Alright. I know we're in a recession, but for many people that means we're making more money than we ever have before. However, if you're just starting out and don't have a lot of moolah (yet) I'm going to give you a few ways to get started with little or no money.
First of all, if you're reading this you should know that you only want to do lease options, subject-to and wholesaling (all ways where we use other people's money and credit). We don't buy foreclosures because that means we would have to get a large private money loan or take out a mortgage from the bank.
Okay. Good. I'm glad that we're all on the same page. Now, you need to figure out how you're going to locate those lease option, subject-to and wholesale deals right? Well, it ALL starts with marketing. And if you genuinely have no money for marketing, here are a few ways to get going:
1. Driving for dollars- Drive around neighborhoods where you want to invest and write down the numbers off of the "for rent" signs and "for sale" signs. This is a fast and easy way to get deals and only costs gas money.
2. Craigslist.com-Yes, I harp on this one all the time. But it's FREE. Email all of the "for rent" listings and "for sale" listings.
3. When youâ€™re out and about running errands, hand out your business cards to everyone you can. Your dry cleaner, the guy at the gas station, the store clerk. Business cards are cheapâ€¦â€¦....network, network, network.
4. Car signs- Magnetic car signs only cost $50 for a set. And once you get them you can drive around with them on your car and advertise forever.
5. Social Networking- I will be the first one to admit that I'm not very technologically savvy. However, here's my idea of social networking. Go to all of your REIA meetings and network. Then get on everyone's email list, so when they have deals they will email them to you. Of course there are other ways to social network, but this is not my area of expertise.
6. Mailing Lists- You need to send out letters and postcards and I know that mailing lists can be somewhat expensive. Here's how to get FREE mailing lists. Contact the RealtorÂ® on your power team. Tell them you want them to email you absentee owners in whatever zip codes you choose (they come in 500 at a time). The only problem with this method is that you have to comb through each listing to see if it is quality (3 beds, 2 baths, not a condo, etc.). Then you have to take that info and put it into an excel spreadsheet. This is 100% free, but time consuming.
No more excuses for not marketing. The most expensive one on the list was $50. And do you want to know what the most successful people who are reading this are going to do? Okay, I will tell you, but only if you follow their lead. They are going to do all six methods. Successful investors have several irons in the fire because you never know where you're next deal is going to come from.
The author has permitted the reprinting and redistribution of this article.