New investor just starting out looking for help and direction

[Jameel Tillman]

Hey, I'm Jameel Tillman. I'm from Charlotte, NC am currently still living here, i"m 24 years of age and work part-time at UPS but, I'm looking to become a full time investor. I have little cash saved up(little under 5K) and a credit score in the mid 500's i know it maybe hard for me to start-out under these conditions but, I'm one of the mostly hardworking and dedicated people on the planet and i know i can make this happen in achieving my dream! any advice, direction, or any type of help is greatly appreciated also, i am willing to put the time in effort into learning and helping. Thank in advance!

[Robert Herrera]

@Jameel Tillman Welcome to the Site. They say, when you don't have money to invest, invest your time. You can find an owner to carry house for around $5k down. You just have to find the right owner. Some will, Some won't, so what. Remember that phrase, when you are dealing with home owners, or you will get discouraged with these people. They are not investors so they do not see it the same way. Also, you can try and advertise for people who can't make their mortgage payments. You can come along and pay back all the past due amount, and Partner with the Homeowner. Their payments shouldn't be that much, maybe a couple thousand behind, maybe up to your $5,000. I always try and do a 50/50 split on profit with the home owner. They move out, I change the LOCKS, THEN i pay the past due mortgage. If you do not change the locks, the homeowner could move back in when you pay the mortgage, and screw you over. They then stay there, and you can't do anything about it, and your out the money, because they couldn't afford the payment before, now they will just go back into foreclosure after a few months and lose the house. There is a few steps to this, but you can do it.

Start an LLC, with you and the Homeowner. You will automatically be 50/50 partners in.

Next:

Have the HOME OWNER sign a Quit Clam Deed into the Name of the LLC.

This way, the LLC owns the house and you have control. It's always about CONTROL in real estate.

Rent it out and split the Cash Flow and Equity. Sell it in a few years, or immediately if there is a lot of equity you can get at.

Read some Books. What have you read?

Try these: These are 3 of My Top BOOK Recommendations. 

Rich Dad, Poor Dad by; Robert Kiyosaki. 

The Richest Man In BABYLON: by; George Samuel Clason

Straight Path To Real Estate: by; Kris Krohn