Possible to Get Started with No money, and having bad credit?
Title kind of says it all. My father wasnt a great guy destroyed my credit and it could be years before i finish fighting all the damage he did and getting it removed from my credit history, and then actually establishing good credit after that. Last i checked my score was in the low 400's for all 3 credit agencys so financing is completely out of the options. As for savings even with a full time job making $12/hr and living in the cheapest 2 bdrm apt. i can find (I have a wife and son) i barely am able to afford bills and food/necessities. and thats working 60 hours a week. Im tired of being stuck. And real estate has always been something ive been interested in but always seems like a pipe dream for me due to the above reasons. I recently read a few articles about it being possible to get started without any money at all, and inability to finance. Is this true, or were these articles just blowing smoke up my arse?
@Dave Ramirez "He called every successful real estate team in the country and he said he would work for them for free so he could learn real estate. He was in Ohio and started working for a big deal team in California."
thats a genius idea may use that hahaha
@David White It seems like your a smart guy. You talked about how the meet up group is expensive earlier. What I would do since you are familiar with coding and email stuff, is 1) create a website for real estate . You can use godaddy, site builder etc. then I would use Facebook to create a business fan page. Your website will allow you to use email marketing. 2) Facebook will allow you to run Facebook ads to target an audience. (You will need a small amount of capital for this) From here you can easily spread the word to form your own meet up groups and also target your area to help find deals. You can check out my website for a general idea. It's not the best but I built it and you can check out my Facebook page Kharmarelic Investments LLC. Just some more ideas.
@Jesse Carlson Yeah i had that same thought haha, I have a Twitter, Facebook, and Linked in now, As well as a website InvestOmahaNow.Com Pretty much how i spent my night last night hahaha
David White : I admire the drive and willingness to do what it takes.
And I hate to give "no duh" advise but is there SOMETHING you can do to help with the income? $12/hr is less than we pay our receptionist and almost half what we pay our managers (who at times I feel are not bright or hard working)
What I would do is whatever it takes to get a job in RE. Leasing agents (I pay our outside agents $250/lease. They can do 5-10 a week). Property manager. Whatever. Just get your foot in the door in that world. I feel bad that I have a lot of employees squandering the opportunity I feel I've given them. They just go through the motions vs saying "I'm going to take this opportunity by the balls and go take over the world". Once that 5pm bell rings, they're out.
Anyway. So that's what I'd say. The upside of your current job looks to be that it's one you can bail on to take a RE related job with no downside. So get into this world. Learn learn learn.
And don't worry about credit score. Credit scores are a joke. They're about as dumb as our conforming lending rules. I've given up on them personally and have zero problem doing deals
Best of luck man. I truly mean it.
@Cody L. I do have some experience as a property manager as i mentioned earlier in the thread. However left the company due to the amount of sketchy and illegal stuff they were doing and getting away with, just couldnt stomach it anymore. As for wage, $12/hr is pretty much the avg cap here for what you can achieve without a bachelors degree in a relevant field, the sacrifice of your first born child, and 5 people working for the company vouching for you. We have this great job market, it just doesnt pay well unless you know someone who knows 5 people. Its taken me almost 8 years just to be able to get into a job that pays $12/hr. And ironically if i were to get promoted i would go to salary, work more hours, and get paid 25% less then what im making right now. If it were not for a stubborn wife and a 5 year old son, id have moved to an area with a better paying job market a long time ago.
That's crazy. My office is in Houston, where you wouldn't think has high labor costs, yet $12/hr is minimum to get someone that can speak a full sentence and you can count on them showing up.
Go find another PM job. Shouldn't require any degree. Esp if you have xp. You'll start at $12-15/hr.
My OTE for PMs is $60k/year. $80k for good leasing and $100k for ops.
@DavidWhite I get the feeling that what people say you are whining about is something that has caused you a lot of pain/ hurt and betrayal. But you know what? Embrace it all and keep moving forward. With every step, may you find the strength and grace to accept and overcome what your father has done. We are all works in progress. Maybe your Dad did the best he knew how.Regardless, "take your broken wings and learn to fly again." You might soar!
@David White Hi David. Would you mind sharing the you tube link you were given on wholesaling? Thank you!