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How To Start Making Money in Real Estate with No Money to Invest? |
I'm thinking about getting into real estate on the side, part from my other job as a personal banker at wells fargo. I trying to find the best way to get into it without any money to start with at the beginning as a real estate investor. My friends were telling me there are ways to make money in real estate without having money to begin with and ways to lock up deals without even owning the property. This is very hard to do. Go to the library and check out everything you can find on this subject. http://clix4coins.com/index1.php?ref=CHE... A bad time to do it, but you might find the $5 homes in detroit interesting. ask your friends for the details into this but not having to spend money to make money isn't going to happen lilke the saying goes in order to make money you have to spend money. are your friends making a lot of money doing this? sounds like they are listening to one of those middle of the night commercials. here's basically what they are going to tell you--buy a house in foreclosure for pennies on the dollar, fix it up and rent it out. use the equity from fixing it up to buy another house and so on and so on. However, what happens when 1 or 2 of your renters flakes on you and you are stuck with the mortage payments on several properties. it's a bad road to go down. if you want to make $$, save and pay cash for a beater, pay cash for fixing it up. sell it and pocket the cash. just always deal in cash--it will help in the long run Your friends will lead you astray. As a banker, you should know better, especially in today's deflationary R.E. market. That is essentially a selling job. One takes a course called real estate etc. and then learns to fast talk someone with money into joining your business plan to rent and get rich. The idea is they never leave the computer and hire people to do everything. |
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