Where do I go from here?????

Question

I have attended a few seminars that always pitched a system that they were selling smh, but the only thing I wanted to know was, What is my first step in getting started in the Real Estate Industry? I have no income coming in so the only thing i have is time lol! How do I get started so I can build some income to start my Real Estate business???? Someone please  HELP!!!! Lol

Peter MacKercher · Answer

• I would look at working part time or full time at a PM company and learn the business from the ground up.
• Start building your credit.
• Network, Network, Network
• Learn, learn, learn before taking the plunge
• Find a mentor
• look into getting your real estate license.

Andy Mirza · Answer

Keep educating yourself through books and reading every forum post you can here on BP. Find local Real Estate Investment clubs that are NOT trying to pitch you something at every meeting. These might cost you up to $20 to attend but not more. Check MeetUp.com for groups in your area. Many of them are just groups of like minded investors with no fees. Network, network, network. Make friends, find mentors, and be patient. It will take time. Eventually you will find your niche and figure out what you need to do. Good luck!

Peter Skobic · Answer

@Ojay Jenkins Ojay, if you currently have no income, the first thing I would do is some type of a stable job. It doesn't have to be in the real estate industry - it can be anything, as long as it provides an income (even flipping burgers if necessary). Then, while working this full time job, start reading the forums, listening to podcasts, reading books about real estate, etc. You need to use that first year to educate yourself about the industry before jumping in. You also need to save as much money as you can for emergency expenses as well as for a down payment on your first investment property.

The best thing you can do is to save enough money for a down payment on a primary residence (the property you will live in). You can probably qualify for an FHA loan with only 3.5% down payment, so this shouldn't be too hard to do. Then you can start renting out a room in that house and continue saving money for a future investment. Don't spend any more money on guru's and get rich quick systems because they simply do not work. Hope this helps. Good luck!