees, scrapped 3, and your profits from the winning two are going to get you started.

Lesson 4. Repeat lessons 1 2 3 over and over again.

Good Luck.

can u tell me more on option agreements. thanks


An option agreement is the poor mans ways into dealing in large sums of money in the property market. In simple terms an Option gives you the chance to buy a property at a fixed price at a future date. You need to read up on the legal requirments of an Option, namely the 2 parties ID, the 2 parties being buyer and seller, or optionor and optionee, everyone signs - by everyone all the landowners and buyer, the land is clearly identified, the price and date the option was signed are included. And the Option period made plain, you can have 3 months, 6 months, 12 months period. I once took an 5 year Option out and during that period the value of the optioned proerty had doubled. The option fee can be $1, $20, $50 or $1000. Money must pass hands, k/as the consideration. Don’t let the seller bring in his Lawyer or you’ll pay a 10% option fee. Viz: $1m property, is $100k. So keep it to nickles and dimes option fees, just to secure [for you to bind] the land.

Now here’s the nitty-gritty, Options can often be registered as a charge or encumbrance on the property, what this means is the owner/vendor cannot sell it, or if he does the deal can be set aside, in some Jurisdictions you can object to registration to anyone other than yourself. What this means is that during the option period, for all intents and purposes you legally own that property. And you can assign [sell] the Option to a wealthy buyer. And the owner cannot object.

Another nitty-gritty, get the Option signed, then hand deliver to the vendors photostat copies of it, before handing them over get them to initial same for you [get them to sign on your copy] >

This is a true and faithful copy of the Option Agreement I/ we entered into on December 33, 3033, with AL Jolson, Option buyer. Signed John Doe and Jane Doe, of 123 ABC Street, Anytown, Anystate. .

Get both to sign. This is to stop future arguments. 3 days later send them second copies by mail to their home, that includes a polite thank you note and thanking them for entering into the Option Agreement with you. This is intended for future legal proof issues - if required. Register the postal package.

Get a plan of the land and have them initial their borders and land for you, and to mark same with their signatures.
What can happen is they pretend they never ever entered into any agreement, that this wasn’t the agreement, etc. So head them off. You’ll hear nothing from them until they realise that they might have sold it far too cheap, and/ or after someone offers them $50 000++ + for it. Then you see sparks. A few are happy. But you can never tell.

Law 1> If its a good deal for them and a bad deal for you, they are your friend and sing your praises, if its the opposite then they start dreaming up fairie tales to explain why, when and hOWS.

Exercising an Option.

You must do it in writing, you must exercise the Option at least 10 days before it expires, and you must not vary the terms in any way. Keep it short>

Dear Mr Doe, I have elected to exercise the Option on the exact terms we agreed on, this is my Notice to you in writing that I wish to proceed forthwith. Please have your Attorney contact me in order to complete the conveyance ASAP.

If you put Dear Mr Doe, if you are willing to let me have field the at the side of your house also, in with the deal, then I will agree to go ahead with the Option on the terms discussed. This voids the Option. If the Option is assiggned the land / property owner needs to be informed in writing that its been assigned and who to. If you take out a 12 month Option on Jan 1 3033 it expires on December 31, it does not expire on Jan 1 a year later.

Not you, dtrump…you’re fine…it’s “JeremyBluntDOTcom” spamming and boarrd hustling…he thinks we’re too stupid to understand what he’s up to…