My name is Chris and I am just starting my new journey into real estate and investing. I am so excited to start this new chapter in my life.
Currently I am almost finished with my first book BRRRR by David Green and I absolutely love it. It is packed with so much useful information and it is making me so excited to continue learning and growing as an investor. In the book it says that you should build your wealth and save up enough to buy your first investment outright then refinance. my main question is, How can I build up that kind of equity so fast. I have hear of so many stories of people who have been able to buy so many properties in a year and it just doesn't seem feasible for me to do. I don't make much money and I am wondering if there are different options to simulate this strategy? Or ways I can build my wealth faster so I can start doing this? any and all help would be greatly appreciated
Thank you so much for all of your time and comments.
Chris, real estate is awesome welcome!!! Best advice I can give is to try your hand as an Agent. Being an Agent will help you do the following (1) learn the industry, real estate is an amazing industry but it is SO BIG!!! Being an Agent and getting transactions under your belt will get you exposure to contracts, markets and deals. Nothing beats experience. (2) You can earn good money as an Agent, and if you are covering your expenses with your current full time work you will be able to bank any money you make as an Agent and (3) you will make connections that will help you find deals and financing... Congratulations on taking the first steps into our industry. Educating yourself by reading David's book says a lot about your motivation. I hope you find this helpful, if you do I would appreciate it if you gave me a vote. Feel free to check out my profile, message me if you think I can help further.
@Chris Wilson I agree with Moises, finding a way to earn more money and learn at the same time never hurts when saving for down payments. Property management could be a good path too, especially if you get really good and structure your pay on commissions where you aren't capped. You would also have access to deals through other investors ready to sell.
You can also forge partnerships. If you have the time, hustle to find deals, and the knowledge/network, that is of great value to someone who has the money. Perhaps you could find a debt partner to start with in the beginning. So many ways to get started!