Getting started in Investing with little to no capital

Getting started in Investing with little to no capital

Real Estate Agent · El Paso, TX · Member since 2020 · 5 posts · 2 votes

Hello folks, 

    My name is Erik Andersen and I have recently become engrossed in the world of real estate. I am currently working on receiving my real estate license and have become interested the buying/holding side of investment properties, including duplexes, multifamily, etc. Because of that, I have been scouring over different online real estate sources for properties in my area, including Zillow, Trulia, and LoopNet. Of course, when I receive my license soon, I know I will have an even larger pool of access to distressed properties and the like. Despite that, I have little to no capital to invest in currently. I am 22 years old and am currently trying to pay off student loans while simultaneously paying for my insurance, gas, etc. I have a full time job that pays decent in my area (El Paso, TX) and also have forged relationships with successful business and real estate company owners around town, which I have been soaking up as much information I can from, akin to a sponge. Is there anything else you guys would recommend? I understand and respect how a lot of BP members have started in the same position as I have and wish to acquire as much information I can. I appreciate you folks for your time.

Regards, 

Erik Andersen 

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New to Real Estate · New York, NY · Member since 2020 · 22 posts · 16 votes
6y

Hey Erik! Great idea on getting a real estate license to get direct access to MLS. I'm in a similar situation where I just started learning about this stuff. I personally collected a list of really helpful books that I'm reading over the next few weeks before I actively look at properties. Hope this is helpful:

- The Millionaire Next Door

- The book on Rental Property Investing

- The Book on Investing in Real Estate with No Money Down

- Long-Distance Real Estate Investing

- The Millionaire Real Estate Investor

- What Every Real Estate Investor Needs to Know About Cashflow

- How I Turned $1,000 into a Million in Real Estate in My Spare Time

- Rich Dad Poor Dad

- The Book on Estimating Rehab Costs

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  • New to Real Estate · New York, NY · Member since 2020 · 22 posts · 16 votes
    6y

    Hey Erik! Great idea on getting a real estate license to get direct access to MLS. I'm in a similar situation where I just started learning about this stuff. I personally collected a list of really helpful books that I'm reading over the next few weeks before I actively look at properties. Hope this is helpful:

    - The Millionaire Next Door

    - The book on Rental Property Investing

    - The Book on Investing in Real Estate with No Money Down

    - Long-Distance Real Estate Investing

    - The Millionaire Real Estate Investor

    - What Every Real Estate Investor Needs to Know About Cashflow

    - How I Turned $1,000 into a Million in Real Estate in My Spare Time

    - Rich Dad Poor Dad

    - The Book on Estimating Rehab Costs

  • Real Estate Agent · El Paso, TX · Member since 2020 · 5 posts · 2 votes
    6y

    Thank you Vincent! I will definitely look into those suggestions. 

  • New to Real Estate · New York, NY · Member since 2020 · 22 posts · 16 votes
    6y

    @Erik J Anderson I just sent you a request. It'll be awesome to connect with you since we're in a similar boat.

  • Craig CurelopBusiness Member
    Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    Hey Eric. Welcome aboard to BiggerPockets!

    I am excited for your first REI investments at a very young age. There are a lot of information available for you in BiggerPockets as you learn the business. I hope you can find time doing the following suggestions which may help you grow as investor:

            1. Subscribe to the BiggerPockets Money and Rookie Podcasts

            2. Attend the FREE WEBINARS

            3. Attend a Meetup in Your Area

            4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

            5. Peruse the forums! Ask questions! Answer Questions!

    Good luck in your REI journey. Stay safe and healthy at this present time!

    Best regards,

  • Realtor · Bay Area, CA · Member since 2019 · 52 posts · 28 votes
    6y

    Wishing you well on your endeavors @Erik J Anderson! Currently sharing the same real estate momentum (and license journey *thumbs up*) and it couldn't be any more exciting. @Vincent Chan shared a great list of books and I second them all. Real estate meetups are key, continue to network left and right, and capitalize on small steps every day for they will go a long way. BiggerPockets has been a phenomenal resource for me getting started. Good luck!

  • Real Estate Agent · El Paso, TX · Member since 2020 · 5 posts · 2 votes
    6y

    @craigcurelop Thank you sir for the reply and valuable suggestions! I am a huge fan of the Real Estate Podcast and just began listening to the Rookie podcast while I work. I will definitely look into potential meetups available in my area and the webinars provided on here as well. Thank you and stay safe out there. 

    Regards, 

    Erik Andersen

  • Real Estate Agent · El Paso, TX · Member since 2020 · 5 posts · 2 votes
    6y

    @Julian Gonda thank you sir and I will make sure to keep your suggestions in mind. Good luck on your real estate education as well!

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