I've had an interest in investing for quite some time. I've bought a rental home with a 80/20 mortgage loan, but then lost both my primary residence and the rental due to medical conditions and making some decisions that I should not have made, like moving family into the home that I should not have.
Now, I'm interested again, because I want to move away from the 'cubicle life', but feel that I'm lacking the courage to 'make the move' for fear of the risks and challenges that come along with REI. I am interested in partnering with someone (being mentored), but don't really know how to go about asking. I currently work during the day and am the primary breadwinner. I have evenings and weekends available and am willing to take some vacation/sick days from work to accomplish goals until I'm able to make the break from the job a permanent one.
I currently am limited on out of pocket funding, but do have some knowledge and ideas on how to obtain funding.
So I thought I would ask others out here in the BiggerPockets land some questions on how you got started, what got you interested in REI and how did you finance your first REI transactions?
We got started at a young age. 23 and 24 with a personal property. We bought the house using a va loan with nothing down. We than fixed it up and rented it out when we were transferred. During this process I got a fantastic job. We continued to live below our means and Invested all my money into the real estate. We learned from trial and error. 3 of our houses are located across the country. A large part of our success has become self managing from cross the country. It allows us better control as we have eliminated the middle man. It also reduces the expense of having a manager. Definitely check out everyone blogs/website in their signatures. Everyone has their own niche and many times they talk about their strategy in their blog. The podcast, blogs and forums are also great resources. People here like to "build" relationships in order to network and have trust.
I was paid $15K to buy my first house in Palmdale in 1997 to assume someone's underwater loan. If you don't have money to be an investor, take on the role of a bird dog or wholesaler, stack up your money and then move into the role of an investor. You can also play the role of deal maker, where you find deals and put together the pieces: seller, buyer and finance.
God Bless You!
I got my license when I was 22. I had a full time job out of college working in the social services field. One day, I got nosey and looked through everyone's HR records (I was helping them file that day), and I realized how LITTLE money everyone made. There were people with masters degrees only pulling in $35k/year.
I got my license and bought my first personal home with 100% financing. The following year, my parents asked me to find two homes to rent out. I sold them those two homes and managed them. Then I moved into another personal residence and rented the first one. Then I did that again. Then I started my own property management company. Now I sell RE and manage properties for others along with my few. It's a good life.
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