@Account Closed Lots of good posts here! I am a firm believer that you can do this business without money and without credit! I know this for a fact because that is how I started out and that is what I do every single day. Good credit and some cash could certainly speed up the learning curve for you. However, I was taught (still a firm believer) that when you use your own cash and credit to buy real estate you now have something you can lose. You are at risk! Some investors are good with that. I would rather not be at risk.
Here is what I recommend:
Spend your time learning from people that do what you want to do. Offer to work for them. Birddog for them. Do whatever it takes to watch and learn what they do on a regular basis. Read and take note to what @Brian Gibbons posted. Become a transactional engineer. Become a problem solver. The more solutions you can provide the more houses you will buy. Many of them will not require money or at the very least, not your money! In my opinion, your credit should not be an issue. I have not used my credit to buy a house in over 25 years. Learn to use creative financing and it will open up an entirely new world for you. Wholesaling is another great way to start making money in real estate without having any money or credit.
Network at REIA meetings and Meetups in your area. Find other investors that are in your same boat and create something together. Find experienced investors and pick their brains. Apprentice for them. Joint venture with them. Do whatever is needed to get into their world! This will payoff more than you know.
I know that spending money on some information is frowned upon on BP. In some cases that is absolutely true! Some of the education out there is just a ploy to get you in their funnel and suck every cent out of you. However, there is some really good info out there. You just have to be careful! Don't forget about youtube. There is a ton of free info about every aspect of real estate investing and it is just a click of the mouse away.
One of the things I tell all new investors is to focus on one aspect of the real estate investing. Become an expert at finding deals, buyers or money (this one may require a license). If you are great at any one of these you will always be in high demand and you will always make money.
Work with another investor. I know I mentioned this above but this is what I currently am doing in the two markets that I work in - Utah and Idaho. I offer an Apprentice program where I work with new investors and teach them how to become a successful investor. I meet with them every two weeks and teach them some aspect of investing. They do not pay for these services. In return for the education, I train them to generate leads or buyers for me. When they bring me leads and I convert them to deals they are compensated for their work. It is an earn while you learn program! I am sure you have investors in your area that do something similar or go to some experienced investors and make them this kind of offer. I can't think of a better way to learn than to actually be out in the field doing it!
Last suggestion is that there are so many new investors that talk about how they want to do this and that! If you really want to make this work and you need to accelerate your learning curve you need to take massive action. Set goals and create a plan! How many investors have you talked to today? How many networking meetings have you attended this week? Too many new investors treat real estate as a hobby. If you want to make real money then you need to treat it as a business! If you don't make something happen no one will do it for you!
If you have any questions or I can help in another way PM me and we can chat. Wish you the best of luck.
