I have no cash!

[Jesse Conners]

I decided to enter the REI world when I learned about wholesaling. It intrigued me because I could actually afford to take action immediately. I am currently marketing for and talking to motivated sellers but have not yet made a deal. As I studied further into REI buying and holding seems to be a lot more reachable than I thought and is ultimately the path I want to take. I'm almost living pay check to pay check and have about a thousand bucks to my name so even though I qualify for a fha loan I can't even afford the money down after taxes and closing costs. Is saving money from my job and wholesaling to raise some capitol the only way for me to get a property and generate some cash flow or are there other creative ways to the ball rolling?

[Trevor Ewen]

@Jesse Conners

From my perspective, yes. Although you will eventually have a chance to use other people's money, as an investor I don't trust anyone with my money unless they have put their own skin in the game. 

In my experience, real estate investing, and investing in general is really part of a larger exercise in personal finance. It's living within your means, it's paying yourself first (meaning your investments), it's learning how to walk against the 'spend to your limit' culture prevalent in the post World War(s) United States. 

If you're looking for some inspiration and education in that area, there are tons of great blogs and podcasts specifically target at personal finance, money management, and saving for investments, travel, or whatever you value. 

I am a big fan of the The Simple Dollar & Get Rich Slowly. I do not personally know the writers or have any stake in these blogs, for the sake of full disclosure. I just think they have excellent material.