how to start with little money

Question

Hello guys, hope this is the right spot for this question I apologize if not.  I'm looking for the place to start in real estate investing even though as of now working as a contractor I don't make enough to start buying properties what's the best strategies to get started and what advice can you give? Any help/direction is appreciated thank you in advance for your time

Thomas S. · Answer

There are many beginning options however none will work if you do not modify your life style to optimise your savings. Most people waste a very large portion of their income on wants as opposed to needs. Most people also do not recognise what a want actually is.

If you begin now to live frugally you will establish a strong long term strategy for successful investing.

You need to save money to be a investor, pay off all bad debt and fully understand the value of cash for investing.

Step one is downsize your life style and find a way to save every penny. Set a goal initially of paying off all debt, stop using credit, save an additional $500/month minimum.

Jared Stroebele · Answer

If you are already working as a contractor I would strongly recommend going to local Real Estate Investment groups.  Market yourself and your skills there.  Get some more contracting business, investors are always on the lookout for reliable people who do quality work.  Try to find a partner, if you can contribute time, network, and skill and your partner can put in money you both can share in the returns until you can branch off onto your own.

Jake Thompson · Answer

Joseph, I would look into Brandon Turner's free guide to real estate investing. It's absolutely free and you can find it here or on biggerpocket's YouTube channel.

You also may be surprised just how little is needed to get started in real estate using strategies such as house hacking. It's how I bought my first property. I live in one part of a duplex and rent out the other. I actually save money this way compared to before when I was only renting an apartment.

But most important get educated by reading books, cruising the forums, listening to podcasts, etc.

Joseph Biscoe · Answer

Thanks Mark I actually didn't know that was an option ?

Mark Brogan · Answer

ask the sellers if they will finance for you and get started slowly one deal at a time

@Joseph Biscoe good luck

Thomas S. · Answer

Seasonal only means you have two jobs. Additionally you should absolutely be changing jobs. Banks need to see stable employment. Your first challenge is to change career paths. Step one is to choose the highest paying trade in your area that is least impacted by season. There are may available but job availability is a important factor. You also want to move to the best area to afford you the highest income possible if you do not have non seasonal work in your area.

Joseph Biscoe · Answer

And yes Greg your right we are trying to accomplish this now. However with the seasonal nature of my current job it makes it difficult to put a dent in the dent burden and savings areas.

Joseph Biscoe · Answer

Thanks @Brandon will begin reading asap

Brandon L. · Answer

@Joseph Biscoe welcome to BP, and congratulations on taking steps to make your investing goals a reality.

I have a couple of blog posts that I wrote that may help you out. The first is how to get started on BP:

https://www.biggerpockets.com/blogs/5868/52761-the...

The second is some quick tips to get you started with investing.

https://www.biggerpockets.com/blogs/5868/52743-im-...

Feel free to reach out if you have any other questions :)

how to start with little money

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