Fort Pierce, FL · Member since 2015 · 3 posts · 1 vote
I'm brand new to the investment world. I have no money to start, no credit but tons of drive and ambition. How can I get started, really get started investing in Real Estate?
Thanks everyone for your honesty. Actually I'm good. Doing research. Was waiting to see who would offer some over priced real estate program that never works for anyone but the one selling. If any of you are in the South Florida area would love to do a segment on my show regarding real estate investing. Happy Holidays everyone. #CrazybabyTV #IamKenJackson
This frankly ticks me off! You state that this was just to see who was going to try and sell something then you shamelessly promote your own show. You blatantly deceived everyone reading this post and wasted our time by trying to give you advise on how to get started with nothing. Personally I hate liars and would never do business with you because of this reason. If you want to do research you could do it a number of other ways than this. Maybe try asking other experienced RE investors how many of them bought a program to get started instead of being deceitful.... sorry to the rest of the community for my rant and if I completely missed the boat with this one.
Ha, hard to get into "investing" with nothing to invest.
Best thing to do is go work for someone else to learn and build up some cash. Read a lot, bring value to someone in exchange for knowledge.
I'd start with getting a RE license and go to work as a low paid assistant to a heavy hitter in town. You'll learn a lot about the process in a short period of time, then as you learn the ropes you can figure out how to start doing the fun stuff.
About the only option you have is to learn how to team up with money partners, whether that's private lenders, other investors or hard-money.
Read up on self-directed retirement accounts and how folks can use them to take more active control of their earnings on their retirement savings.
When you can show folks how you can get them 12% to 20% return on their money versus the beating their savings has taken on Wall Street - 50% to 90% losses, you'll soon have more money available than you can find deals to do.
There was a post in another thread about the biggest mistakes newbies make. I'd have to list misunderstandings about money up there near the top of the list.
1) Call every FSBO & For Sale/For Rent on Craigslist.
2) Doorknock every house in your area. If the numbers work out, wholesale the property to a local investor. If it's a nicer house and they want to sell, hand the lead to a local realtor.
You'll learn a ton just doing these two activities. Also, build relationships with local realtors and investors you can trust to help you.
About the only option you have is to learn how to team up with money partners, whether that's private lenders, other investors or hard-money.
Read up on self-directed retirement accounts and how folks can use them to take more active control of their earnings on their retirement savings.
When you can show folks how you can get them 12% to 20% return on their money versus the beating their savings has taken on Wall Street - 50% to 90% losses, you'll soon have more money available than you can find deals to do.
There was a post in another thread about the biggest mistakes newbies make. I'd have to list misunderstandings about money up there near the top of the list.
Does it take money to do real estate? Absolutely.
Does it have to be YOUR money? Absolutely not!
Dude, not trying to be a jerk, but this works WHEN YOU KNOW WHAT YOU'RE DOING. I've got a lot of private money in play and did my first deal Sub2 with a private loan behind it with none of my own money, but I had almost a year's training before I did it. Telling someone with no experience, no money, no credit to go hit people up for their retirement money to invest in real estate is a disservice to everyone involved.
About the only option you have is to learn how to team up with money partners, whether that's private lenders, other investors or hard-money.
Read up on self-directed retirement accounts and how folks can use them to take more active control of their earnings on their retirement savings.
When you can show folks how you can get them 12% to 20% return on their money versus the beating their savings has taken on Wall Street - 50% to 90% losses, you'll soon have more money available than you can find deals to do.
There was a post in another thread about the biggest mistakes newbies make. I'd have to list misunderstandings about money up there near the top of the list.
Does it take money to do real estate? Absolutely.
Does it have to be YOUR money? Absolutely not!
Dude, not trying to be a jerk, but this works WHEN YOU KNOW WHAT YOU'RE DOING. I've got a lot of private money in play and did my first deal Sub2 with a private loan behind it with none of my own money, but I had almost a year's training before I did it. Telling someone with no experience, no money, no credit to go hit people up for their retirement money to invest in real estate is a disservice to everyone involved.
All the more reason to get educated first!
After all , I DID say, "... learn how to ...", "Read up on ...", "When you can ...", etc.
Education is what it's all about!
David J Dachtera
"Success is not a destination. Failure is not an event. Success is a process, failure is a choice." - DJ Benedict
KEEP WORKING, sacrifice some stuff such as latest smartphones, fancy new cars, dining out, shop at discount stores, build up a bit of credit (takes a couple years), show a steady wage for a few years, buy a duplex, live in one side, let the other side pay your mortgage, KEEP WORKING the entire time, you will be amazed how quickly you can start saving money when you take large bills out of the equation such as rent/mortgage. Its not easy and its not quick, otherwise everyone would do it right?
Thanks everyone for your honesty. Actually I'm good. Doing research. Was waiting to see who would offer some over priced real estate program that never works for anyone but the one selling. If any of you are in the South Florida area would love to do a segment on my show regarding real estate investing. Happy Holidays everyone. #CrazybabyTV #IamKenJackson
Before you worry yourself about your lack of knowledge and skill, you'd better work on attitude as RE is not for the timid.
Most investors, like myself, studied from serious texts and applied what we learned in the field. Discussion forums are no substitute for getting in the trenches.
I was fired from my corporate job, one I disposed, and knew I loved RE but rid not know how to pay the bills and make a living doing it to start, let alone did I have much surplus income to invest. But I did have the right attitude as well as the gift of desperation.
My initial foray into harf money loan brokering helped me get close to the situations people run into and leaned to solve problems. I later learned recognize and solve title problems and then found my preferred niches, including problem, deceased and missing inner property.
As far as action, desperate people are also known to do some crazy things, too. Patience is not usually a quality of newbies. However, persistence should be on your list.
Study real estate from authors such as John Schaub, Peter Fortunato, Jack Miller, Mike Cantu, Ward Hanigan. Don't bother with the dream merchants and BS Artist who try to get you into their 'Rich Dad Fortune Builder Work from your Basement in your Underwear' pitch.
Poor people gave big TV's; Rich people have big libraries.
I agree that education is key before purchasing the first rental.
If conventional financing is not an option for your first property, you could try a strategy that I have been testing out in my neighborhood. I drove around an area where there were a bunch of duplexes. I wrote down a address of all of them and jotted down notes about the condition of the outside (bad condition could mean tired, motivated landlords) I looked up on the local assessors' web site the mailing address as well as year purchased. I sent mail to properties purchased in the 80-90s saying I am interested in buying their property (I included a holiday card for a personal touch). The idea is hopefully I can find someone that owns the property outright so I can offer a seller financed deal. -i figure it is a long shot but if I do this In multiple areas eventually something will catch!
That's a good idea and a good touch to personalize. I also screen by date of ownership targeting owners who have owned a long time, I've bought some property where the owners had owned for 50 years. I also screen by non-owner occupants and specifically target out of county and out of state owners. I've even bought property from owners out of the country, the farther away the better. I also look for $1 deeds which often times indicates estate property, divorce or split of partnership/family ownership.
Thanks everyone for your honesty. Actually I'm good. Doing research. Was waiting to see who would offer some over priced real estate program that never works for anyone but the one selling. If any of you are in the South Florida area would love to do a segment on my show regarding real estate investing. Happy Holidays everyone. #CrazybabyTV #IamKenJackson
This frankly ticks me off! You state that this was just to see who was going to try and sell something then you shamelessly promote your own show. You blatantly deceived everyone reading this post and wasted our time by trying to give you advise on how to get started with nothing. Personally I hate liars and would never do business with you because of this reason. If you want to do research you could do it a number of other ways than this. Maybe try asking other experienced RE investors how many of them bought a program to get started instead of being deceitful.... sorry to the rest of the community for my rant and if I completely missed the boat with this one.
Yes it was definitely not the right way to do this. But to the people who took time out to share their knowledge i appreciate it as a new investor myself. Thanks