My coach is telling me one thing, but my guts are telling me something else.

[Edwiin Gomez]

Hi BiggerPockets members, I need some guidance with my real estate journey. I have no money to invest on real estate, so I'm planning on using a hard money lender to finance my investments. My coach strategy is to work only with homeowners and not the banks. But I've done my homework and post signs on the streets, call magazines ( the flyer ) to post an ad, I keep in contact with real estate agents to see if they know of motivated sellers that are willing to work with me, and all these without any luck. I've been doing this for couple of months, and I've not close a single deal. I'm at a point where I feel like working with the banks since they possessed most of the properties on the market, but at the same time I don't wanna go above my couch since he had more experience than me. What should I do? Thank you in advance for your answers...

[Jon Holdman]

What are you trying to do? I assume wholesaling, since buy and hold or fix and flip with no cash of your own is very, very difficult. But I don't see how you would need hard money to wholesale.

Spend some time reading in the wholesaling forum. Especially The Truth About Wholesaling. A thread from today Temporary end to my full time wholesaling journey. I suspect you are thinking that wholesaling is a quick and easy way to make some fat paychecks. Its not. It take time, effort, and no small amount of money to be successful.

Its hard to wholesale bank owned (REO) properties. The banks make it difficult. They're on the MLS anyway, so anyone can buy them directly. Banks rarely come down from much from the listing price, so its not as if you're going to be able to offer one to your buyers at much, if any, of a discount to the price right off the MLS.