Where do I start from ZERO?

OP

Member since 2023 · 13 posts · 5 votes

3y

Quote from @Paul S.:

Hello, this is my first time on this post. I am 31 years old and live in Queens, NY. I have struggled with finances for years and have never been too successful with jobs/careers. I had a small business, but it failed due to lack of experience, knowledge, ability to manage high stress, etc. I'm always brainstorming, but just haven't got to the success yet... I want to finally work Smart, not Hard (I mean I'll work hard, if I have to yes, I am not lazy), and make income by not doing so much or being so stressed, etc. I want to be able to travel and enjoy my life, and not be stuck to a 9-5 EVER!

(What I am asking for from this forum):
I am looking for any/all information, experience and wisdom that you can and/or are willing to share, about getting into real estate/rentals, (if possible with low capital).

Where do I start with getting into real estate rentals?
How do I even go about looking for something? What am I looking for? How do I choose what type of real estate to even get into?
I don't have much money, but I can get a small loan from a family member if the plan sounds excellent.

I would like to learn everything I can; strategies, tips, tricks, etc. Just where to start. Maybe some good books to read or courses.

I am willing to put in the footwork, but I am tired of struggling and trying to think of great business ideas and plans and tired from starting from the bottom (even though I think most of us always have to, idk)... I am willing to get a job in real estate to start if necessary, etc.

I remember seeing a video on Youtube about the author of Rich Dad Poor Dad and used a credit card or something to purchase a home and start renting it, but I just wanted to get into this website because of some of the posts I read and see the real deal. I don't know if Youtube is the best way, but I will start watching from now on to learn more, but I figured I could get better information from really delving into this website. So my idea is to be able to get into this type of business, without much capital. Is it possible? and how can I do it?

Thank you so much for any type of comments, info, help, etc. I greatly appreciate it. Have an excellent day!

-Paul

Welcome to REI!

You may actually want to start with someone like Anthony Robbins in getting yourself together for this venture. There's a lot of focus and soul-searching involved in finding your life's path forward.

To prevent some issues you've faced up to this point, you'll want to decide if REI is really the best fit for you. I forget who said, "Do what you love and you'll never work a day in your life". That really fits here. Your love for it has to be strong enough to keep you going thru the challenges.

A "job in real estate"? Consider starting out working for a property management office - dealing with tenants in properties owned by others. You'll learn quite a lot based on my experiences with a PM who is also a personal mentor and my former landlord. This can also afford you some excellent networking opportunities.

Your whole paragraph of questions are perhaps best answered by yourself. I can recommend some REI education to help you; however, forum rules prohibit me saying anything further here.

Without your own financial resources, you'll want to work on establishing relationships with possible partners thru networking and other social contacts. Education can be helpful here, as well - there's a right way to do it and there are ways which can get you into trouble with the SEC.

Hope this helps ...

Thank you so much!

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Dave Skow

Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes

3y

@Paul S.- Thanks ....getting started is the hard step ...I would recommend getting pre approved for a hypotehtical purchase price/ loan amt ...this is free and will help get you organized and to learn some important information ...if you arent able to get pre approved - then you will know you will need to explore the alternative options ...good luck

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Ariel Broyles

Member since 2022 · 8 posts · 0 votes

3y

Hi Paul! Here’s where you start because I’m not too far ahead of you and this is what I’m doing lol

1. Reach out to a credit repair company and see what areas need to be fixed. Just Google them or you can check out the people I use at Blue Water Credit on the West Coast. Start working on your credit now so that in the near future you can get approved on a house.

2. Write down on your notepad on your phone (or old school paper lol) what date all of your bills are due - including the small ones like Netflix. This will give you a clear understanding of some of your spending.

Where can you cut from your bills? What can you lower on your bills? Usually internet/cable and phone can be lowered.

3. Start saving any amount - even $20 per paycheck. Getting in the habit of saving and thinking about your bills and seeing it on paper will make you think twice about some purchases.

4. Listen to the Bigger Pockets Podcast and other RE books nonstop. There is always room for more education!

You seem excited about your potential future of financial freedom! So I believe that you will do great in real estate investing. It will just take some time and dedication!

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Ellie Reinker

Member since 2023 · 2 posts · 1 vote

3y

Quote from @Hamp Lee III:

You’ve receive some great advice here and it’s great to hear you’re looking into real estate investing as a long-term option for achieving financial independence.

One program to consider is the Neighborhood Assistance Corporation of America (NACA) loan program.

NACA was formed in 1988 and provides an affordable option for potential first-time buyers:

✅ No down payment

✅ No closing costs or fees

✅ No mortgage insurance

✅ No consideration of credit score

✅ Below market fixed interest rate

There are several requirements to be eligible, starting with attending one of their workshops.

https://www.naca.com

Every journey begins with a single step…and another…and another.

I wish you all the best.

@Hamp Lee III this is one of the best posts & pieces of advice! Wish more people knew about this program. Thank you for sharing this.

1 Reply

Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

3y

Quote from @Hamp Lee III:

You’ve receive some great advice here and it’s great to hear you’re looking into real estate investing as a long-term option for achieving financial independence.

One program to consider is the Neighborhood Assistance Corporation of America (NACA) loan program.

NACA was formed in 1988 and provides an affordable option for potential first-time buyers:

✅ No down payment

✅ No closing costs or fees

✅ No mortgage insurance

✅ No consideration of credit score

✅ Below market fixed interest rate

There are several requirements to be eligible, starting with attending one of their workshops.

https://www.naca.com

Every journey begins with a single step…and another…and another.

I wish you all the best.

Naca can do incredible things for the clientele they represent and qualify for their programs

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JLH Capital Partners51 Review

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2 Reply

Abel CurielBusiness Member

Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes

3y

Quote from @Paul S.:

Hello, this is my first time on this post. I am 31 years old and live in Queens, NY. I have struggled with finances for years and have never been too successful with jobs/careers. I had a small business, but it failed due to lack of experience, knowledge, ability to manage high stress, etc. I'm always brainstorming, but just haven't got to the success yet... I want to finally work Smart, not Hard (I mean I'll work hard, if I have to yes, I am not lazy), and make income by not doing so much or being so stressed, etc. I want to be able to travel and enjoy my life, and not be stuck to a 9-5 EVER!

(What I am asking for from this forum):
I am looking for any/all information, experience and wisdom that you can and/or are willing to share, about getting into real estate/rentals, (if possible with low capital).

Where do I start with getting into real estate rentals?
How do I even go about looking for something? What am I looking for? How do I choose what type of real estate to even get into?
I don't have much money, but I can get a small loan from a family member if the plan sounds excellent.

I would like to learn everything I can; strategies, tips, tricks, etc. Just where to start. Maybe some good books to read or courses.

I am willing to put in the footwork, but I am tired of struggling and trying to think of great business ideas and plans and tired from starting from the bottom (even though I think most of us always have to, idk)... I am willing to get a job in real estate to start if necessary, etc.

I remember seeing a video on Youtube about the author of Rich Dad Poor Dad and used a credit card or something to purchase a home and start renting it, but I just wanted to get into this website because of some of the posts I read and see the real deal. I don't know if Youtube is the best way, but I will start watching from now on to learn more, but I figured I could get better information from really delving into this website. So my idea is to be able to get into this type of business, without much capital. Is it possible? and how can I do it?

Thank you so much for any type of comments, info, help, etc. I greatly appreciate it. Have an excellent day!

-Paul

Hey Paul! Welcome to the BP forums and shout out to you for being willing to identify and address your weaknesses!

I was in a very similar position before getting my first property, after getting my first property and again before getting into Real Estate as a career.

Glad to hear you're open to book recommendations because the content I consumed during the process of reinventing myself, was a vital part of my progress.

1. Read books -- More on this below

2. Align yourself with like-minded people - aka focus on a QUALITY network of like-minded people. Build and nurture this network by adding value in any way you can... it'll come back to you tenfold.

3. Take consistent action and track your progress - i.e. journaling, accountability partners, CRM (or other software to track activity), coaches, mentors, etc.

Book suggestions:

Related to your finances and concerns: Rich Dad Poor Dad by Robert Kiyosaki; Any Economics books by Milton Friedman, Thomas Sowell and/or Adam Smith
Related to business: The E-myth by Michael Gerber; The One Thing by Gary Keller; jab, jab, jab, right hook

Related to establishing and maintaining habits necessary on any entrepreneurial journey: Atomic Habits; The 7 habits of highly effective people; The slight edge;

Related to RE investing: Any book in the BP Bookstore!

As mentioned on here by @Mohammed Rahman , considering a path as a Realtor or wholesaler could get you exposure to the market and business. Monetizing this will take time and a substantial investment if you are looking to build a foundation for a profitable business.

All the best to you!

Abel

REbuild Team - eXp Realty5234 Reviews

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1 Reply

Melissa Nash

Rental Property Investor · Orange County, CA · Member since 2016 · 740 posts · 529 votes

3y

where do you have money to use? IRA? Equity in your home? Partner? you need to find the money first- and then invest in something that you can do now.

What is your time & experience. You might want to do something easy for the first one like a turnkey property in a high cashflow market that is low risk and just requires 20% down. Then you learn and grow and do the next one. Your market is tough, so you might want to look out of state to progress and take action.

You need to first decide what your goals are and what you want out of RE investing and just take action now. Not waiting, make it happen or you will never move forward.

Best of luck! Melissa

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Where do I start from ZERO?

Where do I start from ZERO?

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