Motivated with no money: what should I do?

Question

This is my first post on BiggerPockets! I’ve been interested in real estate investing for awhile now, but just recently decided to truly get serious. As my interest in the field grows, so does my uncertainty with what method to use and the steps to take. I’ve got the time and I’ve got the determination but I’m lacking in money. Any help of course would be greatly appreciated!

Stephen Akindona · Answer

Personal finance is where you need to start! In this business you can certainly get started with little to no money but even if you do a deal or two and can not manage your personal finances you will never grow. It will just be money in and money out!

Work on your personal budget and save investment capital. In the meantime while you are saving and being disciplined to a budget, look to use low and no money strategies to get you going. Wholesaling is a great way to get started!

Hope that helps!

Justin R. · Answer

Bring value to someone who has what you don't. There are many ways you can do this. Are you good with technology, have extra time (bird dogging, finding deals, helping run errands, etc), Construction savvy, etc?? Find a way to bring value to someone that is where you want to be, and you will be rewarded.

George W. · Answer

Start a monthly budget for yourself and stick to it pay your savings aaccount first. Maybe look for employment that pays a little better. Try to cut your monthly expenses to save more. Once you get some money saved up then things will become a little bit easier. FHA loans are 3.5% down. Maybe find someone who can offer owner finance. Maybe find someone who's in similar shoes and partner up if you can make numbers work.

Charles Carillo · Answer

@Aaron Elder

Wholesaling is also another good option to get started with.

Andrew Cornstubble · Answer

@Aaron Elder i started with owner financing.  Fha loans are 3.5% down.  You may be able to find an investor and do a few handshake wholesale deals so they know you are serious.  Then maybe they would loan you some capital?

Marquez Griffin · Answer

@Aaron Elder I agree with Stephen. I suggest starting  by just viewing your finances. Try and save as much of your income as you can while you keep researching the different ways to invest in real estate. Good luck!

Motivated with no money: what should I do?

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