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Help! I want to get started and don't have any money! Sound familiar?
One of the interesting things about Bigger Pockets is the sheer number of people interested in real estate investment that eventually wander in the door, from grizzled, season veterans of a dozen up-and-down markets to guys & gals fresh out of high school, dollar signs in their eyes.
A question from the latter that seems to pop up nearly every other post is "Hey how can I get started without any money?" or some variation thereof, usually replete with stories of sketchy credit scores and unstable employment.
The answer is easy, young Skywalker: you can't. You need money to invest in real estate - either your own, or Someone Else's Money. Naturally, the "Someone Else's Money" is the Holy Grail that many new investors are seeking. Unfortunately, everyone and their brother is chasing Someone Else's Money. Why should Someone Else give you their Money? What differentiates you from a thousand other pavement pounders?
For most people, the differentiation comes in the form of Hustle. Paradoxically, those who hustle usually rustle up Their Own Money.
So what does all of this mean? Look inward before looking outward. What can YOU do to have funds materialize? A second job? Driving a thousand dollar beater instead of a beamer? Finding someone that knows your character and drive to partner with?
This is what is going to separate the investor from the dreamer.
Comments (3)
Awesome! Post and glad to know that skin in the game is how this works, not finding people with money. I actually have never asked anyone for anything so that was hard for me to understand. I am using my money and buy and build.
Account Closed, over 4 years ago
I also needed to read this. Thanks!
Gary C Jones, over 5 years ago
Thank for posting this. The last two lines what are I've been waiting to hear.
Julia Vang Hart, almost 9 years ago