Best way for Millennial's to get into Real Estate Investing

el paso, TX · Member since 2018 · 10 posts · 2 votes

So how would millennials like my self, approach the market with little to no money? I know a lot of you are going to say wholesaling but what could be some other avenues besides wholesaling. I was thinking of working for a GM or Architect or doing some marketing for Real Estate Investment.

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Logan AllecBusiness Member

Accountant · Los Angeles, CA · Member since 2014 · 1k+ posts · 980 votes

@Ricardo Velazquez Have you thought about getting into a 2-4 unit with low-down payment 3.5% or 5% down financing? I got my first deal this way, and it was great!

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Aaron Barrett
Iola, WI · Member since 2016 · 42 posts · 7 votes
8y
Millennial or not just get more money. More hours, switch career, whatever. Obviously in a perfect world it could be real estate related, however manufacturing is a good way to make a good wage and most have overtime opportunities. It never hurts to have more money haha Good luck!
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Logan AllecBusiness Member
Accountant · Los Angeles, CA · Member since 2014 · 1k+ posts · 980 votes
8y
@Ricardo Velazquez Have you thought about getting into a 2-4 unit with low-down payment 3.5% or 5% down financing? I got my first deal this way, and it was great!
Clarita CPA Group516 Reviews
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Chris Williams
Spokane, WA · Member since 2016 · 103 posts · 76 votes
8y
Seconding Logan's idea. A house hack works for just about anybody, with not much money involved.
You can also partner with a more experienced investor and/or hard money lender for extra funds & support. Plenty here on the forums about both. Welcome aboard the REI train!
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Ricardo Velazquez
OP
el paso, TX · Member since 2018 · 10 posts · 2 votes
8y
Originally posted by @Aaron Barrett:

Millennial or not just get more money. More hours, switch career, whatever. Obviously in a perfect world it could be real estate related, however manufacturing is a good way to make a good wage and most have overtime opportunities. It never hurts to have more money haha Good luck!
Thank you, Yes more money is always nice!
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Ricardo Velazquez
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el paso, TX · Member since 2018 · 10 posts · 2 votes
8y
Originally posted by @Logan Allec:

@Ricardo Velazquez Have you thought about getting into a 2-4 unit with low-down payment 3.5% or 5% down financing? I got my first deal this way, and it was great!
I was thinking of something like that, at the moment I am sticking to Wholesaling, I've done a couple deals but not at the level I want to. Once I do about ten of those I'll do my first flip. I'm just trying to think of more way of making money in the Real Estate field that brings money now. I don't want to get a job that gets me out of the game, I started playing around with marketing and I'm doing lead gen, data scrape, and cold calling for investors and small businesses. Its part of my wholesale process just since I'm waiting in between deals I need more money cuz well I want to travel and take a couple courses so I'm trying to monetize every part of my business or even take a part-time job that helps me also helps me build my skill set.
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Ricardo Velazquez
OP
el paso, TX · Member since 2018 · 10 posts · 2 votes
8y
Originally posted by @Chris Williams:

Seconding Logan's idea. A house hack works for just about anybody, with not much money involved.
You can also partner with a more experienced investor and/or hard money lender for extra funds & support. Plenty here on the forums about both. Welcome aboard the REI train!
I have been thinking of taking a part-time job that helps build my skill set, I haven't really thought approaching hard money lenders. Any suggestions on how to approach them. I know when I approach investors I need to bring something to them for the now like a hot lead, because let's say I want to do a cold calling campaign for them or do some lead generation or even build them a website, they don't really hire those services because they have been doing good just by simply putting a couple bandit signs or just of word of mouth references. So why spend more money on things that they don't know of. Yet they always say they want to scale their business to the next level. Anyways not hating just stating the fact that their business close more deals when they have a marketing plan.
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Bobby Montagne
Fairfax, VA · Member since 2016 · 164 posts · 54 votes
8y
All good answers so far. @Ricardo Velazquez , have you thought about getting your real estate license and starting in real estate sales? You can learn a lot about deals from all angles and be able to focus on investment properties if that is what you prefer. In addition, it allows you to see new deals before they hit the market. Good luck!
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Ricardo Velazquez
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el paso, TX · Member since 2018 · 10 posts · 2 votes
8y
Originally posted by @Bobby Montagne:

All good answers so far. @Ricardo Velazquez , have you thought about getting your real estate license and starting in real estate sales? You can learn a lot about deals from all angles and be able to focus on investment properties if that is what you prefer. In addition, it allows you to see new deals before they hit the market. Good luck!
I have actually, I just feel I would get almost the same results as just wholesaling. None the less having access to the MLS would be amazing.
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Tim Puffer
Lansing, MI · Member since 2015 · 301 posts · 149 votes
8y
@Ricardo Velazquez - How old are you my man? How long have you been studying real estate? And did I read correctly that you've done a few wholesale deals?
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Ricardo Velazquez
OP
el paso, TX · Member since 2018 · 10 posts · 2 votes
8y
Originally posted by @Tim Puffer:
@Ricardo Velazquez - How old are you my man? How long have you been studying real estate? And did I read correctly that you've done a few wholesale deals?
I'm 24 years old and I've been learning about Real Estate for about a year and a half. I've done 3 deals, my first one I worked alongside a mentor he held my hand through the whole deal and took over towards the end because I still didn't know or had experience dealing with banks, the other two I did on my own where I put up the Ernest and Option money and sent the contract off to title and I didn't even have to do a double closing because both my Seller and Buyer knew from the get-go what I want for providing my services and I'm all about fair deals, I hoenstly see wholesaling as a necessary evil. I think my pipeline would be golden if I just had more money to dump in my marketing. None the less I've been able to monetize my talents, slowly but surely I'll get to where I want to be. My goal is 10 wholesale deals, 40 flips, and then nothing but commercial after hitting that benchmark.
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Rachel H.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
8y
@Ricardo Velazquez You could work in the business in an area of real estate you're interested in (i.e. residential, commercial, etc.). Another option is to get your real estate license which gives you the opportunity to learn the laws of your state and keep updated on the latest real estate trends. And yes, working with other real estate investors by bird dogging and wholesaling is another option. If you're interested in getting started and learning how to find a niche as a real estate investor, I wrote a book on the subject. Good luck!
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Ricardo Velazquez
OP
el paso, TX · Member since 2018 · 10 posts · 2 votes
8y
Originally posted by @Rachel H.:

@Ricardo Velazquez You could work in the business in an area of real estate you're interested in (i.e. residential, commercial, etc.). Another option is to get your real estate license which gives you the opportunity to learn the laws of your state and keep updated on the latest real estate trends. And yes, working with other real estate investors by bird dogging and wholesaling is another option. If you're interested in getting started and learning how to find a niche as a real estate investor, I wrote a book on the subject. Good luck!
Thank you for the advice, I would love to take a look at your book. Let's connect sometime!
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Tim Puffer
Lansing, MI · Member since 2015 · 301 posts · 149 votes
8y
Originally posted by @Ricardo Velazquez:

Originally posted by @Tim Puffer:

@Ricardo Velazquez - How old are you my man? How long have you been studying real estate? And did I read correctly that you've done a few wholesale deals?
I'm 24 years old and I've been learning about Real Estate for about a year and a half. I've done 3 deals, my first one I worked alongside a mentor he held my hand through the whole deal and took over towards the end because I still didn't know or had experience dealing with banks, the other two I did on my own where I put up the Ernest and Option money and sent the contract off to title and I didn't even have to do a double closing because both my Seller and Buyer knew from the get-go what I want for providing my services and I'm all about fair deals, I hoenstly see wholesaling as a necessary evil. I think my pipeline would be golden if I just had more money to dump in my marketing. None the less I've been able to monetize my talents, slowly but surely I'll get to where I want to be. My goal is 10 wholesale deals, 40 flips, and then nothing but commercial after hitting that benchmark.
Nice work! Taking action is the big thing and you are doing that! Definitely remember that this game is a marathon. Every now and then you will feel like you're running on a treadmill not getting anywhere. Keep working and things will fall into place.
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