Real Estate Agent · Plano, TX · Member since 2017 · 40 posts · 9 votes
Hi all I'm a Realtor with 5 years experience. I'm now looking to expand my knowledge and learn the investment side. I'm looking to Link up with someome in the Dallas metroplex whos looking to share their knowledge/experience in Real Estate investing without any money.
I want to learn step by step and all the ins and outs of this process. Please reply back ASAP . Thank you!
Neil Aggarwal that isn't all true we started our business with only $4500 from a tax return. I realize that is "some" money but it sure isn't much to starry with. Good luck to the OP lots of hustle in your future.
Lol @Neil Aggarwal you are right. Plus it would take money for the ink pens and the paper they write their contracts on and money for the lunches they will eat and the gas to drive to the meetings.
It is my experience that when most people say no money, they mean they don't have 30-50-100k to invest.
@Carnell Webb The best way to get started is by engaging your sellers. Since you are an agent you just need to gather all the facts from your seller and give them options for selling on market or off market. No money down investing simply means that you are putting the property under an assignable contract then assigning those rights to an end buyer (Investor). I have never spent money doing this. If you want to learn more pm me.
Back in the late 90's, my wife and I were living in another state. We were young, newly married, and both had a significant amount of debt. ($50K). No savings.
We noticed that credit card applications asked for "Household Income," not individual income. So, my wife applied for a dozen or so credit cards and ended up with quite a portfolio of cards with no balances on them. She took out cash advances and paid off all of my student loans and credit cards. She also took out enough advances for a 5% FHA down payment on a $200K home.
We waited three months for the money to season in my account and then purchased a home in my name only. Because I had paid off all of my debts, my credit rating was great and my income was high enough to qualify for the payments on the home.
Three years later, the real estate market was booming and our home appraised for $300K. We refinanced the home for $250K, put the home in both of our names, and paid off all of the credit cards.
Those first three years were awful. We worked 60 - 70 hours per week and barely had money for food. But, it was smooth sailing after that. We would not be where we are today if we had not done this. But... Yes, we purchased our first home with no money down and while deep in debt.
Nerd Wallet has an article about the legality of including a spouse’s income when applying for a credit card. Perfectly legal.
I cannot say I recommend this path. It did work out for us, though.
Neil Aggarwal : buying property requires money. No one will argue.
The issue is does it have to be YOUR money? I've closed with little to nothing down. I've closed with cash back at close. I've closed with OPM as my downpayment.
Bottom line is it's possible to buy with little to none of your OWN money. I did it when I had little to none of my own money.
I agree that it will take money from somewhere. Yours or someone else. Some people might not like this, but IMPO, people with no money or experience investing in real estate generally have to find people who are generally desperate, foolish, or are less financially educated. Think about it, why would a person with money, financial education, and not desperate give money to someone who has no money and has no experience to solve their problem? Those who do put themselves at a high risk. I am not speaking to the OP specifically just so we are clear.
@Carnell Webb Wholesale and Lease Options. It's what I'm doing. With Wholesale you just need $100 to hold the property until you find a buyer within 21 days and with Lease Options you're controlling the property (may need to put down $1k for their moving expenses) but these are the 2 strategies (in my opinion) to start off with. Once you get enough capital, do the buy and holds, flips, etc. It can be done with very little of your own money.
@neil aggarwal Not true at all. I currently own two SFH that I purchased with $0 money down. I found an investor who would buy the property and sell to me on contract at 8%. The first house I purchased this way and held on contract for 10 months. I refinanced that house and pulled some equity out to purchase the next. It can be done you just have to find the right person to work with.
@Carnell Webb Wholesale and Lease Options. It's what I'm doing. With Wholesale you just need $100 to hold the property until you find a buyer within 21 days and with Lease Options you're controlling the property (may need to put down $1k for their moving expenses) but these are the 2 strategies (in my opinion) to start off with. Once you get enough capital, do the buy and holds, flips, etc. It can be done with very little of your own money.