Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
11y
It takes money to make money in this industry. I would first look for more W2 income. 2nd or 3rd job perhaps.
Set yourself up for success. Get yourself situated. 1st with a car. 2nd with enough money to invest in some info structure for your business. Without being able to properly compete against your compitition you will be spinning your wheels.
Bedford, NH · Member since 2012 · 2k+ posts · 1k+ votes
11y
I realize my posts sometimes come across as harsh, and that is not my intent here. But honestly I wonder if there is really any point trying to be a real estate operator (thanks Bill G. for the descriptive and accurate term) without a car.
If you show up for viewings on the bus or in a taxi, you'd be essentially saying, "Hi, I'm John Doe! I cannot afford a car, but please, take me seriously when I say I want to buy your house!"
I just can't see that working out. I think you just need to consider getting a car a necessary step in your career development plan.
I would not tell someone they can do this without a car just like I would not tell someone they can do this without money or risk. or effort. I want people to have a realistic attitude so they don't get discouraged and give up.
That is exactly the attitude it takes to be the exception to the rule. I hope you prove us all wrong.
Wholesaler · Gaithersburg, MD · Member since 2014 · 45 posts · 11 votes
11y
@Richard C. I would have to disagree. You're right I wouldn't show up to viewing(s) by bus or taxi (friend would look better, which I would bring a partner along anyway). I emphasized the 'S' because It would take one successful deal to acquire a car. That's like telling someone, "You can't get a job unless you have a car". I personally wouldn't belittle anyone's effort to achieving a short-term goal when there are many resources out there.
PS. If there are others building billion-dollar companies from nothing, I'm sure I can get across town without owning my own car. I'm almost certain there are many successful Investors who've started without owning a vehicle. It is definitely possible.
Laurel, MD · Member since 2014 · 75 posts · 17 votes
11y
@Rahdia Green , Good for you for having such a strong drive! You said no transport to go check out a property. What is your strategy for this property? I think that makes a bit of difference. Do you have an interested seller? Is this a potential flip? Or, could it be a buy and hold? Aside from all else previously mentioned, maybe you could connect with a local realtor who will handle either side of the transaction for you. Take public transportation as close to the house as possible and ask the realtor if they would pick you up from there to go and see it.
You do not need a car to be a real estate investor. You will need access to potential properties though. Whether that means Metro, car sharing, or a cab is up to you.
I live in DC and plan to buy my first property in DC. I don't own a car and rely on Metro from 99% of my transportation needs. To those who say it looks bad to arrive at a potential property in anything other than your own vehicle don't understand my market. Owning a vehicle is not a sign of wealth or ability to purchase a property. While owning a vehicle is certainly more convenient, I hope to obtain my first property then buy a car. To me, it makes sense financially and that is my prime motivation.
Your situation is different in that you live farther outside the city. But I would not take on a partner for the sake of transportation. Renting a car is far cheaper.
I'll echo what another poster said. You don't absolutely have to have a car to be a real estate investor; you just need to have a way to get to properties. I've been a successful investor for a number of years and I don't own a car. I live in Washington DC with easy access to a number of different ride-sharing companies (Zipcar, Car2Go) and good public transportation. It's far cheaper for me to use these services when I need to drive (2-3 times per week) than it would be to purchase or lease a car.
Prospective sellers I meet with don't know how I arrived at their property. Even when I drive my ride-share car, it's not very often that I can find a parking space right in front of the house that I'm going to see.
Investor · Germantown, MD · Member since 2011 · 52 posts · 17 votes
11y
Hi Rahida,
I second what another poster said about zip cars. I just became a real estate agent but have only one car. On the weekends my husband rents a car from Enterprise for $25 (they have weekend deals - for the entire weekend- check them out, I live in Rockville). We use zipcars for 1-3 hours during the weekdays and they cost about $8-$10 per hour depending on size of car. We are looking at how much money my new job will generate before buying another one. good luck!
Philly Burbs, PA · Member since 2015 · 338 posts · 133 votes
11y
My grandmother owned a lot of real estate and held the morgages on a lot of stuff she sold. She never even had a driver's license. She could have because we were "Black Bumper" Pa Dutch. She always got rides from family or friends. So it can be done.
That being said, there are ways around the DMV thing. Maine used to send you a registration to your house (In any state) with nothing more than a bill of sale (No title up there for anything older than 10 years) They required insurance but didn't ask for proof, although I think they ask for insurance now. Of course, if you drove it into Maine, you'd have to get it inspected.
West Virginia is kind of easy to deal with too. A couple years ago I bought a $50,000 Landoll Trailer down there and registered it to my home address in Pa with a permanent tag, and they never even looked asked for my drivers license.
Read up on some of the southern states DMV sites. Keep in mind you can only get a ticket for No/expired inspection when you are in the state that your vehicle is registered in. It's kind of a legal loophole for people that travel for long periods of time.
Rental Property Investor · Fairfax, VA · Member since 2014 · 328 posts · 101 votes
11y
I would find a property inspector that charges decent rates, look on Craig's List and LinkedIn. Pay them to take pictures for you so that you can decide if its even worth a trip for you to go out there. Most property inspectors that are doing general inspections (this doesn't include detailed HVAC inspections or the like) of the interior and exterior photos, will only charge about $20 max. Have them send you a zip drive of the photos, and then you can pay them via PayPal or Venmo.
If you do this, I would write up a short contract and have them send you an invoice, just to cover yourself incase they try to say you never paid them.
Are you looking at a property listed on the MLS? Or is this a lead generated through another source of marketing? The reason I ask is, as an agent, I drive up to 2 hours away with my clients (investors only that I expect multiple deals with) and when needed, I pick them up at home and drive them to the property(s) and drive them home. To get this type of attention from an agent, you must be willing to close on deals, or at least establish a rapport where that agent feels that you appreciate the level of service, and will close with he/she.
Wholesaler · Gaithersburg, MD · Member since 2014 · 45 posts · 11 votes
11y
@Brian Ortins It isn't on the MLS.. But I'm working with a friend who just earned his license..He offered a ride if the house is nearby where I am.. We are still in discussion about this. But that's awesome that you'd go the extra mile!
Wholesaler · Miami, FL · Member since 2015 · 202 posts · 149 votes
11y
There is a service called "We Go Look" that charges $65 to take pics and deliver them. I used them once and they did pretty well. Maybe you could check that out in the future :).
Investor · Valdosta, GA · Member since 2015 · 187 posts · 112 votes
11y
If you haven't already, I'd suggest the Craigslist route. You'd be surprised how many people scour the classifieds for work on a daily basis just to put a few dollars in their pocket.
Offer $20 for someone to take pictures and do a video walkthrough. Then go to YouTube and find a good example of a property walkthrough. Use that example to show the person how you want your video walkthrough done. And let them know that you want at least 50 pictures taken - getting every room from all visible angles and close ups on any needed repairs they see.
Be as specific as possible.
It shouldn't take longer than an hour, so paying $20/hr for the gig is very reasonable.