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Updated about 4 years ago on . Most recent reply

Account Closed
  • New to Real Estate
  • Naples, FL
3
Votes |
8
Posts

How to Start with no cash, credit history, etc...?

Account Closed
  • New to Real Estate
  • Naples, FL
Posted

Hello!

I'm a college grad of about 2 months. I'm a complete newbie to real estate. The most I have done so far is buy some biggerpockets' books, read forums, connect with other real estate investors on the site, and begin learning the basics of deal analysis. But I have no credit history or cash to start my first deal. I suppose I could find a partner, but I don't want to use someone else's money when I'm so new to real estate. I think it would be unwise so early in the game and rather use my own money. So I got a manager position job and plan to build up cash reserves and a credit history. After about at least a 2 years I'll have enough to take out a loan and put a down on a house. But apart of me feels like this is so slow. I would like to have at least 5-10 properties in my portfolio instead of just 1 in the next 2-3 years.  Do any of you have advice on how I could go about accelerating the process? Thank you for your help in advance. 

Most Popular Reply

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4,609
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Wale Lawal
  • Real Estate Broker
  • Houston | Dallas | Austin, TX
2,451
Votes |
4,609
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Wale Lawal
  • Real Estate Broker
  • Houston | Dallas | Austin, TX
Replied

@Account Closed start with wholesaling during your free time. Driving for Dollar and Door Knocking are 2 great strategies many investors have success with.

After you wholesale about 5 deals, you have developed the confidence to flip or buy & hold your own deal. Use Hard Money Lenders for your first deal as this is an ASSET-BASED (Based on the deal NOT you) lending and they will lend your money to purchase and 100% repair cost if the deal make sense. 

Continue to network with local investors in your city and I will see you at the top.

Goodluck

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