how do I start in real estate with no money ?

Question

so I always read start in real estate with 0$ money how do I do that . I'm broke and need to change my life style I'm barely making it for my son

Christopher Moore · Answer

First step is to go through the education section here at bigger pockets and take their free course. then check out the book by Brandon Turner "The Book on Investing in Real Estate with NO (and low) Money Down". Great info on how to get started. GL to you.

Elizabeth El-Taher · Answer

Steven, listen please. What you are reading about zero down etc. can be done, it's not difficult, you just need to know how. But because you are a "newbie", and you have your son relying on you to provide a stable home, I recommend that you keep your job and educate yourself on this site about the real estate market and how you can play a part in it. It will not be easy, it will require more time than you may want to invest in it, but if you take the steps to build yourself an educational foundation, you can then move on to making some deals - gradually. So definitely educate yourself. I wish you all the best.

Daniel Chang · Answer

You need to think about it this way. It's like building a business. I'm going to use wholesaling as an example (nevermind for now the legalities of wholesaling). I also don't wholesale but only using it as an example. Wholesaling is often touted as a way to get into real estate without any money. But it's going to take time to build your network and your skills. If you start working hard on Day 1, it may take you awhile to close your first deal. You might make a few thousand dollars. Let's say you make $3000 in 12 weeks working 40 hrs/wk. That breaks down to $6.25/hr. Recognize it may take you longer or shorter to find and close a deal. No guarantees. Yes, over time, deals will come easier. However, when you start out, you need a "cushion" of funds to fall back on. The risks gets even greater when you have a young one depending on you.

Kurt Gardner · Answer

same way you start up any business with $0. you either get some money or you don't start the business.it will take you some money to start...not a fortune, but you'll need some. My wife and I started with the purchase of a $25k 3BR home that took about $8k in rehab. We put down around $7k, mortgaged the rest and paid contractors and materials in cash...so, it took us around $15k...that property is worth $55k and brings in $650 a month in rent. because we only owed around $18k on it, we were able to leverage it after a year to purchase our second property with some of the equity. We didn't spend a dime out of our pocket on that one.you can pay cash, get a mortgage, or get investors. either way, you're going to need some money to begin.work on it. save up and be patient. run the numbers and account for unforeseen issues. be bold when the opportunity arises and keep learning all along the way. do not get discouraged and keep in touch with the people in here for honest support and help. this is a very good community with some very learned, helpful and sometimes sharp commentary to guide you.Blessings.

Steven Sierra · Answer

thank you everyone I appreciate it a lot

John Lee · Answer

@Steven Sierra, as everyone has already stated, it starts with learning and gaining knowledge. There are plenty of resources here on Biggerpockets to get you started.Work hard at your job, cut your expenses, save your money, and spend at least 2 hours every night reading and learning. Then start analyzing properties for practice, checking out properties to learn what you should be looking for, and go to REI meetups and talk to people in your area that do REI.Brandon Turner has a book on different strategies for no (or low) money-down real estate investing. One of the main strategies Brandon espouses in his book is partnering with people. If you know about real estate and are able to explain it in easy terms that a potential partner can understand, showing them the benefits of real estate and then presenting deals to them that make sense -- both for you and for them -- you will be able to find partners.Links from this website that you may find helpful:Good article to read first:https://www.biggerpockets.com/renewsblog/2014/11/01/investing-with-no-money-down-are-you-ready-for-the-terrible-truth/Podcast from Brandon Turner:https://www.biggerpockets.com/renewsblog/2014/10/16/no-money-down-brandon-turner/Ultimate Beginner's Guide:https://www.biggerpockets.com/real-estate-investingGood luck!

Daniel Chang · Answer

If you have a son depending on you, and you have $0, then go out and get a job. Seriously!Real estate takes time to build, especially with $0.

Account Closed · Answer

Get a part-time second job and find your niche while you make connections. Doesn't matter if you swing a hammer or work the phone, show some determination and a mentor will find you.

Stephen Major · Answer

In my experience, the key to becoming a successful real estate investor begins with one's ability to identify, and then subsequently acquire, under valued real estate assets. So, If you're good at locating properties that are great buys, but lack the $$ to acquire the properties, then in the beginning, partnering with a funding source can be of great help to you! A large number of the investment property deals I fund are ZERO down for beginning real estate investors at a 65% LTV or less.

Thomas S. · Answer

You actually answered your own question, Change your life style. People without money are such because they live to the maximum afforded by their income. When they get a raise they are no better off because they find more ways to spend it.Live frugally, live without, get rid of all your unnecessary toys and expenses. Concentrate only on saving. Get a second job and save every cent you make from it. It is very simple and most people without money always claim it is impossible. The proof that it is possible is all the other people that do save money without regard for their income level. You could start saving today but it is doubtful you believe that fact.