New member in Minnesota

[Alexander P Minotte]

Hi my name is Alex Minotte. I am a 44 year old father of 5 and am very new to this. Many years ago i bought the Carlton Sheets investing in real estate program and  since have become fascinated with the industry, but never had the time, money or credit to pursue my dreams. I have been a Chef and more recently a truck driver and seem to never have enough cash flow to be comfortable, as well as not having much at all for retirement. I would like to be guided by a professional as to what my options are with poor credit as i want to start getting my feet wet in the real estate market. I am bright and passionate about what i do and also have the utmost integrity in all i do as well. I am taking the Nick Vertucci seminar this saturday and was wondering, again how can a person proceed with poor credit and not alot of cash? Can anyone help? Id like to meet some new people and connections and possibly learn from an experienced individual. Please let me know what you all think.

Thank you again,

Alex

[David Moore]

@Alexander P Minotte

Welcome to BP.  I think having funds is important in this business...if you are going to own real estate, you need cash reserves.  But there are lots of way to make money in real estate.  One option is to go to Kaplan, and get your real estate license.  Having a real estate license could get your some instant credibility.  Then search for deals.  I recommend two books....J Scott's book on Flipping Houses, and Rich Dad/Poor Dad by Robert Kiyosaki.   J Scott can teach you how to find your backyard.  I think this is key.  Look at many properties in your backyard, and get to know the area.  

Back to money. If you know how to price out cost of repairs, and can prove to an investor a realistic After Repair Value (ARV), you can earn money early on by wholesaling. Find the deal, get it under contract, make sure the contract says you can assign the contract to another investor.

The problem with most wholesalers is they don't make a compelling case for why their wholesale deal will make the ARV they claim. They don't make it easy. If you find a way to make finding properties systemic, and your wholesale deals make the investors money, you have a way in. J Scott is a whiz at this. When I look at SFR in my target area, I can spot value, but I'd much rather have someone else do the bird dogging.

Whatever you decide to do, I'd recommend getting really good at one skill, and be ready to learn.   This is a learning endeavor.  Kind of makes it fun.