BiggerPockets

I'm looking to get into real estate investing but I have no clue on how to get started & where to get the money to start. I've read stories from successful people that say, basically, just do it. Normally I would but this is something totally different. I know there's risks at first but it'll be even riskier jumping in with both feet and not know what you're doing AT ALL. My question is, are there people out there looking for an apprentice or willing to help someone out that's trying to get into the business? I'm not talking about a program or buying cds and books to learn. I'm looking for someone experienced to follow. I'm new so talk to me like I'm a 10 year old.
:violin: I have mouths to feed and honestly relying on an employer isn't something I want to do for the rest of my life. If I'm to have a headache from working, I'd rather have one trying to run my own business.
Can you help?

My advice would be is to GET EDUCATED with the best knowledge around.
Education doesnt cost, it pays!

Once you are educated enough, start off wholesaling in real estate. Its not that complicated and its the fastest way to make money. I also suggest that you wouldnt start investing in real estate if you dont have a nice cash flow business....my personal opinion.

Even though you dont have to use your money or credit when investing...you just need to know what you are doing.

Much success!

I would completely agree with Rothchild. If you can manage your current finances first than you will have a much easier time. It will give you more credibility with a mentor if you do find one. To better answer your question about finding a mentor I would advise you to look for an investment club in your local area. However, you have to offer something to your mentor in return. You are asking someone to teach you the ropes and then when you are ready for your own deal are you going to bring them into the deal as a partner or will you become their competition? I would use this forum and others like it and start reading as much as you can. Books and tapes are great because they teach you when your mentor can" t. A mentor will have time constraints so books and forums will fill the gaps. The hardest part of the game is perseverance. Just hang in there! You have all the mentors you need with in these forums. Good luck.

To be honest you have to bring something to the the table and be very persistant. You have to realize that theses people do not know you, so you have to give them a reason that they should take you on. I am afraid that is not easy sometimes and it can be a long process. It is also hard when someone does not go by there word. Do what you feel in your heart that will better your chances. And be very careful because scamers love newbee's. They know what you want to hear, the first fishy sint you get run. Just do not give up and keep putting your self out there! And I will not say good luck, because if you want it bad enough you will get there!

My question is, are there people out there looking for an apprentice or willing to help someone out that's trying to get into the business? I'm not talking about a program or buying cds and books to learn. I'm looking for someone experienced to follow. I'm new so talk to me like I'm a 10 year old.

The short answer is NO! There are not many successful investors who are going to spoon feed you. Why should they? If you're not willing to learn the basics on your own, you simply aren't going to make it and this would be a good time to quit.

If you're serious about getting into REI, then I would suggest that you spend hours and hours reading the posts on this forum and I would also suggest that you get a copy of the Carleton Sheets course and study that. The Carleton Sheets course is an excellent beginner's course and contains the basics that you need to know to at least be able to converse intelligently with a successful investor.

Once you have a good understanding of the basics, then I would recommend joining your local REIA and making friends with the SUCCESSFUL investors. If you show initiative, then your new friends will be happy to help you get started.

Good Luck,

Mike

Tajma,

What are you doing right now to learn what you can as an
investor? What books have you read? What tools do you have?
What are you willing to do to be successful? What is your main
reason for wanting to get into investing? Hint: Making money is
not good enough, think bigger!

Being successful takes dedication and hard work on everyones
part. It takes time sometimes alot of time. You have to be
willing to put in that time.

Tamja, unless the house is selling for $40K, $20K in " equity" is no big deal. Buying a $200K house that needs work for $180K is a guaranteed money loser.

So, I have to reemphasize the point other posters are making. You need to get educated. If you're looking for someone who will teach you all the ins and outs of this business, then you need to go to some guru's $5000 boot camp. There are plenty of those out there, and for that money you will get a good education. At least in whatever area of this business that guru targets.

If you want someone to explain it all to you in detail for free, then its just not going to happen. Its a complex business, and requires a lot of time.

If you are willing to put in the effort, then you can learn this business without spending much money. You can do some reading here, for one thing. There are lots of knowledgeable investors who have been doing this for a while and have great insights. The best part is they share those insights freely. If you do some reading you'll learn about the 70% rule for purchasing. The 50% rule for expenses. Wholesaling, rehabbing, subject to, hard money and all sorts of other topics. Read the deal analysis forum and you'll find deals, good and bad, that people have put up for examination and that have been analyzed in detail.

There are also numerous, numerous books available. You should be able to find some in your local library, if money is an issue. Or browse through them at a book store, and just buy one at a time.

If you're never bought a property, buy a " first time homebuyer" book. That will explain a lot of the basics of the buying process. Those are largely the same for investments as for your own home.

As you read and study, you'll start getting a grasp of the basic ideas. Some areas will appeal to you and some won't. Some will be feasible and some one. So, you'll be able to narrow your focus on the feasible and appealing areas, and dig into more detail on those.

As you say in your first post, this is a business. Running a business requires money. If you don't have any money, you better have good credit and income to support debt. If you don't have either, then frankly you need to get a job. I can't really tell what your situation is. There are some RE investing approaches, such as wholesaling, that require minimal cash. In wholesaling, you don't buy the property yourself, but buy it and immediately resell it for a small profit. But even that requires money for advertising to get your buyers and sellers. And a lot of time to close the deals.

So, bottom line, do some learning on your own. Be able to offer something to whoever you're partnering with. Be able to ask very specific questions. Then you will find people who are willing to work with you.

Jon

Been in REI for 4-5 years, not too long compared to many, but long enough to learn a lot. I've done over 150 deals. Recently i spent some time looking back and pondering what i would have done differently. The biggest thing I wish i had done was work for or with someone more experienced. When you come out of the womb they don't throw you in the street and tell you to read a book. Everything you learn, you learn from seeing others around you. If you watch them long enough, you actually start to mirror them. Then when you step out on your own, you've already got a head start. Sorry if i am rambling. Here's an example.
Work for another investor. Find a way to get some compensation, enough to pay your bills, and then do whatever they ask you to do. If you think you found a great deal take it to them and let them do it. I remember the first KILLER deal i thought i found. My partner refused to do it and i almost punched him in the face. Six months later i was so glad i didn't jump in, because that killer deal would have killed me! Work for someone else, make all your mistakes on someone else's dime and then go do your thing.