Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Marketing Your Property
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago, 04/01/2019

User Stats

73
Posts
61
Votes
Sheila Campbell
  • Rental Property Investor
  • GA
61
Votes |
73
Posts

How To Get Started WITH No Money?

Sheila Campbell
  • Rental Property Investor
  • GA
Posted

Hello all! I know this one is tough! I'm trying to get started with NO MONEY, which is almost impossible. I've read plenty of books that say it's possible. I've even found a few properties that will do owner financing with me, unfortunately I just can't afford the down payment. Another thing is, how do you refer a property to an investor for an appraisal fee? If I could do that a few times, I would then have enough money for a down payment. I know that I'm not the only one who's been in this position before. ANY advice is great advice. Thank you. 

User Stats

1,418
Posts
1,182
Votes
Nick Rutkowski
  • Rental Property Investor
  • Ithaca, NY
1,182
Votes |
1,418
Posts
Nick Rutkowski
  • Rental Property Investor
  • Ithaca, NY
Replied

@Sheila Campbell

Do you have good credit? Take out a credit card to cover your down payments, ask for seller concessions to cover your closing costs. Maybe your family could help you out too. There are options!

User Stats

3,926
Posts
4,384
Votes
Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
4,384
Votes |
3,926
Posts
Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
Replied

@Sheila Campbell I think the first thing you need to ask yourself is "why do I have no money?".

If you have no money, is investing in real estate a smart next step?

Maybe figuring out how to save some money would be the right next step for you.

You can't invest in real estate with no money. What you can do is get a job in real estate, save money, and then invest.

BiggerPockets logo
Join Our Private Community for Passive Investors
|
BiggerPockets
Get first-hand insights and real sponsor reviews from other investors

User Stats

73
Posts
61
Votes
Sheila Campbell
  • Rental Property Investor
  • GA
61
Votes |
73
Posts
Sheila Campbell
  • Rental Property Investor
  • GA
Replied

@Jason DiClemente I have no money because my ex husband put me in debt. I know it's hard to start with no money but I also know it's not impossible. Like I said, any advice is helping. Thank you

User Stats

73
Posts
61
Votes
Sheila Campbell
  • Rental Property Investor
  • GA
61
Votes |
73
Posts
Sheila Campbell
  • Rental Property Investor
  • GA
Replied

@Nick Rutkowski I Never thought about using a credit card. I didn't know that was possible. &Asking my family is not an option. I lend them money. Thanks! I'll look into the credit card option 😊

User Stats

3,926
Posts
4,384
Votes
Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
4,384
Votes |
3,926
Posts
Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
Replied

@Sheila Campbell that's my advice, find a job, possibly in real estate, that allows you to save money. When you have money saved, consider real estate as a way to grow your savings and net worth.

You cant invest in real estate with no money.

User Stats

73
Posts
61
Votes
Sheila Campbell
  • Rental Property Investor
  • GA
61
Votes |
73
Posts
Sheila Campbell
  • Rental Property Investor
  • GA
Replied

@Jason DiClemente I'm active duty military, so getting a job in real estate isn't an option at the time. Thank you

User Stats

3,926
Posts
4,384
Votes
Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
4,384
Votes |
3,926
Posts
Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
Replied

@Sheila Campbell then saving money and getting out of debt should be your singular focus right now.

Thank you for your service!

There is a group on Facebook and website called "from military to millionaire". The owner is a great guy and they have resources to help active military reach their real estate goals.

User Stats

52
Posts
35
Votes
Karl Schnitzer
  • Real Estate Consultant
  • Philadelphia, PA
35
Votes |
52
Posts
Karl Schnitzer
  • Real Estate Consultant
  • Philadelphia, PA
Replied

@Sheila Campbell Where is all of your money going if you work full time? I would focus on cutting some

Expenses to free up some of your paycheck to where you can save to invest at least 15-20%. Also I’m not sure what you mean “refer a property to an investor for an appraisal fee?” Do you mean wholesale the property to an investor for an assignment fee? If so that’s doable too, just get a wholesale contract off of here and split the assignment fee with another wholesaler in your market to use their mailing list.

If you're going the credit route, you can look into different LOC or credit cards and using Plastiq to cash advance a credit card without it being charged as a cash advance.

User Stats

23
Posts
34
Votes
Nicholas Munford
  • Real Estate Agent
  • Tampa Florida
34
Votes |
23
Posts
Nicholas Munford
  • Real Estate Agent
  • Tampa Florida
Replied

@Sheila Campbell

I'm surprised no one has mentioned creative financing yet.

One way is to use a gap funder. First you'll need to find a property and put it under contract, then you'll need to DD which will cost some money. After that you need to find an investor (or anyone with enough capital), that can give you x amount of dollars for a good ROI. At that point you'll have a hard money loan (because from what I know, no bank will give you money for a distressed home), with a down payment that is payed by the Gap funder. You fix it up, sell it, pay off the loan and the Gap funder, then both of you get half of the profits.

It's easier said then done but this is one way you can get into REI with little to no money.

Another way I'm sure you've heard of is wholesaling which you can find a lot of information on in the rest of BP.

I hope I was able to help <3

User Stats

26
Posts
18
Votes
Akeim Fin
Pro Member
  • Rental Property Investor
  • Providence, RI
18
Votes |
26
Posts
Akeim Fin
Pro Member
  • Rental Property Investor
  • Providence, RI
Replied

I noticed you mentioned you are military. Can you use your VA home loan witch offers 0% down payment ?

  • Akeim Fin
  • User Stats

    73
    Posts
    61
    Votes
    Sheila Campbell
    • Rental Property Investor
    • GA
    61
    Votes |
    73
    Posts
    Sheila Campbell
    • Rental Property Investor
    • GA
    Replied

    @Karl Schnitzer I own a house. Most of my money goes towards my mortgage. Thank you for the advice

    User Stats

    73
    Posts
    61
    Votes
    Sheila Campbell
    • Rental Property Investor
    • GA
    61
    Votes |
    73
    Posts
    Sheila Campbell
    • Rental Property Investor
    • GA
    Replied

    @Nicholas Munford Thanks for that! I'll look further into it today

    BiggerPockets logo
    BiggerPockets
    |
    Sponsored
    Find an investor-friendly agent in your market TODAY Get matched with our network of trusted, local, investor friendly agents in under 2 minutes

    User Stats

    73
    Posts
    61
    Votes
    Sheila Campbell
    • Rental Property Investor
    • GA
    61
    Votes |
    73
    Posts
    Sheila Campbell
    • Rental Property Investor
    • GA
    Replied

    @Akeim Fin I used my VA loan to purchase my current home. Obviously being military looking into my VA loan was the 1st thing I tried to do to secure financing

    User Stats

    9,365
    Posts
    6,550
    Votes
    John Thedford#5 Wholesaling Contributor
    • Real Estate Broker
    • Naples, FL
    6,550
    Votes |
    9,365
    Posts
    John Thedford#5 Wholesaling Contributor
    • Real Estate Broker
    • Naples, FL
    Replied

    OPM is how you grow a real estate portfolio. Be it HML, friends, family, banks---anyone that has money is a potential lender for you.

    User Stats

    439
    Posts
    578
    Votes
    Tanner Marsey
    • Rental Property Investor
    • San Diego, CA
    578
    Votes |
    439
    Posts
    Tanner Marsey
    • Rental Property Investor
    • San Diego, CA
    Replied

    I know there are books and articles and everything online about how to start with little/no money. I think, in general, they are telling you how to invest little to no money up front. They aren’t telling you to invest without proper funds. Not having adequate reserves is setting yourself up for failure. My advice.... partner with someone that has the money. You find the deal, run the project, whatever..... do all of the non monetary things needed. Take a portion of proceeds. Do that a few times and then maybe branch out on your own. Trying to go it alone with no money will result in failure 99% of the time.

    User Stats

    1,661
    Posts
    2,088
    Votes
    Peter Tverdov
    Property Manager
    • Real Estate Broker
    • New Brunswick, NJ
    2,088
    Votes |
    1,661
    Posts
    Peter Tverdov
    Property Manager
    • Real Estate Broker
    • New Brunswick, NJ
    Replied

    Get your fiscal house in order. Work a 2nd job, ask for a raise. Pay down your debts. Start saving money. Be accountable to yourself. Then you will have money to invest. There is no magic formula for buying real estate with no money down. The people that do it are getting by on the skin of their teeth and if the market winds shift against you, you'll be up a creek without a paddle. Do it the right way or it'll catch you in the long run.

    User Stats

    134
    Posts
    100
    Votes
    Jeremy Blevins
    • Folsom, CA
    100
    Votes |
    134
    Posts
    Jeremy Blevins
    • Folsom, CA
    Replied

    @Sheila Campbell are you able to sell your current house and house hack? My wife and I just sold our home because so much of our money was going towards our mortgage. It’s not an easy decision but sometimes it’s worth it to sacrifice upfront!

    User Stats

    73
    Posts
    61
    Votes
    Sheila Campbell
    • Rental Property Investor
    • GA
    61
    Votes |
    73
    Posts
    Sheila Campbell
    • Rental Property Investor
    • GA
    Replied

    @John Thedford Thank You

    User Stats

    73
    Posts
    61
    Votes
    Sheila Campbell
    • Rental Property Investor
    • GA
    61
    Votes |
    73
    Posts
    Sheila Campbell
    • Rental Property Investor
    • GA
    Replied

    @Tanner Marsey Trust me I have books for DAYS! I've been working on my business profile to find a partner willing to work with me! Thanks

    User Stats

    73
    Posts
    61
    Votes
    Sheila Campbell
    • Rental Property Investor
    • GA
    61
    Votes |
    73
    Posts
    Sheila Campbell
    • Rental Property Investor
    • GA
    Replied

    @Peter T. Doing all that. Thabks

    User Stats

    73
    Posts
    61
    Votes
    Sheila Campbell
    • Rental Property Investor
    • GA
    61
    Votes |
    73
    Posts
    Sheila Campbell
    • Rental Property Investor
    • GA
    Replied

    @Jeremy Blevins I Want to bus I have no where to go of I do. Even if I rent an apartment, I'll be paying about the same as my mortgage. Thank you

    User Stats

    439
    Posts
    578
    Votes
    Tanner Marsey
    • Rental Property Investor
    • San Diego, CA
    578
    Votes |
    439
    Posts
    Tanner Marsey
    • Rental Property Investor
    • San Diego, CA
    Replied
    Originally posted by @Sheila Campbell:

    @Tanner Marsey Trust me I have books for DAYS! I've been working on my business profile to find a partner willing to work with me! Thanks

    I just saw your location. 

    Look for a PM 

    User Stats

    6
    Posts
    1
    Votes
    Replied

    @Karl Schnitzer how to get wholesalers contracts off here cause I need some more of them

    Account Closed
    0
    Votes |
    1
    Posts
    Account Closed
    Replied
    @Karl Schnitzer You referenced that contracts are on here. Where can you find the wholesale contract on here? Thanks in advance!

    User Stats

    52
    Posts
    35
    Votes
    Karl Schnitzer
    • Real Estate Consultant
    • Philadelphia, PA
    35
    Votes |
    52
    Posts
    Karl Schnitzer
    • Real Estate Consultant
    • Philadelphia, PA
    Replied

    @Sheila Campbell oh well if that is taking up all of your money it sounds to me like you might want to consider a cheaper house more within your means if that’s taking all of your mo they income, I don’t think housing expenses in a personal budget should exceed 30%. Just my opinion.