Advice for a beginner with little cash, what are my options?

Question

Hello! I am from SE Michigan, Detroit metro area.

I have been so obsessed with real estate for a long time and am now ready to start investing. I’ve done a crazy amount of homework and research and feel confident enough to start.I want to flip/ and or own long term rentals. Problem is I don’t have a ton of cash on hand. Any advice on best ways to flip or hold long term rentals and be able to fund everything as a beginner? which do you think I should do first? No house hacking as it doesn’t fit my lifestyle. Any advice would be great you guys thank you. Finding a mentor or someone near me who would be able to help guide me would be ideal but they are very hard to come by.

Troy Ronald · Answer

Gregory, thank you! I will for sure look into doing that thanks for the advice!

Troy Ronald · Answer

Scott, I was in the service for 4 years I got out in 2016. I used the VA loan to buy my primary residence. I was just wondering if there were ways around using my own money and using OPM to fund a deal as a beginner. Thank you though. I currently have a great job but haven’t saved as much as I would have liked to due to unforeseen things that have come up recently.

Gregory Schwartz · Answer

@Troy Ronald what about getting a job with someone in the industry. You could be an agent that helps flippers list their flips. You could manage properties for an investor or PM company and learn the ropes. You could manage an agent or wholesaler's social media account. All of these will both make you money and help you network with the folks who are out there actively investing.

I found that getting my real estate license and working as a property manager has been extremely beneficial allowing me to grow much quicker than expected.

Scott Mac · Answer

Hi Troy,

Cash is king.

You could get 2 jobs full time, and save 100% of the money.

If you are you an "Unemployable type" for some reason, you could think about joining The Service.

In the military you could try to save 100% of your pay, eat their free food, wear their free clothes, and sleep in their free beds.

Spend zero, then when you are out of The Service, you could use a VA loan to buy a house.

To do this you need three things, a credit score acceptable to the lender,  a cash down payment and be pre-qualified by a lender.

Cash is King.

https://www.youtube.com/watch?v=gMMW9M-VPQ4

Good Luck!