I'm 18 and new to the real estate business. I do not have a job yet and need capital. I've applied for endless amounts of jobs to build capital to get a loan, but none have gotten me anywhere. I want to get enough capital + loan for a rental condo that will produce a steady cash flow and learn as much as I can about real estate as I can. I will later go into fix and flips. Is there anyway I can get capital without credit? And do you think this is a good plan. Please feel free to critique with anything helpful.
Wow, @Anthony Shakir I wish I had the gonads to step into this game when I was 18..*sigh*..anyways..
First off, if I were you I would get a JOB, Sounds like you really need to save money. Get a job in an area of RE that interests you so you can gain on the job experience. Its great to have big goals but also be realistic about your situation. You are still young so I don't think a loan is an option at this point (how will you pay a loan back without a JOB?).
Keep applying for JOBS, eventually you will get hired.
And lastly, when it comes to building your RE *business* the property or the real estate is incidental, don't leverage deals with loans, leverage them with your training or your skills.
Ok young man. Yes, it would be a good idea to get a job, because you have no chance getting a conventional loan if you can't prove income.
But what makes you think you need to apply for a loan to buy rental property. You will be at the mercy of the banks. Not good in my estimation. You can only apply for so many loans before the banks will shut you down.
You need to educate yourself on the merits of owner financing, creative financing. There are lots of people out there buying investment property with no or very little $$ and using non of their credit.
If you have not heard of this revelation, then it's time you found out.
1. Get a Job (in the RE field if you can)so you have some income and can show steady income
2. Find a Real Estate mentor near you that you can work with for Free, you can learn from him/her while you gain knowledge and experience and they get your labor for free so it's a Win/Win for both.
3. Pick up the Book on Low and No Money down written by
Those three things should get you moving in the right direction quickly
Good Luck, I wish BP was around when I was 18!
Hey @Anthony Shakir you could start with the Ultimate Beginner's Guide if you like and if you want to advance, you may want to check out the Book on Investing with No Money as @Frank Woodin suggested.
Also, if you like, the most recent #AskBP episode may be helpful to you as I discuss about goal setting. :)
You are in the perfect position. The best decision you made was to get on here and make this post. You don't need money or credit to get started. PM me lets get you rolling partner.
Armond Wright MBA, The Wright Team | [email protected] | 5672771235
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