What yearly income do you need to get started?

Question

For those looking to get started as soon as possible, what yearly income is typically needed to begin?

Chris Martin · Answer

In come depends on what you are trying to do. In some cases...

$0.

Just need a boat load of capital. Or a dingy full in my case;)

For qualifying for cheap government money, see the Fannie Mae selling guide for income requirements, page 378.

Jasmine Wilborne · Answer

Account Closed with $0.

But in another sense, "Getting Started" can be as simple as listening to Bigger Pocket podcasts on Youtube, you might like this one: Investing In Real Estate with No Money Down.

And you know what? That podcast is "free".

Don't let the "price" or your income keep you from taking your first steps towards freedom.

Chris Martin · Answer

I know a student (was a tenant of mine at the time) at NCSU who had $0 income for multiple years. The guy got his RE license and got started as a broker before he graduated. Used student loans/parent's money... but again, it all depends on what you are trying to do. This guy was going to be successful regardless of what he did. No clue what the guy is doing now... probably buying out Trump;)

Odds favor people who have #1) income, #2) capital, #3) specialized knowledge, #4) "good" experience, or combinations of the above. But like anything, these increase your odds (sometimes significantly) but in the good ol' USA there seems to always be someone who can pull off what others say is impossible. Like @Daniel Hyman says, it may be your ability to attract others and their capital (or, OPM) but in general you need to bring something to the table to make the equation work.

What yearly income do you need to get started?

Most Popular Reply