Hey guys I’m 23 , licensed real estate agent and want to be an investor , please don’t look to much into my question if it makes no sense as I am new and just want some quick insight . I started reading books about foreclosures, I’m in college , no job, but have 720 credit . Is there a way to invest in a foreclosure property with no income verification, ? How would that process go, and if there’s no way to do so, what’s the best way for a college student to jumpstart into real estate investing so that way I can save up money , ? and what’s the best way to start getting some houses under my belt as assets ?
Do you have any cash saved up?
Congratulations....you've got a good start. I think you need to work and start saving up a cash fund. I think you will always want some cash on hand to cover unforeseen circumstances. My thought is if you are in college...go to work prospecting for a very active investor in your area or a great real estate agent. You can perfect your pitches and gain expertise while someone else pays you to do it. Then you will get an idea of what you can buy with the money you make. As Dave Ramsey says...have 4-6 months of expenses saved and then start saving for your investments. I'd probably first look at buying a small house ...3bed/2bath that you could rent bedrooms to your friends/classmates/schoolmates. When you have enough cash built up, buy your own place...again maybe a place you could have a roommate or two for a year, then repeat. Since your young and eager, you might also spend a year working for a general contractor....learn how to do all the repairs and installations you can.
In the prospective of another 23 year old, it depends on your current financial situation. I graduated when I was 21 and had worked throughout college to not have any debt and get into real estate the second I graduated. From then I bought a few properties using all cash (distressed properties in B/C areas), I am also in a really good investing market near where I live in Michigan which makes everything quite convenient. Foreclosure is tricky with all the laws that come into play regarding the state you want to purchase in. Financing at our age is extremely difficulty especially if the usage is for investing in real estate! My credit score is extremely high, I have a high-paying job, no debt and I've been rejected over 13 times due to lack of "credit" history or some other ridiculous reason. Then again I only used institutions in Michigan and did not look for funding from outside of state.
-Get cash (No job won't really cut it too well no offense)
-Focus all your research into one area which you've identified is a good investment area
-Network leveraging your real estate agent expertise to make connections i.e wholesalers
@Samkied Vertus I would advise you read up on private money.