BiggerPockets

To actually become a wholesaler/RE investor not having any money (because we are consistently in the hole every month until our car gets paid off at the end of the year), being a SAHM (I love being at home with our youngest two but I make no money), and marginal credit (I haven't really checked recently and I haven't used or had a credit card in years)? Be brutal, I can take it. Thanks!

I admire the stay home mom,,,I really do. But can one really afford to do that?? My take is at least find a part time job you can handle,,,for now,,,get right with the world(you said'we are in the hole'). While your husband is home for child care. As you get at LEAST even, then look harder at REI.

You CAN be looking in the mean time too,,,but even minor consequential expenses dont work for you NOW!!

the number one rule to investing,

Do not invest the grocery money

I think you should get an RE License.

Originally posted by MikeOH

I think you should get an RE License.

That's a great idea and the perfect way for a stay at home mom to get started in real estate.

Mike


I'm going to agree with this and have known at least one stay at home mom who was abandoned by the husband and left alone with 3 kids who followed this path and did very well for herself. In fact, I spent a weekend at her beautiful beach front cape cod "summer" house with one of her daughters (for clarification I was married at the time and was there with my wife along with a group of friends). This was her second home, not her original.

It is possible. Great deals are out there every day to be had. One thing, too often people focus too much on the home itself. Someone in your position (wholesaler) should focus your time on the buyer of your deal. Too often when people just get started this is overlooked. A few words I live by, it's not a good deal unless everyone at the table is making money. If you have good strong relationships with your buyers; everything else falls in to place! YOU CAN DO IT!

If I could throw in my $0.00000002 worth in...

Wholesaling is good opportunity to make small amounts of cash, since all you are doing is what Charles mentions. Find, Control and Assign. The only costs are finding them and finding rehabbers (but that is minimal too.)

Now as others have mentioned, if the costs of finding (which could be as little as walking around the neighborhood and as great as a full-blown ad campaign) takes away from your necessities, then you can not afford it. What I suggest is that you create a budget, and see if there are areas that you could reduce your expenses (I suggest this to everyone as well) maybe you will find that you have some breathing room.

I don't agree with getting a RE license, unless you want to be a RE agent, which is your decision, but the only thing that would push me over to being an agent is the use of the MLS... Though during these times, there are so many deals out there, that the MLS holds no interest to me.

If there is a will there is a way, I always say, so if this is a passion for you, you will find a way... If this is just a way to earn a few bucks, you might find it difficult to get motivated for the long periods of time... As someone else already mentioned about real estate... IT IS HARD WORK, it is not a GRQ (Get Rich Quick) scheme; too bad all the late night infomercials make it sound like you can be independantly wealthy in a day or two of getting their program, but I suppose that sells their products.

Hope this helps... In short, create a budget, you might be surprized to what you might find out!

Michael Suess
The REI Training Warehouse, LLC