How can I start with virtually no money??

79 Replies

I wanna learn and start young but I work at restaurant and barely have enough money to pay my bills. I wanna work hard and get lead into the right direction and multiply my year to date income.

@Joshua D Rodriguez I am a newbie too but just wanted to give you some encouragement. I have started listening to podcast #300 and Zeona talks about getting started by maybe just renting out one room on airbnb, whatever you have to do to get started. That might be a good place to start!

@Joshua D Rodriguez , I would suggest you familiarize yourself with the Biggerpockets Money Show, with Mindy Jensen and Scott Trench. They have some great strategies for pinching pennies to overcome your situation. Also, you can search out the forums as others have been exactly where you are and have talked about their way out. Good luck!

Everyone has different learning preferences, but use the time while you currently have while you are saving to educate yourself like crazy. Listen to as many podcasts as you can, read every book you can find, start going to REI meetups, ask another investor if you can work for him for free, etc. I spent a solid 9 months reading 10+ books, and listening to over 100 podcasts, and built some good relationships before I started.

The best thing you can do right now outside of education is to get creative and disciplined enough to live off of 80% of your income. If you can save 20 percent per month, you'll find you'll have enough captial to land a deal, even if it's not the most amazing purchase, within a year of saving.

Hi Joshua,

Start by learning the basics and fundamentals of real estate on BP.  Lots of valuable information here.  The truth about real estate is that you need money to make money.  You need to increase your income so you can save for your first deal.

  You need to get some high-income skills.  My suggestion is to get into sales.  It's the number 1 profession which you don't need a degree you don't need to spend years moving up the corporate ladder to get a high income.  I don't know what type of sales you will be good at but I suggest you start exploring. 

@Joshua D Rodriguez I agree with everyone else here in that the very first step would be reading and listening to everything you can get your hands on while you try to increase your income/save money. There are a ton of free resources under the education tab on this site.

Originally posted by @Joshua D Rodriguez :
@Frank Wong I did want to save up money to get my real estate license to learn the ropes of real estate just needing more income

 That's great. Income first and everything second.  Good Luck!

@Joshua D Rodriguez personally in the past when I have needed cash NOW I have turned to waiting tables. I'm not sure what you do now, but waiting tables at busy places even in a small town I have made up to $300 a shift in tips. You might look into that.

So many ways to go about this, but the best advice I can give you is make more money. Are you working 2 jobs? Do you have a side hustle? 

Read Brandon’s book “The Book on investing in Real Estate with no and low money down”

@Joshua D Rodriguez in the same boat. What I learned in lieu of money. Education and Experince I’m using this time to learn as much as I can reach out to other investor by going to meeting. You can make money by connecting the dots. But you have to start working on your network. That’s my plan
It's already been said bit increasing your income is step 1. Like Frank said something in sales is probably best. You can make ok money waiting tables but it doesnt give you much as far as transferrable skills or put you around people that motivate you. And the money isnt good even if you get on the higher end of it. I think if you got a decent paying job and then waited tables on the side to build things up quicker that may be a good option. But figuring out something that fits you that generates a good income would be the first step. Most people that have gotten into real estate start out with a decent job that helps them get there as you need some stability and start up funding.
@Joshua D Rodriguez I have not started investing yet but while growing up i was able to save a sizeable nest egg. Money will bring more security. I would reccomend trying to eliminate as much overhead expense as possible and work as often as possible. Surround yourself with people that don't drain you. I had a main job to fund my living expenses and with my second job I put 100% of my earnings Into a separate account I never looked at or touched for 4+ years. For your first property you may be able to take advantage of FHA loan with little money down. Just be sure it's a cash flowing property when being highly leveraged and ensure you have a cushion for unexpected expenses and vacancy's. Keep learning, BP podcast has helped me learn so much.

Read about real estate. Figure out how to make more money at your job. Work two jobs. I worked at a hotel and delivered pizza in my off time to get my first two properties when I was in college. 

Also find a good mortgage broker. Sit down with them and ask them what you need to do. They will tell you how much money you need to be making and how much down payment you need. Then make a plan and do it.

It (usually) costs nothing to go to a real estate meetup. Find people with money. Find people who've been doing this for awhile. Offer to put up their bandit signs, clean out their rental turnovers, knock on doors or cold call for them. . . structure some kind of commission for all this. Show that you're hungry and you're ready to add value. You'll start making more money and you'll be making connections with investors. Starting young is the best advantage. I'm half the age of most of the investors in my area and that is my greatest advantage (in my humble opinion). You can listen to podcasts and read every book or forum, but eventually you just have get out their and start working your way up. Good luck and get to work!

@Joshua D Rodriguez After listening to all of Bigger Pockets current and past podcasts there are so many ways you can get funding without using your own money. I just bought Brandons No and Low Money Down so I can start to piece together my best strategy that fits my own situation and begin to take action steps to get the ball rolling. Personally I would recommend you do the same.
@Joshua D Rodriguez . Low money or no money strategies are interesting and can work but realistically you need money. The easiest way to do this find another job or a second job.
@Glen Parmenter There are definitely are plenty of ways to do that but there are alot of factors that go into that. Having no money is one thing, but having no experience, no money, no stable income makes it a challenge to get lending. Not saying it cant be done and by all means one should pursue it if that's the plan. But there are plenty challenges that go into that that one needs to be aware of.

I've heard of people in your situation start with Wholesaling since it doesn't cost much to start.. I know, easier said than done.

As for ways to make more money, have you tried working shared-economy apps like Postmates, Wags (dog walking), or ridesharing? I've also heard of people renting out their space using Couchsurfing (for those without a room to rent).

@Joshua D Rodriguez wholesale, watch flipman on youtube , also send me a colleague request, and I will help you as much as possible.

Lots of fantastic  suggestions here already...  but the one I want to add is find a way to get a job in RE! Even if it is a side hustle....   Go to meetups and offer yourself as a intern, or anything that will allow you to learn....  be proactive, be polite, enthusiastic and dedicated. Find people that are where you want to be. Show folks you want to learn....  Don't expect miracles, but you will start to figure out what you want to do (lots of ways to be successful in RE) 

I know it may seem almost impossible from where you are now, but you can and WILL do it if you believe in yourself enough and have the drive and energy to stay laser focused. 

Save as much as you can...  20% would be great, but even 10% is great.

And yes, sales is a great way to make $$ and it  doesn't have to be RE sales..... is there a hobby that you love? maybe you can leverage that into a sales job of some sort....  be creative! 

It may take a year or more, but stay with it!  you will succeed!

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