Updated over 3 years ago on . Most recent reply
NEED ADVICE ON NEXT STEPS IN MY REALESTATE JOURNEY
Hello, all,
I joine a mastermind where we focus on learning everything there is about short term rental investing but i'm in a situation where I have 0 capital and bad credit. I'm working on learning how to partner with people for the capital and loan but i keep having doubts about everything because of my lack of funds. What would you do in my situation? Continue to look for partners to work on locking in a profitable STR deal or learn more about propetry managment to raise funds before going into investing? I need to generate income now! and it is hard to figure out what will get me to do that. It won't happen through my job since i use majority of that money to just live.
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I would recommend you find a local STR manager and work for them for a while. Pay may not be great but once you get experience people will invest with you. In my experience, no one will partner with you unless you bring either the money or the real working experience.
As for needing money now, I would not recommend buying a property. It is not something to rely on as STR especially are unpredictable in their revenue and is highly seasonal. I do not know the area you are in but I would suggest getting a second job with a property manager and live very cheaply for a while.