I want to make a great deal of money in real estate, but I don’t have any money to invest or any experience. What option or options do I have to make money in the real estate biz with no money? If I have to come out of my pocket to invest money I don’t have then that’s a wrap for me. Real estate ideas are down the tube.
Welcome to REI Club!
Many of us started with nothing, zero, zilch. You are way ahead because you have this great free site for your real estate education. You need to spend lots of time on here and figure out what appeals to you most.
Another option is to go to night school and get your real estate license while you continue with your full-time day job. That was my start and I know that path works.
Good luck to you and let us know how it goes.
Furnishedowner
I am a newbie to this site who wants to learn as much as I can about making money in the real estate business.
If you are short of cash, you could start out by bird dogging for investors. This will allow you to slowly build up some funds while learning the business.
Who do I bird dog for? I was trying to do that until the people I was about to bird dog for stopped contacting me when I asked about what properties they look for.
Go to your local REI Club meetings and find other investors. Don’t give up after the first one. This business is all about tenacity and being aggressive. There will be very few opportunities if you set back and wait for things to come to you.
How do I find these Local REI meetings? I know nothing about REI or what they are about.
You can try the “Real Estate Clubs” link under investor resources category to the left of this post. You may also try your local phone book or Google search.
I found them. They are far away from my part of town though.
Well, investors are probably not going to come to you. You are going to need to put forth some effort to find them, meet them, pick their brains, etc.
I understand that. I wasn’t expecting them to come to me. I was referring to how easier it would be if they had an REI within my area without the inconvenience of having to travel far away across some other town. Maybe in the future they would get one in my neighborhood. At least I hope they do.
I guess you could consider REI an inconvenience, but that inconvenience can make you money. If you don’t want to travel out of your neighborhood to meet investors, how are you going to find houses for them? You’ll have to figure out who the players are in your area and contact them if you want to stay close to home.
I haven’t seen many in my area yet.
I think you will find the meetings aren’t “close” to a lot of people that attend them,but if you drive 2 hours and pick up one piece of new (to you) information, make one new contact or get to talk to someone you’ve meet in the past about deals they are working on,it will be a great investment of time if you want to learn about REI
I contacted the head boss over at one the local REIA and I told that one day in the future there may be a local REIA in my neighborhood. As long as that 2 hour drive contribute piles of cash in my bank account then I am all for it.
Well I can tell you right now you’re not gonna get rich by going to a REIA meeting or becoming a birddog. As Mdhaas and others have said you’ll be using the meetings as networking opportunities to meet successful investors and hopefully find one that’ll pay you for birddogging…and frankly you won’t get piles of cash in your bank account by birddogging. But if you are completely green and have no money then birddogging is a good way in.
Also you should know that being a birddog by itself won’t teach you much about REI other than how to locate vacant ugly houses. In order to learn how to do deals you’ll need some education. If I were you I’d take some of your birddog income and invest in some cheap resources such as the $100 Cooperative Assignment manual over at naked-investor.com and also Ron Legrand has a $1 wholesaling course (see my signature for more info). You’ll be opted into his $59/mo Gold Club (which is actually very beneficial for newbies) but if you’re broke you’ll want to cancel it right away after getting the course downloads…that way you won’t have to pay for anything.
This is an interesting question that comes up all the time. I heard a quote from Wyclef Jean (Haitian hip hop singer and producer of all people) that I think applies well to this business. He says “I went from a hut to the projects. From the projects to the mansions! Aint NOBODY can tell me you can’t make it if you apply yourself, you dig?”. Wow man. What is the point? Take action and believe in yourself. Now, if I would offer advice in your position new guy, I’d say go to the bookstore and immerse yourself in no money down techniques. Go online to various r.e discussion boards. Go to the local investor meetings and specifically link up with actual active investors. Tell them you’d be their apprentice and work for free to learn from the best. Ideally find 1 person for each area of discipline (i.e one guy who does primarily wholesaling, then another guy who does primarily Sub2 deals etc). I’ve been where you’re at, and in my opinion it is the cheapest, most hands on education you can get. You can sit on a conference call with these investors (you’re on mute) and see how they structure deals. You can schedule their calls in for them. Get what I mean? Overall this cost hardly nothing out of your pocket, and it’ll give you the confidence to go from living in a hut, to the projects, projects to the mansions. Man, I love that line!
You’re right. I am green and have no money. I didn’t mean like I would get rich from bird dog or going to REIA meetings. I did mean, however, that I would be getting some good education and making contacts with the veteran players in the game who can help me reach success in the real estate business. I can learn a great deal from those that have
become successful in real estate.
Wyclef is truly amazing. I have heard him use that phrase a few times. People like that inspires me and make me feel like there is hope to make it out there in the world successfuly. Now that I think about it, it kind makes me wonder why are there so many homeless people out there. I have always thought how is it that people like him can make it big and others in his shoes cannot make it. It works for one person but not the other. What’s missing here?
Motivation…
Some people are lazy or just content in their destitute situation because they don’t want to work to make it any better. Some people would rather sit on a corner and beg all day rather than work.