so new to this i haven't even started!

3 Replies

Ok, if your reading this i hope ive brought enough attention to this post to get some help! I'm looking to start in real estate and have no idea where to begin. Ive wanted to go into this business since i was a child and it feels like a good time to begin before I end up throwing away a life ling dream. Eventually i'd like to flip houses because i love doing interior design, and i live seing something run down turn back into the functional beauty it was meant to be.

So now thays out of the way,lol...i'm fairly young at just 23 right now and am looking into getting my realtors license. With my family i have almost nothing to my name or saved to put down for a house and im at a loss on what i could do to get started aside from saving for the next 10 years. I have no credit and dont even have a home for my family yet either. I did find one house id love to live in and fix up because the price is amazing for a 6 bdr right now, but dont want to hurt myself by trying it that way either. Any suggestions or help would be greatly appreciated. Thank you all in advance. 

Kylie,

Welcome! I'd start off by reading the Ultimate Beginner's Guide on this very site:

http://www.biggerpockets.com/real-estate-investing

It's a great place to start and you'll have solid foundation to build off of. 

Also, I would go and look for some local investment clubs either searching on here, google, or meetup.com. Those have been excellent resources for me because you get to meet with other investors in your area and they can help you understand your local market better. Don't be afraid to participate and ask questions - everyone starts off new. 

Lastly, this website and the podcasts are great sources of information. They've got 100 episodes now and I would recommend listening to every single one (except the one they took down because of the Dodd Frank Act). The blog here has tons of good reads, and asking questions here on the forums.

Good luck and feel free to message me directly if you ever need help or have questions. I am a newer investor also but I've picked up a lot so far, and if I don't know the answer I'll probably want to find out anyway!

Mike

For most people, I think buying a house to live in is a great start. With no money and without good credit you may still be able to find a seller financing deal (land contract or rent to own). Some sellers will accept low down payments or no down payments if you take it as is and fix it up. If you fix it up while living there you can build your credit, increase the value of the house and hopefully get a loan in 6 months or a year or so on it for a lower interest rate. I had a bank give me about 3 times the amount I paid for the house I was living in and that allowed me to finish fixing it up and buy a few others. Plus if you live there a couple years you can sell it for a nice tax free gain. 

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