I would like to start in real estate. I don’t have a job and kind of don’t want to work for someone else. I was thinking about doing the Brr. That is when you take out a loan, right? My credit is fair but I still working on getting it up. I wanted to know steps I could take to get this accomplished. I also wanted to do wholesale, but the podcast said that wholesale isn’t something you should do when you are new to real estate. Also, I wonder if going to work shop or conference could help. Do y’all know any steps I could take. I really want to do something with real estate. I figure that the first step is to build credit scores. Do I need a job to take loans out? Do I need a real estate license? If you say I should do wholesale I live in Ohio. I think it’s considered illegal here, not sure. If I take a loan out for my first house and pay money back through rental payments. Does that benefit me? That way I have one property and once paid off go for another.
hello Natasha, im going to try to answer what questions i can. Im not expert but let me see if i can help by breaking your post down to smaller parts. Im glad you want to get a start in real estate, i fell into the industry and have been very pleased with the opportunities its provided. I can understand not wanting to work for anyone else, but if you dont have a current position you should consider entering the industry at an entry level so you can learn and save money. I would suggest you get david greene's book Buy,Rehab,Rent,Refinance,Repeat. its less then 20 bucks on amazon and will really help you to get a good grasp of exactly the steps you need to take. I read it and have been able to get a really clear vision of how to leverage my time and efforts to start building wealth in real estate. I like to hear that your listening to podcasts, keep that up, listening to people with experience and reading will help you find success. I think your right that building your credit score will help you. One of the hurdles im overcoming is not only credit but showing the proper income on my taxes to get refinanced on properties. I dont know much about wholesaling, i was just reading another post this morning and they were talking about how in many states it is illegal. I think that maybe finding investors or just working and saving your own funds is the better route. I also like your idea of getting a loan on your first place, you can look for a douplex and have the tenant on the other side pay for the whole mortgage. This would benefit you because now instead of paying to live you can save that money you are currently spending on rent/mortgage to invest in your next property.
i like seeing your intrest and hope to hear more about your journey. I hope i was able to shed some light on your concerns. Please feel free to message me, im not an expert but im always willing to talk and try to share what i've learned so far. I saw you mentioned your in ohio but not what city. If you happen to be in Columbus, id be more then willing to link up for coffee and talk more.
hope this helps