Advice on how to start investing in real estate

[Mark Dunn]

Hey guys! I am looking for some advice in regards to beginning to invest in real estate. My wife and I already own 1 rental property. However, after 2 job losses between 2009 and 2011, our savings are gone and we are starting over financially. Any advice on the best way to start? My initial thought was to look for wholesaling opportunities for short term cash, and add buy and hold properties to build long term wealth.

Mark Dunn

[Corey Beckwith]

Hey Mark,

I understand how that can feel. I too had to start all over and I didn't have cash to do it. Wholesaling is a great way to get into the business or back on your feet. There's many resources out there to learn from in this arena. What I did to get back in when my cash was low, was getting back into the rehabbing side of the biz. I found a property that was on the mls. I then found a hard money lender who would finance the deal. He gave 90% of acquisition an 100% of the rehab cost. (Pricey though). Then I posted an add looking for a down payment partner. I offered them 50% of the profits. The numbers worked for everyone and the end result was great. I did this a few more times afterwards sometimes offering a 70/30 split my favor or a 60/40 split my favor, and it worked out for everyone. Hope this was some kind of help to you.

All the best
Corey