Now What?
Okay,
I've run ads in the local thrifty nickel, I have my LLC set up with P.O. Box to boot. I have forms and programs and just enough knowledge to get me in trouble. I need to be able to structure offers, and develope strategies. Oh by the way did I mention that I have no money. I'm trying to be patient and develope a list for buyers and sellers but it's coming slow. I just need to get that first deal under my belt then I feel I can afford some in depth education on RE investing. How can a rookie with no money and limited know how find structure and close a great deal.
Hey Jonesy!
Welcome aboard! You’re where I was six months ago. Stick with it!
Most everything you need to know is posted in some form or another (or on some forum or another) on this site. Structuring a deal is one thing, finding the deal to structure and recognizing it is the key. What programs do you have? Personally, I’ve spent thousands on programs. Way too much probably, but if that’s what it took to get me to the point of comfort where I’m turning deals, who can argue?
Are you getting calls? Are you at a loss for what to do with them? If so, let’s examine your screening methods. What questions are you asking and what information are you gleaning from sellers?
Then again, when it comes to doing your own deal you really do need at least a little cash.
If you actually have NO money you’re probably out of luck. But if you can squeeze-out a few dollars for ads in the Thrifty Nickel and such things, then you should be able to do some bird-dogging, which will do two things for you: it will give you some good experience in finding and identifying deals, and it will also give you some ready cash to be reinvested in the first deals you identify as doable on you limited budget.
There is a good ebook available that tells exactly what to do to be a successful bird-dog while you learn the business “from the ground up”. Although I am already successful at investing, I am still early in my REI career and bought the bird-dog ebook because I sometimes generate more leads than I can follow-up on (shameful!), and I thought it best to cash in on them some way or another. I suggest that you drop your next few dollars on John Locke’s ebook, “Big Bucks Bird-Dogging”.
wgheisler