I’m 23 years old , in college and want to become an investor . I don’t have no income because I’m in college and didn’t start working , but I am a licensed real estate agent who want to specialize in distress properties, I started reading a lot but it just made things worst! , I don’t know where to start, should I wholesale , ? should I get into foreclosures ?, should I try to get a owner finance deal and then rent it since I have no income to qualify for a loan, . I’m lost but I do know that i want to get a property and then either rent it out for a while until I can sell for a profit , or fix and sell it right away, but ofcourse I have no income and it seems foreclosure , wholesale and trying to delinquent taxes houses are all similar and options but I’m still blurred 😭
@Account Closed If you're a license agent, why not just do that part time? Personally I think that would be a good start, and help yo understand the industry and the numbers better.
Wholesaling is tough, you could work for the next 6 months and not make a dime.
Even buying an owner finance property and renting it out, if you don't have any money, is not recommended. What if things break, you have to do an eviction, etc? It's a business and you need cash to run that rental business.
@Account Closed that being an agent part-time is a great idea, especially if you're hoping to invest in the area you'd be working in.
I'd also suggest trying to make yourself valuable to people who do have the money. If you learn your market really well, you could do deals with people who have the money but lack the knowledge. I'm in a similar boat to you where I'm trying to acquire the capital to do deals. Since I have a full-time job I will be able to get the money I need over time, but people with market knowledge are always going to be helpful to people like me (either starting out or non-local).
Hope that helps.
@Zachary Curtis beautiful advice thank you , I have ordered thousands of books to acquire the knowledge. Just have to finish reading them
@Tom S. Thank you for the wisdom, I truly appreciate it yes I will try to do real estate part time and save the money, I just need a job related to real estate I can’t see myself doing anything else, I tried property management assistant but it’s a hard field to get in.
Listen to podcast. I would say listen to Sean Terry's "Flip to Freedom" podcast
Hey Zachary thanks for the advice I been reading and getting familiar with all the terms and market knowledge, in the future if you end up saving enough cash I can help you make that first deal