Houston, TX · Member since 2016 · 10 posts · 2 votes
Hello Everyone,
While I'm extremely new to the world of real estate, over the course of the last 3 weeks I have been taking in as much information as I possibly can because I'm very serious about creating a future in real estate. Being that I'm young and relatively new to the work force, I don't have access to much capital outside of my current income. Nor do I have any assets.
But as I mentioned, I'm serious and willing to listen to anyone who has the right things to say. Can anyone offer any advice on how to generate some cash flow within the realm of real estate without actually going out and purchasing my first property; or be willing to teach me (I'm located in Houston, Tx). The purpose of accumulating the money would be to put towards my first investment.
-Xavier Jefferson
Xavier, perhaps you should explore the world of Wholesaling. No investments really required . You'll need to learn the rules of the technique. There's volumes written one the subject here in Bigger BiggerPockets. Also reccomend you become associated with the Real Estate Investment Associations (REIA) in the Houston area. You'll meet like minded people with similar goals and real investors who know the ropes. Just stay away from those who promise great riches in return for your enrollment in their addictive training programs. Always check with members of Bigger Pockets first when you need further advise as I'm sure you will. Keep a tight grip on your wallet and your emotions in check. There are fortunes to be made in real estate but take the steps carefully and find out who you can trust. If you're determined and act intelligently, you can do extremely well in this business.
Connect with the REIA as suggested. I've been a landlord for a few years, but recently started flipping. Wholesaling is a good idea, if you decide to flip, I suggest looking for a partnership. Given you are new to your career, if your in oil and gas, focus on doing well with that job first and save money. I worked in the oil and gas industry and I'm willing to help where I can.
Jeremy
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
@Xavier Jefferson Good Luck, I would also suggest looking to see if there is a BP meetup in your area. The art of the deal is a big part of what you will be doing. Owner finance can help you make a deal that otherwise may note be viable. Find a good mentor down in the area and I am sure you will be successful. If you get a deal with an exit strategy of financing and you post the deal on BP you will quickly find help in financing and analyzing the deal to know if it is worth going forward with.