My name is Sabrina and I'm new here to BP & real estate in general. I've been reading up on the many types of investment options & creative strategies for financing and it all sounds so interesting. Just wanted a few tips on what is the best way to get started with no money. I hear house hacking, wholesaling, etc. What is the best way for a beginner? My credit is excellent, I have a full time job, and I have lots of extra time to learn and put in work.
I want to gain some wealth to help out my family and gain tons of knowledge along the way. I know real estate is not a "get rich quick" thing so I am definitely ready to put in some work! Please give me any/all suggestions, advice, etc. Much appreciated!
Thanks a bunch!
Hi Sabrina, welcome to the BP Community, if there's anything I can help with let me know and we can connect!
@Sabrina Rios in my opinion wholesaling is not a good way to start out, especially in California (high cost of marketing, competition, no garuntee of success etc.) , you might consider using an FHA 203k to house hack a multiunit that needs some work in your area (there are quite a few) Creative finance opportunities aren't as common as many on Bigger Pockets make them appear, seller financing is fairly rare and when available usually offers terms inferior to those of a traditional lender. But if you keep looking you should be able to find something that helps you reach your goals.
@Sabrina Rios Almost anything that you want to do with real estate will require money up front, if you go with FHA or FHA 203k your down payment can be 3.5%-5% the only real way to do no money down is the government programs that allow it, but they strongly favor owner occupied single unit properties. Or owner financing which is rare, especially with no money down and will generally have worse terms than a bank, however owner financing is more common with multiunit properties than it is with single family.
Welcome to BP! @Sabrina Rios
There are many different avenues to go down in Real Estate Investing so you need to first put in the research and learn all that you can to figure out which one works best for you and your personal situation.
Listen to the BP Podcasts, read their books, follow the forums, attend local meet-ups and before you know it you'll wake up one day with a deal under your belt!
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