Advice or tips for a 25 year old?

Question

Hey everyone! I’m pretty new to real estate investing and have awful credit and not a lot of money. I also don’t have a lot of connections or friends in the industry.

I figured my best way to start is through wholesaling until I can build up enough liquid cash to put into a fix and flip or a hold. (Right?)

How do I start exactly? Do I gather a team of people? Like a title notary, agent etc? Or do I focus on gathering buyers and sellers?

What would you do in my situation? I’m mostly interested in buying apartments. Any advice or tips would help!

Bruce Woodruff · Answer

@Jonathan Greene is right. What do you bring to the game? Anything? Start now, work hard. Learn everything you can about RE and construction, go to meet-ups. Rebuild your credit. Save money by working 2 jobs.....

You can do this, but you're starting off in a hole, you'll have to work harder and be smarter!

Anibal Mijangos · Answer

I'd recommend starting off with learning everything you can about wholesaling, apartment investing, and general real estate investing strategies. Like how to spot a good deal, the general process of buying and selling properties (i.e. putting in an offer, escrow, financing, etc). Especially if there's a city you want to focus in. Get to know the market in that area. How much properties go for, who the top investors are, and what makes a good/bad deal. There are multiple stories of people that know how to find and put a deal together and then find partners for the financing.

Wholesaling is a great way to start getting involved in the real estate investing world. Dedicate time to network with lenders, brokers/agents, title companies, and other investors.You'll connect with plenty on your wholesaling journey. Which in turn could lead to more deals outside of wholesaling and meeting others. It's not so much about putting a team together. It's more about building your contact list.

Bigger Pockets is a great start, btw. Webinars, blog, and the bookstore. Top tier.

Ramandeep Sidhu · Answer

Wholesaling is a tough game, but can be lucrative and a great stepping stone into investing.   Everyone who thinks its easy, cheap or doable (as someone new into REI) usually gets proven wrong.

I tried wholesaling on my own for a few months. Had no luck, so I worked for a full time wholesaler and progressed my way to an acquisition manager, learning a lot along the way... eventually leaving to run my own operation, with a small team.

I wholesale full-time and this is a  quick glimpse into my operation.  Buy a large amounts of skip traced leads -> Have VA's (I have 3) cold call and vet the leads -> As acquisition, Make a minimum of 80ish calls a day(5 days a week) to touched leads that show some motivation-> Heavy influence of sales (finding motivation, building rapport, finding a price that works, following up) -> Getting a Property in contract -> Disposition(finding a buyer) -> Deal with lien/property/title issues -> Assignment -> Do it over.

Jonathan Greene · Answer

I am not sure why people think wholesaling is the way into investing. It's not, especially not without money, bad credit, and no current connections. If you found a deal, how would you know how to comp it? How would you know how to give a proper repair estimate? Without a background, why would buyers want to be on your list, sellers want to work with you, and mentors to connect you. To get started in REI in any way, you just have to be present for a while building relationships instead of looking for the magic carrot. What background do you have that could of help? Expert caller, willing to bird dog, data-driven. Be around the circles and see where you can add value to get a foot in instead of thinking the most sketchy part of REI is the stepping stone to the throne.

Jacob Sloop · Answer

Start networking with local investors, go to meet ups.

Rebuild your credit ASAP. Buy a house as a live in flip/house hack to build equity, it will take awhile, have patience.  That will jump start you building wealth.

In the meantime you could pursue wholesaling but most get burned out.  Getting your license is a better route to making extra income.

Advice or tips for a 25 year old?

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