- Residential Real Estate Broker
- Edmond, OK
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Best way to get started with little money or credit
Hey guys, I just wanted to start out by saying I love the wealth of info BP provides.
I'm a young Realtor in Edmond, OK (northern suburb of OKC). I just finished my first year of selling real estate, but I became a Realtor to learn the market so I could invest. I'm 24, and I know that there is not going to be any social security left for me (#ponzischeme). I've seen first hand how well investing in real estate can pay off, but it seems you have to have money to make money. What's the best way to start?
I'd eventually like to own enough rentals so that I can hire someone to manage them while they are still providing passive income.
- Zach Sikes
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#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
- Springfield, MO
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#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
- Springfield, MO
1. Don't buy a rental when you have no money.
2. Do Options and flip them quickly to make up front money.
3, From Edmon go to Miami, don't gamble just find people with money and make friends. You might use some private financing some time.
4. Act as an agent and earn a living.
5. Buy yourself a home, you can move up later on.
6. After you have some money in the bank and can carry costs for repairs, vacancies and mortgage payments, buy and hold properties.
7. Don't fudge on your taxes, take the depreciation as that will be added back in for qualifying for any loan. Show you are making money, but take those deductions available.
8. Don't get boxed into any certain "system"or strategy, know the business as a whole and work what comes your way and what you make happen.
Good luck