Possible to Get Started with No money, and having bad credit?
Wholesaler · Council Bluffs, IA · Member since 2017 · 28 posts · 23 votes
Possible to Get Started with No money, and having bad credit?
Most Popular Reply
Phoenix, AZ · Member since 2015 · 82 posts · 49 votes
9yBeware of anyone claiming you can make $100k a month at anything...
58 Replies
- Austin, TX · Member since 2017 · 61 posts · 32 votes9y
A suggestion I have is to start by wholesaling. If you have even just a few hours extra every week, start walking or driving down streets in your neighborhood. Maybe even try taking different routes home from work. While doing this take note of the distressed properties that you come across and when you get home find out who the owner is and hand write them a letter asking if they want to sell.
Driving for dollars is how some wholesalers get started with virtually no money. What you'll need is knowledge, pen, paper, an envelope and 50 cents for a stamp.
- Real Estate Agent · Benton, AR · Member since 2017 · 14 posts · 6 votes9y
If you don't know much of anything about real estate, your best bet would be joint venture wholesaling. Joint venture wholesaling is where you supply the deal, and the JV wholesaler markets it and gets it sold. You market to distressed properties like Brandon said, and once you find a seemingly good deal, contact a joint venture wholesaler about working with you on the deal. Just be careful about who you contact when you find a deal. A lot of people will try and take advantage of you.
- Wholesaler · Council Bluffs, IA · Member since 2017 · 28 posts · 23 votes9y
Originally posted by @Brandon Johnson:
A suggestion I have is to start by wholesaling. If you have even just a few hours extra every week, start walking or driving down streets in your neighborhood. Maybe even try taking different routes home from work. While doing this take note of the distressed properties that you come across and when you get home find out who the owner is and hand write them a letter asking if they want to sell.
Driving for dollars is how some wholesalers get started with virtually no money. What you'll need is knowledge, pen, paper, an envelope and 50 cents for a stamp.
I can Definitely afford that, Where on BP would i look for good resources and explanations for How i get started Wholesaling, the process, things to look out for etc. Or maybe even an "idiots guide to Wholesaling" lol.
- You have 2 issues to deal with. I will only hit on one (from experience) -- credit score. You need to re establish "good" credit history. If you can scratch together $1,000, buy a CD. Then pledge it for a loan (be sure bank or CU reports to the big 3 credit bureaus). Pay loan back over 12 months. Get a secure credit Card ($500 limit), use it, pay it off monthly. If you do this you have an installment loan, and a revolving loan established. Keep them paid when do. A 400 something credit score will take time to fix, but you need to start now! This works, but takes time. I think (????) you can add a 100 word statement to your credit report. Regarding fraud, ID thief, etc. Everything is fixable, but death!
- Wholesaler · Council Bluffs, IA · Member since 2017 · 28 posts · 23 votes9y
@Ed S. I currently cannot do that, My father still has my SSN and has attempted to use as recently as 6 months ago. I am currently going through the process to have my SSN changed and to contest the negative marks on my credit score. as a result of this legal process i cannot get loans or secure cards etc. to "repair" my score until after i finish contesting and having my SSN changed because it can cause more issues and make it harder to get the damage my father did removed. This was per the advice of multiple Credit Counseling Companies as well as the Group assisting me with contesting the negative records.
- Professional · Beverly Hills, CA · Member since 2017 · 88 posts · 35 votes9y
Forget trying to deal with your credit score. Head for the alternative finance sector. Specialize in Wholesaling and you will never need to borrow money. You can be making $100,000 a month once you master skills - initially set a more modest target.
Worrying about Credit Repair which will take you years puts you back under the thumb of the bankers - Do you really want that?
- Phoenix, AZ · Member since 2015 · 82 posts · 49 votes9yBeware of anyone claiming you can make $100k a month at anything...
- Wholesaler · Council Bluffs, IA · Member since 2017 · 28 posts · 23 votes9y
Originally posted by @James Conaway:
Beware of anyone claiming you can make $100k a month at anything...
I may have been born yesterday but i wasnt born last night ;)
- Wholesaler · Council Bluffs, IA · Member since 2017 · 28 posts · 23 votes9y
Originally posted by @Account Closed:
Forget trying to deal with your credit score. Head for the alternative finance sector. Specialize in Wholesaling and you will never need to borrow money. You can be making $100,000 a month once you master skills - initially set a more modest target.
Worrying about Credit Repair which will take you years puts you back under the thumb of the bankers - Do you really want that?
Hence my Original Question....? But Yes i plan to repair my credit regardless of wether im making $500/month or im making $100k/month. My current goal is 1.) learn everything i can to get started Wholesaling as it really is in essence my only option due to circumstances.
then 2.) Make my First WholeSale Flip.
3.) reinvest the money from first WholeSale into next Wholesale & repeat.
Obviously once i have save up enough, I can then venture into other aspects of REI.
but like i said, Regardless of ALL of that. I will still fix my credit.
- Investor · Scottsdale, AZ · Member since 2016 · 1k+ posts · 885 votes9y
@David White I looked at your profile and you are 26. Quit whining. Your dad screwed up. Big deal. As General Patton used to say "suck up your gut and keep moving". That is how we won WWII. Real Estate is for people who STICK TO IT! It is HARD! It is WORK! But boy o' boy, once you get it down it PAYS!!! Enough of the Good Cheer. I haven't used a bank in 25 years. I haven't used a real estate agent in 25 years either. Use OPM. (Other People's Money) Joint Venture, use Private Money, use Subject To, use Owner Financing, use Hard Money. Adversity is the mother of invention, or something like that. This guy "No Arms, No Legs, No Worries' Nick Vujicic made MILLIONS in REAL ESTATE https://www.youtube.com/watch?v=8jhcxOhIMAQ and I will guarantee you, no day you've every had is as bad as his has been
- Wholesaler · Council Bluffs, IA · Member since 2017 · 28 posts · 23 votes9y
Originally posted by @Account Closed:
@David White I looked at your profile and you are 26. Quit whining. Your dad screwed up. Big deal. As General Patton used to say "suck up your gut and keep moving". That is how we won WWII. Real Estate is for people who STICK TO IT! It is HARD! It is WORK! But boy o' boy, once you get it down it PAYS!!! Enough of the Good Cheer. I haven't used a bank in 25 years. I haven't used a real estate agent in 25 years either. Use OPM. (Other People's Money) Joint Venture, use Private Money, use Subject To, use Owner Financing, use Hard Money. Adversity is the mother of invention, or something like that. This guy "No Arms, No Legs, No Worries' Nick Vujicic made MILLIONS in REAL ESTATE https://www.youtube.com/watch?v=8jhcxOhIMAQ and I will guarantee you, no day you've every had is as bad as his has been
Im not whining???? Not in the slightest. I know exactly what i need to do to repair my credit. And my dad far from ****ed up, but judging by the lack of sympathy maybe you relate somehow? regardless i dont really care. If you actually read my full post, i was asking if starting out without money via wholesaling was actually a possible thing to do, or if what i had read was just smoke and mirrors buy my ebook, then my $500 software guru bs. I came to BP to ask for help and advice, a general yes or no its plausible and if yes heres some good starting info. I can already tell you have an over inflated ego but good for you. Thankfully i have a work ethic, regardless of whatever assumptions you half arsed, and someone hear who actually took the time to read and understand what i was asking has pointed me in the right direction. So good for you, I might be 26, but at least i have humility and humbleness. Clearly both traits you are lacking in.
- Investor · Phoenix, AZ · Member since 2015 · 485 posts · 384 votes9yBigger Pockets has guides, free books and courses, blogs, podcasts and everything else you need to learn about any real estate strategy - did I mention for free? Read when you can. Listen to the podcasts every minute you're driving. Yes it will be hard and will take a few months before you can apply any of that and hit a winner. But you gotta do WIT - Whatever It Takes ;-) Good luck and don't give up.
- Wholesaler · Council Bluffs, IA · Member since 2017 · 28 posts · 23 votes9y
also @Account Closed of all the Patton quotes to use, you chose one that is Questionably even something he said. Although i could easily see him saying it. A Far better quote to have used would have been:
"I don't measure a man's success by how high he climbs but how high he bounces when he hits bottom" - General Patton
- Wholesaler · Council Bluffs, IA · Member since 2017 · 28 posts · 23 votes9y
@Ken Breeze Thank you Im signed up for the webinar, are there any Guides/Courses you would personally recommend starting with?
- Chico, CA · Member since 2016 · 12 posts · 3 votes9y
YouTube is a great resource and BP has a library of educational content on there.
Credit Repair is possible. Do it yourself it's easy. Once I have made my first REI I will be working towards my state requires surety bond to do credit repair professionally in California.
- Wholesaler · Council Bluffs, IA · Member since 2017 · 28 posts · 23 votes9y
@Dustin Bluthardt Yeah i was given a link to a bunch of great videos on Wholesaling on youtube that are made by a guy named Antonio Edwards! and plan to go through all the courses and guides I can for the next Week, Ive already got 4 pages of notes in my notebook after an hour and a half of Videos haha.
- Investor · Scottsdale, AZ · Member since 2016 · 1k+ posts · 885 votes9y
Originally posted by @David White:
Originally posted by @Account Closed:
@David White I looked at your profile and you are 26. Quit whining. Your dad screwed up. Big deal. As General Patton used to say "suck up your gut and keep moving". That is how we won WWII. Real Estate is for people who STICK TO IT! It is HARD! It is WORK! But boy o' boy, once you get it down it PAYS!!! Enough of the Good Cheer. I haven't used a bank in 25 years. I haven't used a real estate agent in 25 years either. Use OPM. (Other People's Money) Joint Venture, use Private Money, use Subject To, use Owner Financing, use Hard Money. Adversity is the mother of invention, or something like that. This guy "No Arms, No Legs, No Worries' Nick Vujicic made MILLIONS in REAL ESTATE https://www.youtube.com/watch?v=8jhcxOhIMAQ and I will guarantee you, no day you've every had is as bad as his has been
Im not whining???? Not in the slightest. I know exactly what i need to do to repair my credit. And my dad far from ****ed up, but judging by the lack of sympathy maybe you relate somehow? regardless i dont really care. If you actually read my full post, i was asking if starting out without money via wholesaling was actually a possible thing to do, or if what i had read was just smoke and mirrors buy my ebook, then my $500 software guru bs. I came to BP to ask for help and advice, a general yes or no its plausible and if yes heres some good starting info. I can already tell you have an over inflated ego but good for you. Thankfully i have a work ethic, regardless of whatever assumptions you half arsed, and someone hear who actually took the time to read and understand what i was asking has pointed me in the right direction. So good for you, I might be 26, but at least i have humility and humbleness. Clearly both traits you are lacking in.
I agree, your dad is irrelevant to the discussion so don't use that as a crutch. And, as I said answering your question, Credit doesn't matter if you learn the tools I've presented. To each his own path. ;-)
- Wholesaler · Council Bluffs, IA · Member since 2017 · 28 posts · 23 votes9y
@Account Closed He was relevant to the original discussion though, I had no clue if what i read was guru bs or not. "If it sounds to good to be true it usually is" - Common Sense. I could have said i have bad credit and no money, at that point I look incapable of managing my own life, generally people with bad credit and no savings have 0 work ethic, its how they got bad credit and no savings. So i explained my situation. It also made it a lot easier for some to evaluate whether or not its something i could even remotely attempt. So yes, as of now, having been told yes, Wholesaling is a good start, its gonna be hard, but its doable, heres some links to get you started. My dad is 100% irrelevant now, as is my not having any money or bad credit. Also i may be 26 but some advice, Any wisdom presented in arrogance and disrespect will always fall on deaf ears. You have the knowledge to help someone, so do so, but dont assume someone is whining or lazy etc. It makes an *** out of the both of us. You can have the greatest advice and tools in the world but nobody is going to listen if you alienate them by the time you start saying anything useful.
- Wholesaler · Council Bluffs, IA · Member since 2017 · 28 posts · 23 votes9y
So question, this is Nebraska Definition of a Broker:
"(2) Broker means any person who, for any form of compensation or consideration or with the intent or expectation of receiving the same from another, negotiates or attempts to negotiate the listing, sale, purchase, exchange, rent, lease, or option for any real estate or improvements thereon, or assists in procuring prospects or holds himself or herself out as a referral agent for the purpose of securing prospects for the listing, sale, purchase, exchange, renting, leasing, or optioning of any real estate or collects rents or attempts to collect rents, gives a broker's price opinion or comparative market analysis, or holds himself or herself out as engaged in any of the foregoing. Broker also includes any person: (a) Employed, by or on behalf of the owner or owners of lots or other parcels of real estate, for any form of compensation or consideration to sell such real estate or any part thereof in lots or parcels or make other disposition thereof; (b) who auctions, offers, attempts, or agrees to auction real estate; or (c) who buys or offers to buy or sell or otherwise deals in options to buy real estate;"
Its worded in a way i dont quite understand, is it legal to wholesale in nebraska without an Agent license? or would i have to become a Real Estate Agent in order to do so?
- New York City, NY · Member since 2016 · 420 posts · 172 votes9yNot real estate related but you could finish this book in a day which should help you tremendously. "I will teach you to be rich" by Ramit Sethi.
- Rental Property Investor · Palm Bay, FL · Member since 2009 · 511 posts · 290 votes9y
Here's the thing....this Real estate game takes patience and hard work. It doesn't come easy. It took us three years before we started getting paid by our business. Why? Because we were busy working for someone else to meet our basic needs first. However, the way I see it is that during those three years we were investing our time (which is much more valuable than money because you can make more money but you can't get back time) and paying for our education that way, with our time.
Take the time to learn first. This is a long game, not a short one. Learn and figure out if this is something you truly want to get into or if you like it because of the potential money you can make.
Now to answer your question, yes, you can close deals with no money down and no credit needed, etc etc. But for that, you will need to educate yourself on how to do it and know that those deals don't come knocking on your doorstep. You need to know how to find them and know how to close them when they show up.
I've been playing this game for almost 9 years now....it is my work from home job as I raise my baby girl. I left my job almost four years ago to do this full time and I just used my credit for the first time in the last year.
Educate yourself and surround yourself with people that are where you want to be and will help you get there. Like the people here on BP... thanks @Joshua D. for creating this great community :)
Forget whatever happened to you in the past and see what the future holds for you and your family.
- Contractor · Dana Point, CA · Member since 2016 · 10 posts · 4 votes9y
@David White I'm originally from that area and moved to California 17+ years ago. I've been toying with the idea of investing back there. Maybe we there's a way we can help each other out. I've started making reconnections in Council Bluffs and the town I grew up in and have actually looked at a few places.
Best of luck my friend.
- 9yMindy JensenPro MemberBiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
@David White , you do face an uphill battle having such bad credit. Tackling that by changing your SSN is a good first step.
I'm going to jump in and say that Wholesaling is NOT the answer to your problems. There is this myth that wholesaling is easy, fast money. It isn't. It's hard work, there is temptation to be less-than-honest with sellers in order to get their house under contract at a price that makes money for everyone, and the entire concept is being looked into legally because of rampant abuse.
What sort of real estate do you want to get into? Do you want to be a landlord? You have a wife, what does her credit look like? What sort of job does she have? You're working 60 hours a week at $12/hr? Can you increase your income? What is it you do? Can your wife work more hours?
What sort of debt do you have?
Originally posted by @David White:
So question, this is Nebraska Definition of a Broker:
"(2) Broker means any person who, for any form of compensation or consideration or with the intent or expectation of receiving the same from another, negotiates or attempts to negotiate the listing, sale, purchase, exchange, rent, lease, or option for any real estate or improvements thereon, or assists in procuring prospects or holds himself or herself out as a referral agent for the purpose of securing prospects for the listing, sale, purchase, exchange, renting, leasing, or optioning of any real estate or collects rents or attempts to collect rents, gives a broker's price opinion or comparative market analysis, or holds himself or herself out as engaged in any of the foregoing. Broker also includes any person: (a) Employed, by or on behalf of the owner or owners of lots or other parcels of real estate, for any form of compensation or consideration to sell such real estate or any part thereof in lots or parcels or make other disposition thereof; (b) who auctions, offers, attempts, or agrees to auction real estate; or (c) who buys or offers to buy or sell or otherwise deals in options to buy real estate;"
Its worded in a way i dont quite understand, is it legal to wholesale in nebraska without an Agent license? or would i have to become a Real Estate Agent in order to do so?
From someone in Nebraska who has a license, Yes it is legal to wholesale in Nebraska. Your fee comes from selling a contract, not real estate.
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