The draw to the late-night infomercials, books, and DVD programs that boast a \u201cno money down, no hassle, no experience needed\u201d real estate transaction is for a reason; it appeals to Joe Everyman. Although the actual programs may be more complicated then the highlights make it out to be, the bottom line is that anyone can invest in real estate, no matter where you\u2019re starting from.<\/p>\n
Often times, the appeal come from frustration. Staying year after year at a corporate position, locked down by the golden cuffs, and easily being able to map out the next 20 years of slaving away to make other people wealthy. For others, it\u2019s accidental. Perhaps you had a relative that was in the business and offered to show you the ropes, opening your eyes to the fact that you could create wealth and possibly make more on 2-3 deals than you did for 1 years salary.<\/p>\n
And if you\u2019re young, brand new, in college, or stuck at a minimum wage position? Is there an actually a way to invest in real estate while earning minimum wage? Take it from someone that\u2019s been there, done that, the resounding answer is \u201cyes.\u201d<\/p>\n
In my podcast on BP<\/a>, I explain how when I got started in real estate, it was as a loan officer. But being brand new to a commissioned position after working in the health and fitness industry, I\u2019d pick up the slack by bartending or catering. That usually paid a whopping $2.75\/hr plus tips, and was exhausting, laborious work. Not to mention, it\u2019s not very thought-provoking or enriching. But when you\u2019re in you\u2019re in early 20\u2019s, it is what it is until you pave a career path.<\/p>\n After some time, I got tired of working in mortgages, seeing too many borrowers getting loans they had no business getting. I was sick of spending all day in the office and all night behind a bar. An old roommate reached out to me because he had 20+ properties and was desperate for assistance, since he had a full time job with the municipality. He asked me what it would take to gain my employ, and I said if he could replace my service-industry income, I\u2019d come aboard right away.<\/p>\n We worked out a deal that I would help run all the property management, selling properties and acquisition, and get a piece of each deal. I earned a salary from the property management side, and a slice of each buy and flip deal. We meshed well and I fell in love with the investing side of the industry. It was the first time I had ever invested in real estate, and I was hooked.<\/p>\n