Complete noob to investing! Help?

Question

Hello BP!

My name is Naomi and I am completely new to REI. I am only 18 years of age and I don’t know where to get started. My future goal is to own several properties that I can rent out to tenants but I have no money to do that! Does anyone have any tips as to what my first move should be in the real estate world so I can gain some capital? I’ve been checking out wholesaling and it seems like the best option right now but I am still open to new ideas.

Thanks!

Joel Calkins · Answer

Wholesaling is a great way to get the ball rolling in real estate.

Here are some things that may help getting started:

Do some research in the market you plan to gather contracts in (Driving for $$$, skip tracing, Redfin fixer-uppers)

Source a pool of cash buyers. (local REI club, craigslist listings, fix and flippers)

Decide whether you will sell the contract or double close.

Make sure to do plenty of due diligence but don't fall into 'analysis paralysis'. Feel free to PM me if you have questions, I am starting a wholesaling company in the SE Michigan area myself!

Joel Calkins · Answer

@Gustavo Taveras

I'm happy you asked that I'm a full-time college student myself! Here's what I would recommend, find an avenue that interests you the most in REI. Whether that's wholesaling or single-family rentals, pick one thing to be your main area of focus in the beginning. (Listening to the BP podcast gave me some great ideas and valuable knowledge to get started). Once you become a sponge and have the knowledge or can find a deal you can market those skills. Finding partners and bringing them your knowledge and expertise is a great no/low money way to get into investing.

I hope this helped you out, feel free to PM me with any other questions!

Gustavo Taveras · Answer

@Joel Calkins

Hi im looking for something i can do without too much money im a college full-time student

Naomi Taylor · Answer

@Joel Calkins

Thank you for replying. I was looking to go into wholesaling for now.

Joel Calkins · Answer

What specific path of investing are you interested in? Wholesaling, salesperson, multi-family? Maybe if you're unsure of what path to go down research what each method of investing will most align with your goals.

Complete noob to investing! Help?

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