1. Find a mentor
2. House hack a duplex with 5% down
3. Network with like-minded people, contractors and lenders
i saw that you said you had cash buyers, you haven't tried Wholesaling yet??? Maybe even go to network at Real Estate Events Near you?
And Honestly no one said that This Real Estate Game was Easy, i had my fair share of struggles, still struggling a bit now but im not giving up, you shouldn't either, just know you aren't the 1st nor will be the last that starts to struggle in their RE Venture.
@Nadine Delille Not sure if this is will help you but this is what helped me. When I started out I was doing everything too. Driving for dollars, attending REIAs, you name it and I've most likely dabbled with it in some form or another. Yet, no solid "financial" results. Just what's going on?! I was glad and proud that I was actually doing stuff and, most importantly, learning. However, at the end of the day, dreaded bills needed to be paid and you know the rest.
That's when I stopped doing everything not because I was discouraged but because I needed to invest some time into identifying what variables I was either missing or leading me amidst. One simple yet extremely powerful thought quickly flew into my mind, "return to the basics".
Okay, what does that even mean? Exactly! What does that mean?! I asked myself that as I proceeded to iterate and categorize my knowledge into the "what I have a decent understanding of" pile and the "yeah bud...you need to learn more about me" batch.
As soon as I started this culling process, Thee Answer slapped me right in the face! *Smack* It kind of hurt too. Nah, I'm just kidding. :p The origin of my dilemma was the undeniable fact that I didn't know what business was! Let me put it this way.
John: "Oh hey! You're a Realtor?!"
Mary: "Yes, I am."
John: *Makes mental note* Okay, you're a business woman in real estate. CHECK!!!
John: "Oh hey! You're a real estate investor?!"
Joe: "Yes, I am."
John: *Makes mental note* Okay, you're a business man in real estate. CHECK!!!
John: "Oh hey! You're a private real estate lender?!"
Jill: "Yes, I am."
John: *Makes mental note* Okay, you're a business woman in finance and real estate. CHECK!!!
Notice how all these hypothetical individuals are involved in business before anything else. Well, yours truly was was putting real estate before business! So, I set off on a quest to learn about business and that's when I discovered a book that has forever changed my life since then - The Personal MBA by Josh Kaufman. I cannot do enough justice in describing the power behind the material in this book so you'll just have to go check it out yourself.
Let's just say that, before, I was like a bull running around in a China shop. All this vigorous energy oozing out of my essence and there I was; splattering it around everything like a three year old kid frolicking around in a muddy rain puddle! AHH YEAH!!!
To be honest, that giddy energy hasn't diminished one tiny bit and has only grown stronger. LOL However, I'm no longer flinging it around aimlessly like a rampageous toddler. I'm now extremely disclipined in managing exactly where and how much I need to exert and channel for maximum efficiency, what methodologies I need to implement/introduce/test into my systems along with the analytics of such, etc.
This is what helped me. Perhaps it'd be a catalyst for you as well?
@Nadine Delille , here is my "come to Jesus" moment with you.
What is your PLAN?!
If your plan is to get involved in real estate, then you need to redevelop and fine tune your plan.
You have no purpose, no end game, and no path to reach the aforementioned.
Me? I want to get involved in real estate, because I want to obtain enough units to meet my passive income goal per year ($100,000 / $8,333 per month). I want to do this within the next 15 years. I will obtain this by purchasing properties, leveraging cash or mortgages, or partnering with others.
This is a definable, measurable, time-based goal that will be met by defined criteria. I am getting involved because I want passive income. The goal can change over time, but I've defined what I want to do and how I want to meet it.
I also sat down for several hours and put together a business plan which helped me to realize how I could get started and going. After doing so, I realized I could extract approximately 30k from a property by selling, to start the ball rolling. I am also saving a defined amount of money to meet a "raise money" goal in 5 years. This, combined with expected cash flows, will allow me to buy the next property. I'm also actively networking with others to increase my funds/passive income by partnering in deals, providing income, working extra, whatever I can do.
The point of all this is that I am approaching it like a business. That's what real estate should be, because you're putting your money to work. Stop bouncing around to a million different things, come up with your GOAL, your PLAN to meet said GOAL, and outline a realistic path to reach it.
You don't have a lot of funds...OK, how can you get more funds? Is it worth more to still live at home, save every penny, and then look to get a property to house hack? Do the analysis
To me, you are struggling because you are a dog chasing cars up and down the highway. You have no realistic goal and no plan in which to reach the goal. You read BP and thought "I'll be a real estate investor!" but didn't think through what that meant. I suspect many people here do that. I did that for MONTHS until I realized the only thing that would get me moving is a goal, a plan, and spending the time to develop it. Even if I'm wrong, I'll have something to base it on.
I wish you good luck...get serious about it and things will start to come into focus.
My advice would be to get a good paying job. If real estate is your passion, get a job in the industry. Assistant for a developer or realtor, property manager or work at a title company. Anything where you can get paid to learn about the industry.
Once you have an income high enough to get a mortgage, buy a house. A multi family is best, but even a SFH will work if you can rent out the rooms. Do anything to make the property cash flow for you so your experience, income and comfort levels grow. Once stabilized, but another one every 6-12 months using 3-5% down owner occupied financing. As long as you don't mind moving, this is a great way to get your first few properties.
All along start networking at local REI groups or start your own. The more people you meet the more likely you'll meet someone who can mentor you or trust you to partner with you for future deals. i'm happy to discuss further, but I think getting an income and buying your first house are doable, actionable items you can complete by the end of the year!
@Khenkis K. wow that was a great, thank you so much, I will definitely check out the book.
Thank you all for your responses and advice, will take all into consideration and move forward from there.
For those seeing my post after my response, your advice is welcomed. Thank you.