Help and advice needed

[Andrew Chu]

Hi all, My name is Andrew Chu and I in Los Angeles area. I know I probably won't get much response from this post, but any help and/or advice is much appreciated and needed. I have always wanted to get in the real estate field. But being a recent graduate from UCR, I do not have the means to get started. I'm currently are looking to make changes with my life and have been studying up on real estate investing. I have started marketing campaigns with direct mailing from my driving rounds, but I have yet to get any response. I understand that it takes time and a lot of due diligence to get one deal from direct mailing. As of right now, I'm a little behind on my payment for my student loan. So I have been thinking about going to the banks and speak to REO representatives to find a deal where I can wholesale and make a quick paycheck to catch up. The only thing is, from my understanding REO is very hard to wholesale, if anything I would need to do a double escrow in order to wholesale. But doesn't that require some capital in order to do? Can anyone give me advice as to if I should do it? And if it is possible to do one deal without having capital of any sort, how should I go about wholesaling REO? Any advice would be deeply appreciated and thank you in advance!! Andrew

[Laura Ozols]

@Andrew Chu

Andrew -- first things first, guard your credit.  If you are a recent graduate of UCR, then you are entitled to get your student loans deferred -- do not let them get into arrears and affect your credit - which is something you will need for certain types of financing to do real estate investing.

Second, there are many real estate books out there which discuss investing without financial resources.  Here is a link for a list from Bigger Pockets.  Good luck to you.

https://www.biggerpockets.com/renewsblog/wp-content/uploads/2016/03/The-Best-Real-Estate-Books-Ever.pdf