I am currently a student at Indiana University. I have been interested in the real estate industry since I started at IU, but since I am a student it is a challenge to get a lot of capital to invest. I have heard of sheriff sales and commissioners sales as a cheaper way to enter the industry, what are your thoughts on those options? Any help, comments or tips are appreciated. Thanks.
Getting started is the hardest part!
1. Determine a strategy on which to focus.
2. Understand how the strategy works
3. Build relationships in the local market with investors who are executing the strategy. (Attend meetups, BP, etc)
4. Once you understand the fundamentals of the approach, you will be able to understand where you can bring value to a deal and what you need to execute the deal.
At the outset, you have identified that you need capital to get started. If you learn how to identify opportunities, explain why it's a good opportunity and sell your ability to execute the strategy, you will be able to attract partners to invest in your deal.
@Cameron Engstrom - by far one of the easiest ways to get started when you are young is to house hack. If you haven't seen it already, check out the webinar and article Brandon Turner did on the subject.
@Cameron Engstrom Alternative idea for you, go to sheriff sales, courthouse sales, any place where there are physical bidders. Print out resumes and hand them to everyone you meet and tell them you’re a student looking for an internship. 95%+ will probably end up on the floor, in the trash, but you only need one. Why do this? You probably don’t have much of a clue when it comes to evaluating these properties. I have real estate and I would have zero clue how to risk-assess deals where you can’t walk through the property, where you might not get an inspection period, etc. Maybe you know all of that already but I wouldn’t. And I’m smart enough to know that if I have knowledge gaps I’d end up being the “dumb money” in the room.
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