OfflineIm 26 and just read Dean's books and want to get started in investing. My situation I have no money for a down payment or money for payments. I have the drive to succeed and I can do everything to a house to fix it up. A list of all things I can do: Tile, wood floors, carpet, cabinets, framing, drywall, finishing, baseboard, crown, roofs, electrical, plumbing and can get gc liscense for additions. I can do everything that a house needs to be fixed for resale. There alot of deals to be made in my area Broward County. Looking for any suggestions on how to get funding for my first deal. Thanks
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I've been dealing with the same situations basically. Even though most of my experience in life is as a programmer, i've done tile and drywall, i've made several friends with general contractors, plumbers and electricians.
However, where I am trying to focus my efforts right now, as where I have no money (or job at the moment), is to find properties that may need a few things done (some yard work, light painting, etc) but that is still livable as is. This way I can take the ARV of the property, get it @ 35-40% off market value, and resell it quickly for a small profit of 2-5K.
The goal for me, is to do that until i've done about 25 deals stashing away half of what I make for future cash investments. Once I get to that point, I'll be looking for the same types of homes to buy cash deals, do some little repairs and such (with cash) to increase the property value and selling them for a 20-25K profit or more if the margins fit. All the time, while doing this i'll still be doing the first option of locking up on contract to make a profit of 2-5K to keep some regular cashflow coming in.
Again I'll do that for 25 deals, and I should have a couple hundred K built up and I'll start looking at other homes that I'd like to buy and turn into rentals for some residual cash-flow or offer the rent-to-own option to people who are looking for something like that.
Without money, contracts seem the way to go granted you can write in your exit clause so that you're not locked into buying the property if you don't actually find a buyer or you don't want it yourself. Anyway thats what my plans are, hope it helps in some way.
One of the most productive ways to get started is to attend a local REIA, (Real estate Investment Association.) Google" real estate investment asso.
Introduce yourself as a bird-dog, meaning that you find properties for investors. They will tell you where and what they are looking for and they will pay you a finders fee if they close on the property. That way you are rubbing shoulders with those that are already doing investing and you'll learn a lot.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125