How To Get Started

Question

Hello! So I am very new to the world of real estate, still in the process of getting my license, and my question is:

How do I break in to the world of investing without any money of my own? Is it even possible to do?

I am only 19 years old, but I really want to get started with my investing as soon as possible. I have been doing my fair share of research on the topic and I am confident that with continued efforts on learning the ins and outs of the field I could be successful, I just have no idea where to start without having any money of my own to put into starting it up.

Any advice on that front would be greatly appreciated! Thank you!

Emilee Steers · Answer

Thank you all for the advice. It seems like a big task for someone my age, and at times I feel like I don't stand a chance to break in to this market simply because people don't take me seriously because I am young. Any advice on how I can get lenders to take me more seriously as a candidate for a loan? I am a very professional individual and my mannerisms and appearance reflect that, but it doesn't seem to make a difference when it comes to being judged by my age.

Mike Hurney · Answer

@Emilee Steers Welcome.

Usually folks try to Flip/wholesale then Buy and Hold. But you could work the "Elephant and the Mouse" deals. That's where you "mouse" find the properties and the person with the money "elephant" put it together.

Will Porter · Answer

Emilee you should definitely read the free Beginner's Guide, and find a Local REIA to attend. Most groups will let you come for free to your first meeting (i.e., without a membership). Use this time to meet lenders in the room and ask them about what you need to obtain financing.

I recommend the REIAs because the lenders there will NOT be from Chase or Wells Fargo. They will be smaller, private companies that do hard money loans, temp-to-perm loans, portfolio loans, etc --- the kinds of things that can help you get into a house without the strict requirements that a big bank will have.

Kudos to you for getting started at your age. You stand to make more money than all of us just because you're starting young! Good luck.

Jonathan Wilks · Answer

I would get your license and look into property management, it would allow you to provide a service, and would connect you with real estate investors. It could also lead you to a mentorship with one of those investors.  It is a value add opportunity, you make their life easier.

Emilee Steers · Answer

I want to buy and hold rentals. I'm not really too interested in flipping properties just yet, and I don't really want to wholesale. I think rental properties would be best for me at this point. How do I find a lender?

Daniel DiGiacomo · Answer

What are you looking to do? Buy and hold rentals or rehab and flip? Have you thought about wholesaling to other investors to help build cash? I've bought rentals with no money down and I've also bought properties that I flipped with no money down... its all about having the right hard money lender or private money partner.