Elmhurst, IL · Member since 2008 · 13 posts · 0 votes
I am a 20 year old college student who wants to invest in real estate. Currently I've got $300 saved and my goal is to save $50 more each month because I have an on campus job that doesn't pay too much. Is there anything I can do to make an investment? Do I have to wait until I save a few thousand dollars first?
Real Estate Investor · Fort Wayne, IN · Member since 2008 · 424 posts · 5 votes
18y
How about bird dogging or wholesaling to start? There are plenty of threads on this site to help you get started with that! Nice job getting started so early on in life!
You are limited in your own investments just like i am.
im 24 also a full time student and part time worker.
i cant finance because i cant prove my income high enough to purchase a property worth anything.
all you have to do, is find a property that you can get into, afford, and make $$$ on and then find a person to back your purchase with their income/credit. Hopefully you will only have to do this on your first deal.
im using my parents, but anyone will work friends, grandparents, a cool boss etc. just present them your plan and prove that you can do it.
im buying my first house here pretty soon, im financing it using my credit and my parents income, so we are both on the paperwork, after two years goes by i will refinance and take my parents off.
my house is going to be 4 bedrooms, i will share one room with a buddy pulling 285 for the master bedroom, 350 each for the 2 empty rooms upstairs and 250 a piece for a shared room upstairs, total flow from rent will be $1485 (fully occupied) my mortgage is going to be around 1200 on the house im looking at right now.
there is a system that holds everyone down, we have to get creative to beat the system, in my case the system wont allow me to purchase a home due to lack of income, but i can clearly afford it with roomates due to the lack of student housing. get creative man youll find it, let me know what happens.
Real Estate Investor · Calgary · Member since 2008 · 92 posts · 3 votes
18y
Originally posted by "BlueStarHomes":
How about bird dogging or wholesaling to start? There are plenty of threads on this site to help you get started with that! Nice job getting started so early on in life!
I would agree, Bird dogging is the way to go to build up some cash to start on your own, you will learn a ton too. Then maybe look into puchasing a place and renting out to some classmates or something.
Elmhurst, IL · Member since 2008 · 13 posts · 0 votes
18y
Originally posted by "BlueStarHomes":
How about bird dogging or wholesaling to start? There are plenty of threads on this site to help you get started with that! Nice job getting started so early on in life!
I am new to the real estate world. Would you mind telling me what bird dogging or wholesaling means/entails?
Residential Real Estate Agent · Los Angeles, CA · Member since 2008 · 1k+ posts · 9 votes
18y
Originally posted by "BreatheLife1987":
I am new to the real estate world. Would you mind telling me what bird dogging or wholesaling means/entails?
Thanks
Hello there Breathe-
Now the fast explination!
1. Bird-Dogging: Taking a commission off of the info one obtains themself. In essence I call you up and tell you there is a property listing that is undermarket and you pay me a small fee for that info!
2. WholeSaling: You purchase the contract of a property and sell it to an investor at wholesale price. In essence I pick up a contract of a property at $300,000 and then I wholesale the contract to the investor at $330,000!
Thank you for your time and I hope this helps you out....
Real Estate Investor · London · Member since 2008 · 3k+ posts · 74 votes
18y
1. Bird-Dogging: Taking a commission off of the info one obtains themself. In essence I call you up and tell you there is a property listing that is undermarket and you pay me a small fee for that info!
Minor point for the new folks.
No bird dog should be getting paid a commission or anything else for a deal closing. You are selling information and the fee is for the delivery of the information.
If you expect a fee, commission or something that is contingent on the RE deal closing you are brokering. Unless you have a license you are operating illegally.
Anyone can sell info for a fee. What an investor will pay for information is pretty limited. If you want a piece of the deal you need to be part of the deal for it to be legal.