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Updated almost 9 years ago on . Most recent reply

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Chris Rhyne
  • Investor
  • Saint Petersburg, FL
0
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14
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First steps to start in real estate with no money

Chris Rhyne
  • Investor
  • Saint Petersburg, FL
Posted

everyone my name is Chris from st. Pete fl and I'm just now starting to really pick up on the idea of real estate and very into me but my problem is that I am in college which I have student loans. I'm looking at different homes now to try to invest in,but my question is what is the very first  step to start since  I can't get a loan from the bank?

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76
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Michael Bowie
  • Investor
  • Knoxville, TN
29
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76
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Michael Bowie
  • Investor
  • Knoxville, TN
Replied

Start saving as much money as possible. Live on crackers and peanut butter if necessary.

Also, rent out any spare space you have on Airbnb.
That's what I've done for the past year, and I've saved up about $10k.
You can leverage this money for a hard money loan through an investor. (This is what I'm currently doing) They typically want what is called "points" up front. Which is typically 2-3% of the loan. And, they keep this. It usually does not go towards the loan. Then, they will want 7-10% interest.

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