How To Get Started?
Hi all,
I am very eager to make a life changing move. I have read alot of posts and read many articles with them wanting you to pay $2500 - $6000, just to get started.
I see that there is many different avenues to make profit. Huge profits that i see. What is a noob to do? The more i read, the more i get excited and confused. Has anyone started up on their own?
Thanks for your help.
How much money do you have to begin investing with? If you have none,begin as a birddog finding deals for other investors. You can option property for a small option fee and assign the contract to another investor for a fee.
have you decided what you are going to do? are you going to rehab.,flip,rental, ect. get into the market. start looking at property. i started by looking at property on my days off. by looking i learned what to look for. kenmax
Well, i have a credit rating of 705, no money to start. No debt at all other than a lease vehicle. I am mainly interested in the flip method. I just don't know how to write up a contract or if i can just download one somewhere. If im right, i need to somehow find a eager Seller and with a wholesale price and have another Buyer ready at my fingertips. Just to start off with like a $5000 profit, to build up first and let them make the huge profit so they will comeback to me if i find another? Main thing is i guess, trying to find those properties? Thanks for your help peeps.
if you have "no money" it limits your buying ability. it knocks you out of buying homes with conv. loans they require money down. it limits the "great deals" that you will see. "no money" makes it extremely difficult. the good news is that it is not impossible. it just usually takes a "lot" more time. it may take a year more to find what you are looking for. where as money will buy you that time. buying with "no money" usually requires a "lot of time and patience." you can buy homes with n/m down but they usually have no profit built in you have to wait for equity to build but if you are willing to put in the time {look at homes for sale, talk to fsbo's ,talk to realtors, and look! look! look!} it can be done. i have done it and do it now. now while i am nearing completeing a rehab. i look for another deal. but i am at the point where i can pay cash for deals and that makes a big difference in the deals i get. first i don't have to deal with bank fin. any longer and that is great. good luck . if i can help let me know good luck. kenmax
thanks kenmax, i figured i prolly posted in the area for this. But that does help me alot in understanding somethings. Just didnt know if the Flip method would be a good quick way to start. As i have heard write somekind of contract for 30 ir 60 days for a $1 to find a investor or someone to buy it and then mark it up like $5000 and take the profit at closing. So many questions. LOL Lot of angles in this business i am finding out!
Thanks again. any other advice is greatly appreciated. Nice to see that there are still people who are willing to help.
Try a Local REI club as well, you may find investors there who will take you under their wing and pay you better than a birddog
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First of all with that kind of credit go to your local bank and take of an unsecured line of credit. They are anywhere from $35K to $75K. Now you have your start up money.
You don't have to pay if you don't use it. But you do have to pay an annual fee on most. But it's around $175.00, not bad.
Then you can decide what you want to start with. Things are easier with some money in the wings.
Lori
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