Where do I start?

Question

I am trying to get into the Real Estate Investing business. I do not have 30K in cash so hard money loans are not an option at the moment. I have several business contacts for home repairs that I could work some good deals with. I am looking for ways where I can learn and gain experience  and potentially make enough money to start purchasing my own investment properties. I currently have one investment property. I would like to get my Real Estate License and  learn a little more about property management or work for a property management firm so when I do have my own properties I have some experience, now it's just about getting over that hump!

I currently work full time but could make myself available on some evenings and weekends.

I have worked in the mortgage business for years on the lending side, so I am very familiar with real estate terms etc.

I am motivated and have the ability to work from home. I would be willing to work full time but I would have to be compensated for it or at least make a draw comparative to what I am making now. which would be in the 60-70K range.

Again - I am extremely motivated, I like action and fast paced, I have an entrepreneurial spirit and I am ready now.

Any advice would be greatly appreciated!

Hope everyone is having a great day and thank you for taking the time to read my post.

Jocelyn

Shawn Ackerman · Answer

@Jocelyn Evans Great introduction.  I'd do some digging on what REI events are happening locally and network with the movers and shakers as there may be some opportunity in your local market.  As an aside, if your currently employed(W-2) I wouldn't give that up as you will need to show stable earnings when applying for new loans.  Just a thought.  Good Luck on your journey!!!!

Persist and you will win!!!!

Michael Lee · Answer

Hello again!  I am sorry that it has taken me so long to get back to you.  Lending has been getting more relaxed out there,, judging from the new advertising I have seen.  Hard money Lenders can be pretty difficult to borrow money from.  I would shop around to see what else is available.  Where are you and what kind of property are you getting into?  I would love to help you and I need to know what you are looking for.? Talk to you later.

Jocelyn Evans · Answer

@Michael Lee Thank you for your response. From what I understand Hard Money Lenders want to see $30K in your account in order to lend to you. If there are some out there that don't I would love to know who they are.

Opinionated is good - it typically means theres passion there. :) I would much rather an opinionated person who will give me something to think about than silent or too reserved.

Thank you for offering up advice and if you have any more please share.

Jocleyn

Michael Lee · Answer

Hello and welcome to this website!  Learn as much as you can before starting and you will gain confidence with it.  Why do you rule out hard money lenders?  The only other option besides Privare Lenders and motivated home owners that want to sell their property to anybody.  Having a w-2 job should help you get a loan.  Be neat and organized with your submittal to lenders and ask them what they need.  I use to come to Allen regularly to practice with one of my bands.

I am currently 60 years old and live in Coppell.  I tend to be opinonated on all subjects because of my mostly construction experience as well as my real estate experience.  I held an active real estate license for about 30 years but I never used it full time.  I think the Dallas area will be good for a long time because of its diversity and population growth.  Another you might consider to get property is by a home equity loan or 0% credit cards as long as you are disciplined to pay them off.

Besides of your selections on a niche and a market is to get your prospective properties started by investing is to get your financing figured out and have a loan letter to give a copy to the seller that states how long it should take to close it and the maximum you qualified for.  Do not look for a loan after you get a prospective deal.  Do not try to do everything by yourself.  Having a local and experienced Team of professionals that want to help you with what ou are doing.

You do not need a real estate license just to be an investor but can help with your knowledge and provide you with another way to make money on the side.  It might even turn into a full time thing depending how good of a salesperson you are and the reputation that your broker has.  You are right that being in the property management company can help you deal with people and refferals you can get.

Good luck to you!