Starting a real estate business with no job and no money...

People literally ask this question every chance they can.  Is it really possible to start with no money or even no job???

In short, yes.

Let me dissect that answer.  

I got through college (25-27) with menial part-time jobs and renting out part of my living accommodations on airbnb.  I paid my way through with the aid of FASFA and actually walked away with a degree, a couple thousand dollars and no student debt.

To skip ahead, I learned about wholesaling, tried my hand as a vendor providing make-ready services for apartment units and worked at getting a wholesale.  It took me 6 months to get my first contract and another 3 months to close it, but I netted $2600.  I was still sending letters during that time and secured another 9 property portfolio under contract (score!!).

I used the $2600 I made on the wholesale and put almost the entire thing down as earnest money.  That may sound great and all, but at the time it was the scariest thing I could imagine. I was putting one of the largest sums of money I had made at one time, my first earning in real estate and 9 months worth of hustle down into a deal I had no way of closing.

The purchase price of the 9 properties was $785,500 total, it consisted of one quadplex, one triplex, 5 duplexes, and 2 houses.  I talked to a bank who told me that they could do the deal with 20% down, which brought this insane number down to something more reasonable. 

I have done videos and written blogs about the months that led up to my closing, including raising $170k private capital, the utter failure of the bank to hold up their end of the bargain and legal action that added weeks to the closing, so I won't reiterate here.  I did end up closing the quad and a house with cash.

We completed the BRRRR strategy, got all the money paid back and have 5 cash-flowing units. The cash and line of credit that came from the first deal we used to purchase 5 more units as well.

So...yes it can be done.  It's the hardest thing I have ever done in my life and I am SO glad I never have to do it again, but it is possible.  I would even encourage people to do this, as you will learn more trying to get started than someone else would who has copious cash and the ability to get a conventional loan with their cushy salary.

So today, I still can't qualify for conventional mortgages quite yet (very close) and it is still a struggle to find and fund deals, but my first deal armed me with the knowledge that there is almost nothing too audacious to tackle with the right amount of hard headedness.  

Right now I am putting together a project to address the growing affordability crisis in the middle market.  We are teaming up with other like minded entrepreneurs to build sustainable, affordable housing in and around the Southeast.  I believe this will be a big deal if we can pull it off.  Check in next time for updates and reach out any time if I can help you get started on your own journey, of if you'd like hear more about mine!