Posted by K.E. on October 04, 2007 at 09:31:13:
You might try to start wholesaling or bird dogging first, you can also try lease options or subject to deals if you are short on funds. What state are you in?
REAL TALK - Posted by Dondra
Posted by Dondra on October 03, 2007 at 16:12:33:
Try to get some one to give me the real abc’s of real estate investing. REal start up cost amounts is no money down really real and some general info.
Re: REAL TALK - Posted by Jimmy
Posted by Jimmy on October 04, 2007 at 06:16:13:
For every deal you find where you can get in with “NMD,” you will see 100 other deals where you can’t. Cash is the mother’s milk of REI, and you can never have enough. So start saving your cash, cut back lifestyle spending, and accunulate a pile. its not about your income level. its about how much you spend.
Being cashless is Strike One.
Having Below Average Credit is Strike Two.
Having too much personal debt is Strike Three.
Hopefully, Strikes 2 and 3 do not apply to you.
There are ways to get into REI without being a buyer. this, obviously, side-steps your handicaps. you can flip contracts. you can birddog for others and scrape ff fees. you can get your RE license and get into the brokerage game. you can get into mortgage brokering or banking and get at it that way. you can work in a title office. or as a RE appraiser. or a builder/contractor.
they key is to find a way to immerse yourself in REI so you can learn the biz. and there are a TON of things to know.
Re: REAL TALK - Posted by Eric (MI)
Posted by Eric (MI) on October 03, 2007 at 16:23:55:
I started with nothing but “advertising expenses” ie, my cell phone. I called around to sellers and found some who I could work with. Called some mortgage brokers and real estate agents to find buyers who couldn’t get qualified for a traditional loan. Viola, my first real estate deal was born.
So no money down is a real possibility (unless you count the $10 I put on the contract with the seller), start up costs can be minimal but I spent around $1000 on courses and seminars before I officially started (plus reading here for hours a day) so I was knowledgeable and knew what to do but once you can it makes sense to have some sort of advertising campaign.
I guess you need to ask some questions to get some answers. There is a TON of topics we could talk about.
Re: REAL TALK - Posted by Dondra
Posted by Dondra on October 03, 2007 at 16:58:45:
So what did you do for the people that could not get the loan?
Re: REAL TALK - Posted by Eric (MI)
Posted by Eric (MI) on October 03, 2007 at 17:25:58:
Put them in the house of the person who was tired of trying to sell and was about to start falling behind if they didn’t get the payment covered.
There are numerous strategies one can use to accomplish that result. I guess it would be wise to read up on them. There are sub-2, lease-options, Land Trusts, and various other approaches.