New to Bigger Pockets

[Wasim Almashhadani]

Hi,

I just joined BP and read a few of the forums about investing in properties without any money. All of the methods sound really exciting, but I can't help but feel this invisible hurdle of self-doubt that is holding me back from physically trying to acquire a property.  I might have no money and poor credit, but I have 12 years of fine-carpentry experience, a high IQ, and an eagerness to learn how to build myself some financial security so I can escape the dreaded Rat-Race. Any help would be appreciated. I look forward to hearing from all of you. Thanks,

Wasim

[Troy Sheets]

Welcome Wasim!

I've found you get much more back when you don't ask for anything and instead offer to help others. Not knocking you, I've done what you're doing now and it most likely won't help you at all. You need to learn, network and offer value to others. 

Are you going to any meetings/meetups? Have you reached out to anyone locally to buy them a coffee or offered to clean up job sites, stuff envelopes, research, etc.? Are you working in a field that will put you in the path of success in REI? Could be construction/maintenance, could be in a bank, could be as a realtor. Set yourself up for success.

Why is your credit bad? What're you doing to fix it? Are you saving money for down payments or EMD? No money down (up front) is BS. You need money, whether it's yours or someone elses. If you've got none of your own and bad credit, why would I trust you with my money?

Sorry if this sounds harsh but the truth is, at least in my opinion, no money down is BS. You can get into a property (with cash) then refi your money out and be net zero of your own cash into it. Even if you want to wholesale, lists, mailers and stamps aren't free. Build your foundation of knowledge, cash and credit. Very hard to play without a little of all three. 

Last thing I'll say is, high IQ's are great but hard work and perseverance beat high IQ's 8 days a week in REI.