I am aware of the wholesaling strategy, but my marketplace is a little small and prices are very steep. I am wanting to learn about any and every way to increase capital so I can get started in rental properties Any advice is much appreciated
P.S. I have very little capital to start with.
@Brendon Maxwell - The first place to start is with your personal finances. See where you can cut costs, and then look at increasing your income. Can you get a raise at work, or get a better job? Can you get a side hustle or multiple side hustles to earn additional income. Do everything you can to put aside as much money as possible each month for investing.
Next, if wholesaling is out, look at doing a flip.
Make more, spend less. Preferably both, though often you have more control on spending than income. Wholesaling is tough everywhere, much tougher than gurus make it out to be. Look around your area and compare you skills and see what you could do to make more money. You're in a touristy area, so are there opportunities related to that? (We love the hot springs there, and plan to be there in July.) Hunting or fishing guide? 4X4 rentals? Night job at one of the hotels or restaurants?
Something else to consider is moving. I've not looked at your rental market but towns like Pagosa Springs are often tough to find profitable deals. An AirBnB type property, perhaps, though you have some stiff competition with all those condos.
Get an oil and gas job and get out of Pagosa.
@Brendon Maxwell Network and find people who will fund deals for 50/50 profit splits.
Thank you all for your input! I believe I have found an opportunity working on a ranch that will allow me to live rent free, and save me a good deal of money throughout the summer, I am contemplating getting a mortgage or loan as I do not want to jump into debt quite yet, I guess my next question would be what type of Investment opportunities will I have once I have some cash built up. (about $20,000)? Has anyone successfully done virtual wholesaling? I was considering purchasing Chris Chicos virtual wholesaling course but I would like some input on that as well thank you all!
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