I am a recent college grad residing in California with little money to put towards real estate. This is the main reason that I've gotten discouraged in the past, but now I am trying to find a solution to overcome this! So, how can someone in my position get started in multifamily real estate with minimal funds? I would eventually like to be a syndicator on large, out of state multifamily properties, but I need to build my experience up in order to attract investors and for brokers to take me seriously. What are some strategies that people use to build the necessary capital to get involved in real estate? From the reading that I've done, it looks like whole selling is a good option to build capital, while also learning the different aspects to the REI game. Does anyone have any thoughts or things that I should be aware of before going into whole selling?I would also like to get involved with one of the coaching programs (Rod Khleif for example), but simply do not have the money for these types of programs at the moment. Furthermore, I feel that I still have a lot of research/learning to do on my own prior to paying for a coach.
If anyone has had a similar experience, I would love to hear about how you tackled this obstacle!
Welcome @Jeremy Mims My advice would be to Change your mindset, and save every penny you can so you can purchase that first property. Get creative, and stop worrying about spending money on coaching programs.
Before I purchased my most recent project, I would take old tools from yard sales, clean them up and sell them on ebay. This was my "cushion" money just in case I couldn't get rent from one of the tenants.
Funny story: I bought a vintage Norton sharpening stone for a $1 once at a yard sale. I put it on ebay and it sold for $785 to some guy in Sweden I believe. He used it to sharpen his axes for those big competitions you see on tv. I had no idea, I was expecting $40 max.
Good luck on your RE adventure!
@Jeremy Mims Welcome to BP. I think wholesaling is a great way to start with little capital needed for it. And a good way to build up cash needed to invest. In terms of learning, you can do some of it for free by reading books, listening to podcasts - BP & others, as well as by networking with like-minded investors locally at REI clubs found via meetup and BP.
If you need book recommendations, start with Steve Berges book on apartment investing and David Lindahl book on multifamily millions. Need more recommendations - PM me for my library link.
Best of luck!