TIPS FOR A NEW INVESTOR

[Christopher Johnson]

Hello, I'm a new investor and I wanted to jump into real estate as a wholesaler then explore fix and flips and rentals. I was unaware of the law in Illinois about the regulations on wholesaling properties so now I'm at a crosswords on where I should get started. I would need to have a brokers license to wholesale in Illinois and with a fix and flip I'm still building capital to have for emergency reserve. Also I am a little nervous on screwing up the numbers on renovations. Does anyone have and advise or pointers on what I should do.

[Jody Sperling]

The more creative you are, the less of your own money you need. The greater the risk, the greater the opportunity for velocity. 

If your first deal has to work or you'll never try again, wait until you have saved enough to buy, researched enough to know the answers, and built enough to have the systems for success.

However, if you can find peace with the possibility of failure, explore riskier options. Perhaps you house hack your first purchase. Maybe you focus on meeting fellow investors and learn to bird dog. If you find ideal properties for other investors to buy, you don't have to wholesale, and trustworthy investors will reward your work.

You don't need money to gain wealth in real estate unless you require safety. Failure is an exquisite teacher. I'm speaking from experience, and the money I've lost learning how to do this has been worth it to me. Best of luck, whatever you do!