20 old college dropout seeking advice about real estate (Srilanka)

4 Replies

im a 20 year guy from Srilanka,and i am very interested in real estate investing the problem is i dont have money to invest.What will you guys do if you are in my situation? Is it possible to find a hard money lender online to invest? is it possible to buy property outside my country? please give your advice.thanks

I would recommend first getting yourself properly educated in real estate. Since you have access to the Internet, you can access a host of valuable resources such as videos, blogs, websites, webinars, and e-books - all of which will provide you the information you need. BiggerPockets is a great place to get started and network with other real estate investors! Later, when you're getting ready to close your first deal, it is possible to do so even if you don't have money to invest. The general term for this is "creative financing" (you can search it up). It's not that you don't bring money to the table, but that you bring other people's money (ie OPM) to the table. There's actually a directory of authentic hard money lenders here at BiggerPockets, up at the toolbar under the "Resources" tab. It is possible to buy property outside your country, but I would not recommend doing that as a newcomer. Property management in another state is difficult enough already, let alone another country.

finish college. Sounds dumb, but it's a smart decision in this day and age. When i was 23 and bidding on a house, my agent wanted to see my degree.

If your agent wants to see your college degree, you need to find a new agent.  

Originally posted by @Sadun Hemal :

Sadun,

First off Congratulations for having a dream and starting to pursuit it.  It is easy for anyone from anywhere to purchase real estate in the US.  It is a lot more difficult to purchase real estate here if you do not have any money and you are not here, but it is not impossible.   Finding the right people, and finding a way to do it even though it may not have been done before can make you wealthy and achieve more than you may have ever dreamed.  

I think that what David is trying to say, is it is better to have a college degree because it gives you more opportunities, but more than that it gives you connections, and in America you do not have to have an education to be successful.   Famous Amos of Famous Amos Cookies became a multi millionaire off his Cookies and he only had a 3rd grade education and was dyslexic.  Sometimes being educated  can hinder people because they know too much and they cannot focus on what they need to accomplish. This is especially true right now for American politicians (joke but probably true)

The point is that you must first have dream and 2nd you must follow that dream until you achieve it.  Don't let anyone tell you that you cannot do something.  Do it and prove them wrong.  Failure is the stepping stone to success.  Because each time you fail you are one step closer to success.  

Sadun, taking focused action is what will make you successful.  Never describe your self as a drop out or a failure.  Because the way you see your self and describe your self to others could be a self fulfilling prophecy.   If you describe yourself as successful that too can become a self fulfilling prophecy as well.  

Ask for help because there are always people that are willing to help people that are helping themselves.  Please let me know if I can help.

Kevin

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.