how do I get started in investing in real estate if I already own a house?

6 Replies

I have a bankruptcy on my credit from 2008 and I just went through a loan modification 2 months ago, but I want to start investing in condos for rentals

None of those things matter that you went through. Thats the beauty of Creative real estate. ITs outside the box. The particular niche you want to pursue sounds like its BUY & Holds. Well this forum is full of creative way to buy real estate you should be looking into owner financing, Subject too, private money lenders and last by not least cash. Bigger pockets also has these subjects covered on their podcast.

You do not need to go the conventional route in RE Investing. You can purchase property via private money, hard money, subject to... You can wholesale property and of course partner the deals with someone who has trust in you, puts in 100% of the money and you split the profits... A LOT of ways to get through if you know what you are doing

thanks. I just know I won't turn a heavy profit at first but at 31 if I start now then the return I think would only grow

@Tiffany Gushea - I don't want to burst your bubble, but I hope that you know that you can lose a lot of money investing in real estate. If you plan to own rentals, you need to have good cash reserves too. Do a lot of studying here on BP first.

Use cash.

If you do not have cash & you have poor credit it will be an uphill battle.

Ra Ra guys saying you can do it, read this book, get partners, do wraps, buy coaching.. etc is all well and good but no cash, no credit & no experience is not a practical way to get started.

Do not want to sound harsh. Do want want to burst bubbles. But you need at least 1 of the 3. (cash, credit, experience) Anyone who says you don't need any of the 3 is going to try and sell you some coaching.

I Agee with James Wise. Having cash is vital to investing, especially if want to be your own boss. Those who haven't borrowed someone else's money or are heavily leveraged with no cash reserves won't survive a major downturn in the marker like we had in 2008.

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