How Do I Start Investing With Little or No Money

Question

Life has been taking its course and has now led to a desire to begin real estate investing. So far I have been doing a ton of research to find how to get started. In my current situation I have no money to put towards investing, which has led me to read a lot about getting started with no money or credit. But there always seems to be something that involves money. I understand that it takes money to make money, I really do. But as of right now I don't make much and every time I visualize myself becoming a successful investor without much money the idea is really daunting, and sometimes seems impossible. I am at a low point in life, probably my lowest, and I very desperately want to become financially free. If anyone could please help me out with any information/advice or point me in a good direction it would be greatly appreciated. Just an FYI to anyone that reads this I've read most of the beginner content on this website, just wanted to add that so hopefully I don't receive information I've read already. I appreciate anyone who even takes a moment out of their day to read this, God bless you.

Much Love,

Tramone Russell

Much Love,

Tramone Russell

Dion McNeeley · Answer

Hi @Tramone Russell,

Not too long ago I was in a similar place. I would recommend reading or listening to a book called "The richest man in Babylon".

This can show you a knew perspective on money. Like most people I used to pay my bills and I thought whatever was left I would keep and invest.

There was never anything left.

This book showed me how I could "pay myself first". By taking a small amount from what you earn, before anything else takes it, you can start saving and in a short period of time you could have the funds to do the 3.5% down house hacking method @Taylor Chiu mentioned. This is a great strategy.

If you use the house hacking method of renting out the rooms in your place or moving into a small multi family, 2 to 4 units, and having tenants in the other units pay the mortgage, you can reduce or eliminate your own monthly housing costs. This can speed up the saving rate you have for the next investment.

I hope this helps. Thanks.

Tramone Russell · Answer

Thank you for responding! I do have a job but only part time, and I possibly could qualify for a loan. That is an amazing idea, I've seen a little about house hacking but just now starting to look into it. A big bulk of what I've been studying is about wholesaling, which I just found out isn't the most beginner friendly.

Taylor Chiu · Answer

@Tramone Russell

Hey Tramone, thanks for reaching out. Do you have a job, and could you qualify for a loan? If so, house hacking is a great way to get in the game with little money. You could get a fourplex with an fha loan. 3.5% down, you live in one unit, and rent the others...

How Do I Start Investing With Little or No Money

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