Investing Beginner Help

[Luther Kyrin Creecy]

Is it possible for a novice with no money (less than $1,000) to somehow get started in REI in NY? I'm trying to save but i'm not sure how much I should save towards. I'm not sure if I should start looking into wholesaling or house hacking to get started first before moving onto rental properties. I have people that are counting on me and I desperately need to get out of my housing situation. Trying to find a local REIA meeting but so far have found no luck. I'm likely just not looking in the right places. Any advice helps!

I'm also looking into relocating to FL eventually.

BP is a great place to find information from and to talk to other investors around the world. I'm thankful I found it. Aside from my own ambition and passion for this industry, you all inspire me!

[Ben Wilkins]

@Luther Kyrin Creecy - there are several low money down options, such as house-hacking or wholesaling. Take a look at those two and see if either interests you. While wholesaling is a fine way to get started (and helps build networks, learn the business, etc), it never revved my engine so I never went that direction.

House-hacking might be a good option for getting out of a housing situation, but I don't know if that is a viable option for you. Get a FHA loan (more expensive in the long run due to PMI) and put very little money down to buy a duplex, then rent half of it out. After a year, rent the second half and buy another place, rinse and repeat.

Try here to see if there are any local REI meetings. I don't know your area, so I'm not sure which is closest for you.

Advice: 

1. Go to the link above and find a local REI meeting through meetup.com.

2. Research into househacking and wholesaling to see what excites you

3. Focus on what excites you and is possible, and start learning and doing. Don't get stuck learning forever!

4. Determine how your short-term methods can expand to your long-term goals.

Keep asking questions!