I am a young student (21 to be exact) looking to invest in real estate. I work part-time, and the income just isn't enough to support myself. After rent and all my other bills, I am left with literally pennies every p...

Most attorneys I know will say the same thing: the only way to be totally protected is to be penniless and broke.

We would be taking money out of our savings to purchase the house, which would not leave us penniless but it would take a substantial part of our savings....... but we would not have a mortgage payment on the property. 

They look for unsuspecting, honest people, send them $1,000 over the asking price for something and tell them they need the owner of the item to pay the move with the cash.Then they pick up the piece of furniture, the cash, and leave the victim "sometimes" penniless, literally.  

After a year being injured and basically on bedrest I figured my mother-in-law would like me out of her living room.It was owner financed and my credit was bad before I was injured and penniless for a year.It had a new roof which happened to be the 1 thing I refuse to repair by myself.The payments were $350 per month for 5 years.It's a single family home that was a duplex prior.

I have no problem with listening, but God also gave me a discerning mind and two hands to operate the shovel when I need to.My dad, who went from being a penniless missionary to now owning over 300 rental units, once gave me advice that many investors could stand to follow:Shut up and get to work.Actually I was told that more than once as it had applications to about 90% of business/investing scenarios.

Plus, you'll also end up paying 2 closing fees....Unless, you do like I did and always try to close at the same company and negotiate yourself FREE CLOSINGS (That saves me up to $400 on double closings)[b]Build buyers list==>Find homes==>Put under contract (your name or llc)==>Sign a completely new contract with your buyer==>Double Closing[/b]Double Closing ProceduresClosing #1-Close with the owner of the home (No money is exchanged)==>Closing #2-Close with your buyer (Give you money)==>Give the money from the closing with your buyer to the title office==>Leave closing with difference between closing #1 and closing #2.Though I don't use the double closing quite as often as the other tactics, I do have to say it's my favorite as far as producing an AWESOME FEELING when you're leaving the closing table.There is just something about walking into a closing penniless....Then leaving less than an hour later with a check for $10,000-$20,000.HUD AssignmentThis is a tactic you won't find many investors or “guru's†know a lot about, but it's a sweet little tactic.As most of you know HUD Contracts are NOT ASSIGNABLE....Which is no big deal if you know how to use this “Little honeyâ€.

It seems that every one who is penniless, tries to jump on the wholesaling gravy train thinking that you can make something out of nothing.

I had quite a bit of money there for a long time and they were always hassling me for fees, but waiving those fees for penniless oldsters over 50.

A little bit about myself - my real estate investing career started over a decade ago as a penniless teenager, with a dream of better life.