21 year old looking for help
Hi all,
I am a 21 year old who has a passion for real estate, I have been reading forums, listening podcast, and watching webinars. Yet, I am overwhelmed by all the information that is out there and I don't know where to start, I know that I want to either wholesale properties, house hack, or buy and hold a property. At this moment I do not have any money to buy a property nor know investors, or mentors who could guide me. I also am trying to break into one of the toughest markets....Orange County. Any advice who be much appreciated.
@Kali Sanders With no money, it would be difficult to get into anything. I just got into RE investing this year and did multiple DM campaigns to get one deal and it cost me about $2,000 after all expenses including marketing.
Maybe save up enough money for an FHA loan and house hack. Focus on that for 6 months and see where it takes you, by trying multiple strategies your brain will just spin, treat all this knowledge like a buffet- take what you need, and come back for the rest later.
Last note- only way I was able to do this was by forming partnerships with people I know, and then going out to professional businesses like banks, title companies, insurance, GC's etc and just talking to them about my vision.
Focus and obsess on one strategy and see where that takes you. "Being productive is not about what you say yes to, but about what you say no to" Read "The One Thing" and that may help you focus.
Hello and welcome Kali! I hope you get several answers that will drive you in the right direction. There are so many options to choose from but I would advise you to is to Fix and Flip in a trio with Buy and Hold and 'house hacking". I would hold on to some of my purchases for rent, and "house hack" some of them and then flip them when the minimum time is done (usually 12 months) and keep the same loan. When I have some experience to do more I would start doing some of them under the Fix and Flip scenario and do what is called a "quick flip" also (that involves a quick turn without doing any work or a little).
There is much to learn but I see most of it as simple but there is very much to learn. I think Wholesaling is pretty difficult but you have to be a good salesperson to do that and it is not as easy as many salespeople tell you that it is a good place to start because it does not require much money to do that.
Sorry about that. My computer has a very sensitive and makes many actions assuming I wanted that. I was not through with my message to you. One of the most difficult things is to read the customer and know how they may react to finding out that you made some money. To keep your profit quiet you may be forced to do two closings. So, if you did that you need to add the cost of that second closing. Whatever you choose takes patience and bravery. Be consistent and never quit. Not all deals are winners, you just hope the winner verse losers there is a higher percentage of winners over losers.
Just do what is average in that area. I'm 61 years old and have been around the block or two. I listen to a lady every week that is in Orange County. It is amazing that BiggerPockets has so much to learn from. I've been a member for about 4 years and I am still seeing new stuff. Confidence will start rising as you learn. Good luck to you!
Without any money to help get you started. I would drive around my city and look for distressed properties. Once I found one I would knock on the door to see if they would be interested in selling. If the property is vacant you can go to the local assessors office and find out who the owner is. Contact the owner and see if they are willing to sell. Not at market value of course, your goal is to get it way under market value, hopefully in excess of 30% off. You also need to be sure that the repairs needed to bring the home to market value don't eat into that 30% too much, otherwise you may have a hard time finding an investor. Deals like this need to make sense for all parties involved.
OR
You can reach out to known wholesalers in your area and find out what they pay for a bird dog? A Bird dog is basically someone who brings these types of deals to their attention. A seasoned wholesaler should be able to tell pretty quick if there is a deal to be had. If this is the route you go be sure to have the wholesaler walk you through the steps of flipping the contract and pitching the deal to investors. This is probably the more recommended route.
Now once you get a little change in your pocket and more experience you may be ready to try one of the many flip strategies.
Best of luck!
@Michael Lee @Ken Nyczaj Thank you for the advice and taking the time to respond to my post, it has really helped me in deciding further what I want to focus on.
#2 Marketing Your Property Contributor
- Flipper/Rehabber
- Wilton, CT
- 3,895
- Votes |
- 4,626
- Posts
#2 Marketing Your Property Contributor
- Flipper/Rehabber
- Wilton, CT
I started with zero money. I did wholesaling.
Is it hard to do investing with 0 money? Sure! Is it hard to finish a college degree? Sure.
Is it hard to break up with the girliefriend when you find one with bigger rounder juicier... "personalities"".? Sure!
It being hard has not stopped a single successful investor, or successful person period. In Fact, it being hard is WHY successful people are successful (at what they do)
If every clown could do it, it would be hard because you would be competing against everyone.
Because it is hard it is actually very easy to become successful because your average wholesaler/investor intelligence level, ambition level, desire to succeed and desire to do whatEVER it takes to succeed is simply low!
Wholesaling is hard. Sure, but it really isn't that hard when you are doing it the right way.
Tell me what exactly makes wholesaling , or investing hard?
Is it some ridiculous mathematical formula you need to understand the most complex Fourier expansion equations? No!
The principle is quite easy. Sign contract, sell contract get money.
Sure then why is everyone bishing about it being so hard?
OK so what is it hard to be successful in investing? Do you really need money to start investing? Sure but not much. You can start with just a few dollars honestly. BUT the less money you have the more you have to hustle! The more money you can devote to this the less you have to hustle. ( I just still hustle as if I had 0 money)
So then WHY is it hard? Because everyone says so. That is the problem..
For THEM it is hard! Why? because they are not as determined as you. Because they are not as smart as you. Because they are not as clever as you. Because they didnt work as hard as YOU. They didn't want it as bad as YOU!
Simple as that. THEY fail so : "OMG it is so hard". Bull poop!
So back to the reason then... why do THEY fail so miserably for them to label it as hard?
What is that secret ingredient missing for it not to be hard?
Simple really.
LEADS!
If you have an abundance of leads coming in constantly, continuously, it suddenly is not hard anymore (just REALLY annoying with everyone wanting me to come check out their house).
So If you had leads...
like so..
Would you stress about one of these leads not accepting your offer? nope
Would you be desperate to sign a contract?
Nope
You would make your offer and if they even TRY to negotiate you say.. you know what? Nahh thanks, good luck selling the house.. and you go to the next lead.
(If you make solid offers you know your ARV and you know your repair cost, trust me 80% of your offers will get accepted because there is NO room for them to argue the numbers if you show them where your offer is coming from)... PERIOD!
So everyone complains "ohh it is soo hard.. booohooo)
OK then friggin shut up, step up, and make it "unhard". If even ONE person can do it, it simply means it IS possible. And if you are anything like me... I can do ANYTHING anybody can do, if I just take it seriously. No one is above me.. no one. True or not is irrelevant. Just believe this!
Get your leads. Do the work, Get your website LEARN SEO, RANK and Make it easy!
Be better than you were yesterday Make that a rule. Eventually you will be better than everyone else. More capable, more knowledgeable.. in time you will write replies on Bigger Pockets just like me, and both the ladies and the men will throw their panties at you!
You will be seen as an authority in your niche, and you will dominate your market!
Simple as that.
Is wholesaling hard?
Sure, .. but so is everything else in life worth doing.
So stop thinking it is hard as your mind will shut down and subconsciously you will convince yourself you can't do it!
So the second part to your Q
No money.
I didn't have any money.
I made my first deal within 3 months of getting my website and that deal got me 14K. With that 14K I dumped 5K in Direct mail marketing to get more leads, and this got me 20K
You may not have money for a sizable DDM campaign, but you have SOME money do sent out some cards.
My advice is, stop setting yourself up for failure. Stop worrying if it is hard or not. Just friggin do what you need to do. Step up and just do it!
I did. Why the hell can't you?
Yes yes we know. I am the man. Worship away!
Jerryll Noorden You say here that you started with zero money, but your website says you are an ex robotics scientist that worked with NASA.
http://www.webuyhousesinconnecticut.com/about-us/
#2 Marketing Your Property Contributor
- Flipper/Rehabber
- Wilton, CT
- 3,895
- Votes |
- 4,626
- Posts
#2 Marketing Your Property Contributor
- Flipper/Rehabber
- Wilton, CT
Originally posted by @Sean Dolan:
Jerryll Noorden You say here that you started with zero money, but your website says you are an ex robotics scientist that worked with NASA.
That is correct. Born with a brain is free!
Sorry man. I really don't feel the need to explain myself to you or anyone. If you do not believe what I am saying.. I really don't care...
Don't you have better things to do than stalking me, obsessing about me, ...
Go watch "The Smurfs". Far more entertaining!
^_^
@Jerryll Noorden I'm adding you to the list of blocked users. It's the only way I can continue coming back to these forums. I really wish there were moderators in here calling out the garbage. It does a great a disservice to the community.
#2 Marketing Your Property Contributor
- Flipper/Rehabber
- Wilton, CT
- 3,895
- Votes |
- 4,626
- Posts
#2 Marketing Your Property Contributor
- Flipper/Rehabber
- Wilton, CT
Originally posted by @Sean Dolan:
@Jerryll Noorden I'm adding you to the list of blocked users.
ok np!