No Money But want to start Investing

14 Replies

Hey How is everyone doing. I'm a newbi investor here in Greensboro, NC I know a little bit about real estate but i really want to dive in now. On the Down Side is i have no money saved . Any help or advice on getting me started would be awsome

Partner with someone who has money and experience. You have to be willing to bring something of value (to them) to the table as well.

How's your credit? You can get lines of credit/credit cards, there's private money (build connections), hard money ... go to your local REIA. There's always money at those meetings.

This is more information I have received from reading and particularly BiggerPockets Podcast hosts rather than my personal experience, but it seems so true: if you find a great deal, money is there. You can easily find the money as long as the deal is good enough to pitch to a partner. Given that, I would say start doing analysis as you figure out the funding and you may be able to find deals good enough to make other potential investors sit up in their chair. Good luck!

Welcome aboard Mychal!

If you have no money now, it's possible that you'd still have no money with a cash flowing property. I'm not suggesting that you have a spending problem but you should analyse WHY you have no money. Plenty of high-wage earners (Doctors, lawyers, etc) live an expensive lifestyle and do not invest properly. Conversely, there are many lower-wage earners that save and invest. I'm just asking you to think about your income & expenditures a little bit. 

You should also evaluate your talents to see what you can offer. Are you handy? Do you own tools? Are you good with people (charismatic)? Speak a second language? Figure out what you can bring to the table....time, effort, etc. Complete your profile, join your local REIA and make friends.

On the finance side of things, get your financial house in order with regard to credit, debt, savings, etc. I highly recommend that you go to your local library and read, "The Richest Man in Babylon".

Good luck to you and stay involved!


OK I Don't Live an expensive lifestyle Lets just say child support is kinda killing my regular paycheck i bring in. I Have plenty to offer starting out though I work Nights and i"m free all day. I actually am good at construction work I used to help my grandpa build houses. Also my job i work at i get parts, tools, etc. at the same price they get it for. So i have plenty to offer 

You sound like a great candidate for a Joint Venture (JV)! Join your local REIA & network with BP'rs local to you. Still read The Richest Man in Babylon, it's a great book!


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My advice to new investors is to start wholesaling properties. This is the quickest and best way to get started with the least cost.

First pick a neighborhood that you are either in or close to. Driver around all the streets and look for vacant houses. There should be some. Then look in the county assessors website to find the owners. it should give their name and mailing address. Send them a letter telling them you found their house to be apparently vacant. But if it is obviously abandoned, say so in the letter. Tell them you will pay them cash for a quick close.

Many times the owners don’t update their mailing address with the county so you may get the letters returned. I use to get the most updated info. It costs me $24.95 a month but it is well worth it because it also gives me email addresses and phone numbers.

If you are going to buy the property, fix it up and then either sell it or rent it then you are through.

But if you want to wholesale the property to another investor, then contact a local RE Agent to give you a list of all the houses in that neighborhood that have sold in the last 5 years with all cash. This typically is investors. Then again go to the assessors website and find their name and mailing address. And again use to get the best and latest contact info.

Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash. Then immediately contact all the cash buyers you just found that buy properties in that neighborhood and tell them about the house and would they be interested in buying it.

Once you have done all that with that neighborhood, go to the next one and 'rinse and repeat.'

I hope this helps.

Steve Anderson

Welcome to BP, Mychal.  Congrats on making the decision to better yourself.  That's the first step!

Under Education up top are some great How-to guides.  BP also has awesome podcasts and books/e-books available.  Your goal is to get educated. No music.  No tv.  Read and learn.  Listen and learn.  

Take a different route to work.  Be on the lookout for vacant, high-grass, neglected properties.  @Stephen Anderson has great suggestions how to get in touch with the owner/tax payer.  Take an opportunity to your local meetup for analysis help from an ethical pro in your area.  Team up and make money together.  It sounds like you have a lot to offer.

Brown bag your lunch and eat in. You don't need to see the inside of a restaurant unless you're working there as your 3rd job.  Sell the car payment and drive a functional beater with pride.  Learn and sacrifice and you'll get there.  Good luck and please keep us posted! 

There are always ways for every individual to save money. Most people may say they are not living a expensive life style yet are wasting a great deal of money on unnecessary personal expenses. Restrict your self only to needs and forego wants will add up to savings very quickly. If you are living single you should be able to live with much less that you presently have. Share an apartment with others for example. Get rid of your cell phone and cable TV. Don't go out drinking or to restaurants.

The key is to always make saving a priority not a maybe some day idea.

Find a partner with money if you have something to offer.

Start listening to all the podcasts!!


My suggestions for newbies is to first read a lot about REI. Brandon Turner has a good book on BP that reviews all the niches and gives you a high level pros / cons on each. Assess yourself (ie. have no money), but have time, connections to folks w/money, some talent that you can contribute or some passion that resonates w/you that will keep you reading, connecting w/others in that niche to become strong in that area. Local meetup groups are a great way to meet the players in your area.

Form relationships and volunteer whatever resource you can to bring to the table. Focus on learning and not so much earning at this stage. Seek out mentors but always ask how you can help them first and be clear on what you are trying to learn. Be purposeful and have good intentions. You could even seek a role in the REI field such as property management or anything that gets you employed in the area and rubbing elbows w/experts to learn and earn on a daily basis.

I chose MF investing, looking back, I had money but I didn't need money to be successful. You could have virtually no money to do what I did.  I got a coach in the area of my passion (ok, yes need some $ for the coach).  That led to learning, eventually led to helping him which helped me, I suddenly was seeing success, working longer hours not realizing that if you find something you love to do and you see success at it, you will put more time, energy and thought into it naturally....leading to getting better and better no time.  Read my profile and listen to the 3 podcasts posted there as one idea.

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