Getting into real estate with no startup capital?

[realizment]

I'm sure its a question asked all the time but i'd like to see some realistic ideas for getting into real estate with no capital. Its been done, there is guys doing it all the time but how? Where do you start. If your trying to bounce back from complete financial ruin where would one start..

 

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[Andrewski]

I'm sure its a question asked all the time but i'd like to see some realistic ideas for getting into real estate with no capital. Its been done, there is guys doing it all the time but how? Where do you start. If your trying to bounce back from complete financial ruin where would one start..

I'm Canadian so rules will differ from where you live but same ideas. If you have a good credit rating and decent income you can take a loan for 5% of a property and mortgage the other 95%. If not you have to get the seller to finance, without a down payment it's difficult.

 

[jazb]

sub-letting, property management, wholesaling are a good way to get into the biz.

but honestly, the best way to get into real estate with no money is to find great deals. because you present the deals to people who have money...and you can partner with them.

 

[realizment]

sub-letting, property management, wholesaling are a good way to get into the biz.

but honestly, the best way to get into real estate with no money is to find great deals. because you present the deals to people who have money...and you can partner with them.

Yea my grandfather has always been great at this. Acting the middleman he made millions doing it.. Hasn't shared any of it yet though lol... I need to be more active in finding the opportunities.. Any tips on that? I might go about getting a real estate license as there is some funny middle man / finder fee laws here especially in CA.. I had an opportunity last year when I moved out of a long term rental found a few people who where interested and claimed to have buyers etc but unfortunately it fell trough.

 

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[Envision]

Cash is the lowest common denominator. Create relationships and build a network of people who are in the game. Provide Value and and help them with that they are doing. Find mentors and work for them for free, show that your not looking for a quickbuck and you want to help them..

After a few months ask to get in on a part of a deal and your equity comes from you doing all the work.

I would start at biggerpockets.com.

 

[dompie85]

To OP, I suggest you read more of @Envision work. Here is a great thread in which he relates to real estate as well. https://www.thefastlaneforum.com/community/threads/so-you-want-a-mentor.64013/#post-500597

This just might be the gem your looking for

 

[Jakawan]

Hey man, hope this gets to the right people.
Real estate is my vehicle of choice. I hit my 3 year anniversary in real estate 8 days ago.
I've been self employed 60-70% of this time. But sometimes it gets tough.
If you have absolutely no savings at all.. I'd say a job is your best option, but still start learning about real estate.
Full time on your job, part time on your business.. full time making a living, part time on making a life.. until you can work on your business full time.

Wholesaling is how I got into the business. I called We Buy Houses signs all over town and on craigslist, asking to work for free. Nobody wanted to help me. Eventually a shark got ahold of me and hired me for $1600 per month. Which was great. His system taught me the city, how to evaluate a house, I got to walk through 30-50 houses.. and my bills were paid. Eventually I got tired of making only $1600-$2500 per month. I went out on my own.

Did my own marketing with the $2000 I had in savings.. and doubled it within 30 days. Now I had $4000. Bought a mobile home for $3200, sold it for $4200.. put $1000 back into marketing.. did another deal, made $2k.. and eventually found a great deal.. guy was asking $28,000.. I talked with him and cared about his situation.. found out how much money he needed and what for, and told him I'd take care of all his delinquent taxes and closing costs and everything.. helped him sell his burnt down house, move on from the situation.. and I made $6800, and met a great investor that went on to mentor me a little.. I made him 10s of thousands of dollars selling him my first few houses, but he helped me meet more people and grow my business. And it goes on from there.

DO NOT buy any crazy expensive courses or mentoring.. instead.. make friends. Go to your local real estate investor association meeting and be a sponge. Ask TONS of questions.. Get a job, be tight, no luxuries or Facebook.

Go to Amazon and read the ultimate real estate blueprint by Sean Terry. It's free. PM me when you're done reading it if you'd like. Read it first.

Here's a few recent checks of mine:
https://www.dropbox.com/sh/a6dws2g79f8l1ft/AABauplmQRAO0wzzwKyC8Yzxa?dl=0

 

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[CashFlowDepot]

Yep, wholesaling is the best way to get started. For several reasons.

1. You don't need any money to get started, yet you can make substantial profits ( I made $8k on my first wholesale deals 20+ years ago)
2. You learn the business without taking on risks - you get paid to learn.

You don't need expensive courses or mentors. It is a fairly easy business to get started in. Even my 18 year old daughter made more than $11,000 on her first wholesale flip deal.

Many books and courses about wholesaling start with looking for deals. That's a big mistake. You really need to build your buyer's list first. They will tell you where they want to buy and where they don't want to buy. Then only look for wholesale opportunities in places where you know your buyers want to buy.

Read Flip Deals http://www.amazon.com/dp/B00FH8A8GQ/?tag=tff-amazonparser-20

 

[Cmilll6]

got scammed by a guru for 7k for a mentorship since i was desperate on quitting my job.i did however land some wholesale deals on my own. the thing is that i'm getting stuck on my marketing.....who should i send postcards too or how should i get properties. i hired an indian from up work but he didn't know what he was doing. maybe you can help me from losing more money on this learning curve.

@Jakawan

 

[Cmilll6]

 

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[Cmilll6]

did i mention i'm 18.....i want more results

 

[mystery1994]

I would start at biggerpockets.com.

Biggerpockets is a great resource for real estate information, its like the FL forum for real estate, lol.

 

[Rinzler]

did i mention i'm 18.....i want more results

Amen to that! This is from your wholesaling deal?

 

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[Rinzler]

Yep, wholesaling is the best way to get started. For several reasons.

1. You don't need any money to get started, yet you can make substantial profits ( I made $8k on my first wholesale deals 20+ years ago)
2. You learn the business without taking on risks - you get paid to learn.

You don't need expensive courses or mentors. It is a fairly easy business to get started in. Even my 18 year old daughter made more than $11,000 on her first wholesale flip deal.

Many books and courses about wholesaling start with looking for deals. That's a big mistake. You really need to build your buyer's list first. They will tell you where they want to buy and where they don't want to buy. Then only look for wholesale opportunities in places where you know your buyers want to buy.

Read Flip Deals http://www.amazon.com/dp/B00FH8A8GQ/?tag=tff-amazonparser-20

I've considered wholesaling in the past. I caught wind of a "guru" on InstaGram by the name of CleverInvestor and got really interested until I noticed he never really mentioned the process or got into any "meat" behind wholesaling. He shared just enough, for most people to go on his website and buy his DVD's / classroom access.

Is Flip Deals a solid book to read when looking to get into Wholesaling?

 

[Cmilll6]

Amen to that! This is from your wholesaling deal?

Yes that was wholesale deal and THAT GUY CODY SPERBER FROM CLEVER INVESTOR WAS THE DAMN GURU WHO TOOK MY 7k he doesnt even do deals....he just gets more students to join which is where check he shows come in from.

 

[sWALK90]

So ...
1.find a good deal
2.sell the house for what it is really worth?
3, Keep profit?

Is that how it works?

 

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[Cmilll6]

So ...
1.find a good deal
2.sell the house for what it is really worth?
3, Keep profit?

Is that how it works?

1. Find a good deal with equity
2. the seller needs to sell so you get it for 60k needs repairs of like 30k and is worth 130k
3. you add your fee on top so like 15k you want to profit 75k and find buyer to buy it and you flip the contract!
- let's say it needs 30k in repairs which can leverage you to get it at a better price with seller by negotiating and buyer still has enough equity to make profit. 75k+ 30k= 105k, he will profit 25k possibly which is enough for them since they buy more than 1 house a month

 

[Rinzler]

Yes that was wholesale deal and THAT GUY CODY SPERBER FROM CLEVER INVESTOR WAS THE DAMN GURU WHO TOOK MY 7k he doesnt even do deals....he just gets more students to join which is where check he shows come in from.

Man I'm glad I found someone else who knows about this guy!
I was super on the fence about joining, but I'm glad I never did. I couldn't find any REAL testimonies on his programs. But I guess you're proof that wholesaling does work. Did you learn from any other resources that you wouldn't mind sharing? I know it's a hustle, but my biggest block were the contracts. I didn't understand them and I could barely find information on where to get templates. Cody was like "Oh you get all that once you sign up" but obviously I didn't.

 

[Cmilll6]

Man I'm glad I found someone else who knows about this guy!
I was super on the fence about joining, but I'm glad I never did. I couldn't find any REAL testimonies on his programs. But I guess you're proof that wholesaling does work. Did you learn from any other resources that you wouldn't mind sharing? I know it's a hustle, but my biggest block were the contracts. I didn't understand them and I could barely find information on where to get templates. Cody was like "Oh you get all that once you sign up" but obviously I didn't.

Yeah man i learned my lesson ahah but the guy i recommend is alpha home flipping nick ruiz he has a book on amazon named flip and also Joe mccall is one of the best guys in the game that is ACTUALLY closing deals.

http://www.amazon.com/gp/product/1503045072/?tag=tff-amazonparser-20

http://www.realestateinvestingmastery.com/

 

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[Rinzler]

Yeah man i learned my lesson ahah but the guy i recommend is alpha home flipping nick ruiz he has a book on amazon named flip and also Joe mccall is one of the best guys in the game that is ACTUALLY closing deals.

http://www.amazon.com/gp/product/1503045072?keywords=flip nick&qid=1450074148&ref_=sr_1_1&sr=8-1

http://www.realestateinvestingmastery.com/

Thanks for the suggestions!
Did you go through and make an LLC and everything? I just feel like that's such a hassle considering it's basically a one man show, isn't it?

 

[ThinkDifferent]

I prepared to do an entire project without prior experience for three months. I calculated everything, found best prices for the materials, found team of builders, knew all the legal stuff, found a good location + price etc. I would buy the land, build 3 stories of apartments, then sell all apartments and receive a % of the profit for doing the management. The profit would be very little and it would take a LOT of work, but the idea was to learn a lot from it so that I could do bigger projects afterwards.
I could get money from several people but in the end decided not to do it, because if a small thing would go wrong (which would go wrong) I would make a loss and I wasnt passionate enough to follow through. Also I felt like I had better options. In the end Im very happy that I didnt do it because it made me start my last company that gave me financial freedom. I never thought it would go so fast.

If it really is your dream you can do it though, you might have setbacks but eventually you will succeed.

 

[Cmilll6]

Thanks for the suggestions!
Did you go through and make an LLC and everything? I just feel like that's such a hassle considering it's basically a one man show, isn't it?

yes but i didn't make my LLC until things started to pick up! but yeah a one man show where you get all profits for yourself and me and my brother will be making our own page with free ebook and lots of valuable information strictly on wholesaling soon. its in the works right now!

 

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[Rinzler]

yes but i didn't make my LLC until things started to pick up! but yeah a one man show where you get all profits for yourself and me and my brother will be making our own page with free ebook and lots of valuable information strictly on wholesaling soon. its in the works right now!

Would you mind PM'ing me with a sample contract or a place where I can go about grabbing templates?

 

[SEBASTlAN]

Yes that was wholesale deal and THAT GUY CODY SPERBER FROM CLEVER INVESTOR WAS THE DAMN GURU WHO TOOK MY 7k he doesnt even do deals....he just gets more students to join which is where check he shows come in from.

Dude are you kidding? His blog is one of the most valuable real estate investing ones I've read. Don't know what you paid 7K for, but his free stuff is legit.

 

[Rinzler]

Dude are you kidding? His blog is one of the most valuable real estate investing ones I've read. Don't know what you paid 7K for, but his free stuff is legit.

Don't get me wrong I learned a lot from his Periscopes, but he just kept repeating the same general information to lure people to his site so they could sign up. I've been on the fence about him ever since.

 

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[danoodle]

Honestly, I'd be hitting up your grandpa for advice and tell him you want to get into RE. He could be insanely valuable and even potentially help fund some deals. Don't go looking for a handout, more a mentorship and interest to learn. Good luck!

 

[Cmilll6]

Would you mind PM'ing me with a sample contract or a place where I can go about grabbing templates?

http://www.flip2freedom.com/freestuff

Peep the link, its the contracts, calculator, and seller script when answering calls from sean terry

 

[Rinzler]

http://www.flip2freedom.com/freestuff

Peep the link, its the contracts, calculator, and seller script when answering calls from sean terry

You are the realest of MVP's

 

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[Cmilll6]

You are the realest of MVP's

 

[Freedom61]

Check out Nick Ruiz's book Flip on Amazon. It's about $18, worth every penny. He teaches the single family triad (wholesaling, rehabbing, & renting). I bought his Wholesaling 101 course from AlphaHomeFlipping.com a little over a month ago for half off (saved $200) following one of his webinars - speaking of which, he has another one tomorrow night. His backstory is interesting nonetheless and he's very focused on liquidity instead of leveraging your credit to the moon.

As much as I hate making excuses, I haven't had the time to dig into it much because I've been so busy with my other projects for my internet company. My plan is to use wholesaling as a way to generate capital to put towards my internet company then once all those projects (eBooks, online courses, websites, software, & apps) are done, I'll get more into the rehabbing & renting and even continue wholesaling.

I've listened to his interview on Secret Entourage a few times also (usually when driving on longer trips since it's an hour), if you're a member there check out his interview, lots of good info.

My favorite part is that when you look at what Nick's doing when you have a Fastlane lens, he's EXTREMELY smart!