Starting out with nothing. Any advice?

[Tristin Sellers]

I want to start by saying a little about myself.

Hi I am Tristin! I am a 21 year old from central Indiana currently between Indianapolis and Lafayette Indiana. I have a large passion for things that alow me to struggle but succeed in the end and involve numbers. One thing I would like to point out is I'm currently going on month one of six in my set time to learn and amass knowledge about real estate investment. So far 2 general strategies intrest me the Buy, Rehab, rent, Refinance, repeat strategy (or BRRRR as people call it) and the trade up method. While the trade up method sounds nice I have been gravitating to the BRRRR method because it looks the easiest to get into.

Now before we continue I would like to add a few things in list format.

1.) I am currently making 8$/hr and live with my parents but I'm looking into getting a job in real estate management and/or mentor in my area that I can ask questions to, bring deals to them in return and learn from.

2.) I have NO credit. Like not a single credit card, nothing my credit score on credit karma is nothing. I dont even know how to get a credit card honestly and have yet to look into credit so I feel like real estate is still out of my reach (for now) but I'm still trying to find out how to make this work because of the old saying

"If there is a will, there is a way!"

3.) I find myself jumping head first into things and failing hard and often to try to avoid my feelings of doubt and getting stuck in looking at just the numbers and what could happen.

I like to read and listen to books and podcast and found this forum from one of the books I got from audible "The audiobook on Rental Property Investing"

My current book list is:

Think and grow rich

Rich dad poor dad -what put the rental property inventing bug in me honestly.

Rental property inventing

How to win friends and influence people

The 25 cognitive biases

So with all that debrief on me, I would like to ask a question

If you had to start again, no money, no credit, nobody you know invests in real estate. What are some of the steps you would take if you had hindsight vision?

I look forward to your answers and taking your thoughts and molding them to my specific situation!

[Dillon Dale]

If you had to start again, no money, no credit, nobody you know invests in real estate. What are some of the steps you would take if you had hindsight vision?

Step one for me would be to build credit. The way I accomplished this when I was 18 is, I walked into my bank (Wells Fargo) and told them I wanted to build my credit. They signed me up for a credit card for college students. I only purchased gas with it and paid it off in full every month. This alone gave me a good credit score after not much time. 

Step two for me would be to look for a better paying job. Continue to live with parents and save as much of your paycheck as possible. Save until you have enough money for a down payment and reserves for a 3.5% down FHA loan.

Step three would be to get your team together and begin looking at real estate. Look at small multifamily properties to house hack. Run the numbers over and over again until you find a deal you feel good about.

That is how I would start over from nothing. I wish you the best of luck in your journey and feel free to reach out to me if I can be of any help!