Hello Jesse. This may be some unsolicited advice, well I guess not as you asked but investing is not something you should do while you are going broke. I would get your finances in order first and then revisit real estate investing. That is just my opinion though. I wish you luck either way.
Hello Jesse. This may be some unsolicited advice, well I guess not as you asked but investing is not something you should do while you are going broke. I would get your finances in order first and then revisit real estate investing. That is just my opinion though. I wish you luck either way.
If you are going broke then you are not in a position to invest in real estate. I would recommend a Dave Ramsey course to get your finances in order first.
Real estate is something that you will have to feed until it can feed you.
Sometimes folks think real estate will give them instant success, but that’s not the case.
You can start with reading a lot etc. Just posting asking for the secret success pill is pretty common on bigger pockets as it is a pretty repeated question although the verbiage is not word for word.
Short unwanted answer is usually get a job and study and learn at the same time as much as possible.
If you are living pay check to pay check and going broke, do NOT invest in real estate until you get your finances in order. Sit down and look at where your money is going and if there are ways to cut your expenses. Can you get another job to increase your income?
@Jesse Robert Zamarripa III while working on your finances I'd suggest going into construction. Learn the ins and outs of flooring, tiling, painting. It will help you to sort your finances as contractors always need reliable people and it pays well to do construction. You get to learn a lot about fixing a property and later on you can leave your contractor and start doing it yourself on your own properties. I think it is the easiest way , and you get to learn a lot in the process.
Hey Momo, I appreciate the advice. I’ve done construction before when I was in high school. I had a buddy who was a
Contractor. I was able to inquire skills in the following areas: laying tile, room extensions, roofing, ventilation, and remodeling. But I agree. I just need to put my self out there and find a job. I was recently fired from a company I was with for seven years. I was Corporate security and supported 14 Old Navy Stores.
Wow! I appreciate you. I still have a steady income. But just enough to pay my rent and bills. I’m literally stretching my last dollar till next payday.
As an accountant and financial advisor I suggest: first start with a monthly budget. Pinpoint where over spending and under earnings are located. If you are bleeding (expenses more than income) focus on increasing income first while simultaneously cutting back expenses. Don't say, "I cant afford it, but rather how can i afford it." -robert kiyosaki Focus on passive income. Read rich dad poor dad. Good luck and never give up. Any more questions feel free to reach out.
@Jesse Robert Zamarripa III - I hear it all the time. Someone asks for help to get started and as investors we are here to help in anyway we can.
It is true you have to know what cards you are playing with.
1). Figure out you WHY. Why do you want to invest in real estate? Not because of the money but something much bigger, what is that to you?
2). Make a budget and a personal financial statement, its probably going to be ugly in the beginning more like showing you how much debt you truly have, IF, you take a hard look at yourself. - There are examples in the file section of BP or message me for some examples.
3). Read as much as you can on the topic of Millionaire mindset. You have to think big to achieve big. - Pretty good selection on BP website or local library.
4). Listen to podcasts instead of the radio or watching the game. (This was the most difficult for me in the beginning as football is life). - There is a pretty good selection on BP
5). Browse through the information on BP, you will be amazed at the amount of information available for free. And when you get your finances in order to spend a little extra there is a ton more information as a Pro member.
6). Attend local REIA's in your area. Get around people doing what you want to do. Most first meetings are free to attend. - You can find them on BP website or a meetup like website.
7). Get educated in what it means to invest in real estate, first! - A ton of material on BP website.
It is true that you cannot invest in real estate without knowing where you are financially and correcting any of the discrepancies that are in need of attention. How can you get your finances in order if you were never taught what that means. Do some basic math to figure out what you are working with and develop a plan to get you to your why.
But that is what is truly great about investing in real estate, if everyone would just educate themselves on the topic, it really is that simple. Simple, but not easy!
My recommendation, follow Uncle G., Grant Cardone everywhere you can find him. Tune into BP podcasts and the free Webinars that are given weekly. You will begin to realize what you have to do in order to invest in real estate.
@Jesse Robert Zamarripa III I will say congrats to taking a step in the right direction. I agree with others here that your personal finances will need to get in order before you can realistically invest in real estate. With that being said, you do not need money to learn and it is free to network! Have a clear goal, no matter how big or small, and focus on it. Find someone doing what you want to do and see how you may help them with their goals and continue to learn along the way. We must give in order to receive. Good Luck to you Jesse.
@Momo Kanev I really like your idea. Get in on the ground floor if you are really interested. Learn about construction, and rehab while you get your finances in order. In the mean time I truly believe the best investment you can make is in yourself. I would start by reading, listening to podcast and audio-books. Set for Life by Scott Trench is a great book for shifting your mindset. He give a great step by step plan for going from broke to becoming financially free. I would look into house hacking as a first step. Hope this helps
@Jesse Robert Zamarripa III If I were in your shoes, I would tap into your local real estate investing group, find a wholesaler that you can partner with to find deals for. The wholesaler should be someone who is extremely active in your market and has an established business with sound business processes. That way, you can earn some additional income on the side while learning about real estate investing. Win-win.