How do I start real estate but got no money..??!

Question

How do I start real estate but have no money..??!

Cassi Justiz · Answer

Read Scott Trench's book Set for Life and start listening to the BP Money podcast. You do need money. You may not need a ton of money, but you do need something to start out.

House hacking is a good way to start with less money.

Jason D. · Answer

@Yoel Sarue get money, then start real estate

Deavin Cox · Answer

@Yoel Sarue lack of money is a motivator, if you really have a burning desire to get money. I would say forget about money and learn everything you can. I know that’s not easy to do, when you have bills rolling in but it’s key. Keep in mind your reason for doing what you are doing (Money) but don’t let the lack of it discourage you, avoid all distractions and the money will come.

Dion McNeeley · Answer

Hi @Yoel Sarue,

Have you read "The richest man in Babylon"?

There are some good methods in this book for saving money even when you don't earn a lot. More methods than just skipping eating out or not going to Starbucks. If you aren't much of a reader the book is on audible and the audible version is even on YouTube for free.

This helped me a lot. When I started out I was a single parent with three kids making $17 an hour. It has taken ten years but I have 7 units and am looking for the next deal now. I wouldn't have been able to get started without what I learned in the book.

Good luck.

Justin Benfaida · Answer

I spent some time generating income by finding undervalued items on craigslist or facebook marketplace and was able to create 400% ROI on most of the items when resold. The internet at our fingertips is a huge advantage. I wound up creating a side gig that averaged 100 dollars per hour.

Twana Rasoul · Answer

@Yoel Sarue increase income and decrease expenses. Save. Even for the “no money hacks” of real estate you still need money.

Best of luck!

Keyonte Summers · Answer

The best way to start would be to start saving, you want going to need something to bring to the table. Depending on your goals house hacking might be the best method. Either get a SFH or MFH and rent out the other rooms if it cash flows great if not you have a rent free asset. I would save until you can acquire an house to house hack or partner with someone.

Account Closed · Answer

A prereq (imo) would be 3-6 months savings in the bank/cash. If you don't have this sell stuff on ebay, deliver pizza, or drive for a ride-share company. After that use your funds for REI.

Joe Prillaman · Answer

@Yoel Sarue, read Set For Life by Scott Trench

How do I start real estate but got no money..??!

Most Popular Reply