How to start-Do I just use Zillow?

Question

I'm a college student who needs and wants some more money in my pocket but I have no idea how to start a conversation with homeowners or real estate investors. Any advice on how and where to start? It would be helpful if someone kind of described a situation in which they made a successful deal. Thanks.

Dalton Ward · Answer

I was in your exact position just a few months ago. I'm also a college student and I just closed on my first property. There were two things that I very quickly realized were vital to owning a property;

1. Finding a house

2. Finding money to buy that house

If you're able to have a full time job and good enough credit to get a loan from a bank then more power to you but like many college students and myself as well this isn't possible. What you'll need to do in order to get the money is basically just find someone to give it to you. I know this sounds crazy, "Why would someone give me 10's of thousands of dollars and they don't even know me?" It's really not as hard or crazy as you would think. I've found that if just ask and clearly state your goals and how the deal could make them money then your chances of finding someone to finance a property really aren't that bad.

As far as finding a house, use all available resources to research what kind of houses are best for buy and hold rentals and which ones you want to stay away from. In my case, I found a home through someone in my network that saw the house and thought of me because I had networked and created a relationship with them.

Basically it's all about networking because the more relationships you have in the real estate world, the more people are thinking about you and helping you out along the way. While the name of the game is almost always to make money, there are lots of people out there who want to help young investors like ourselves because someone else helped them when they were first getting started.

Kyle Jones · Answer

@Chelsea Griffin here are a few things I'd suggest:

1) Attend the webinars here on BP

2) Narrow down the two areas of RE you're most interested.

3) Go to your local meetup and network with people in those areas. Find a way to serve in some capacity under them.

4) Learn the language of the industry.

5) Set your RE goals and financial goals for 2020. The more specific you are the better off you'll be.

6) Develop a plan of attack with a mentor.

7) Execute and teach others to do what you're doing!

Feel free to message me. I'm always open to guide where I can.

"Your life is a direct result of your choices and habits. If you want a better life, make better choices and create better habits. If you're not living the life you believe you should be living, it's YOUR fault. You CHOSE it."

-Coach Kyle Jones

Nicole Heasley Beitenman · Answer

I'd also heed @Cameron Tope's advice about the profile picture.

Nicole Heasley Beitenman · Answer

Two strategies you could try are house hacking and/or obtaining your RE license. House hacking would allow you to live for free. You can then put that money you would be putting towards your rent into your loans instead. The license would help you make some extra money while meeting lots of buyers, sellers, and other investors. Everyone thinks wholesaling is the best and easiest way to get started, but it's very difficult to get into wholesaling.

Cameron Tope · Answer

@Chelsea Griffin - I would do two things - get an actual picture of yourself (shows people you're serious) and ask a more specific question. There are thousands of different ways to use real estate to reach your goals and if you just want general stories listen to the BiggerPockets podcast.

Have you laid out your goals? Do that first then see how real estate can help you reach them.

Best of luck!

Nicole Heasley Beitenman · Answer

I'd start with consulting 2-3 different lenders about pre-approval. You always want to interview multiple lenders when you haven't found one you like working with exclusively. If you cannot get pre-approved for a mortgage, a lender will tell you what changes you need to get that approval. Once you're pre-approved, you can start interviewing agents to find a good fit, and then you're off to the races looking for that deal!

Andrew Postell · Answer

@Chelsea Griffin this is more of a financing forum and while you have some good responses so far I think this would be a little more appropriate in the "Starting Out" forum.  You're going to get a lot more responses there.  At the heart of it, I would certainly encourage you to continue to learn and usually learning from people already doing it is the best method. Bigger Pockets does have good pod casts but let's try a more focused approach as well:

• Post in the Bigger      Pockets STATE forum that you are looking in. There are usually some good,      local investors that monitor those forums. Maybe they already have a      suggestion or recommendation for you? Certainly try there.
• Visit your      local REI groups. There are many groups that meet across the      country. Some post here on Bigger Pockets. Many post on meetup.com.      Networking is always a great practice and you never know who you might      meet there and what good information they have to share. Would certainly      recommend visiting if one is close to you.

Anyway, I hope these help in some way. Thanks!

Chelsea Griffin · Answer

thank you @Ralph E.

Ralph E. · Answer

Hi Chelsea, here is a link to a House Hacking beginner's guide by Brandon Turner of Biggerpockets: https://www.biggerpockets.com/...

Happy Holidays!

Henri Meli · Answer

@Chelsea Griffin ... there are so many Real Estate strategies ... which one are you trying to use?

How to start-Do I just use Zillow?

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