What is the most easiest way to get into real estate investing?
Posted on February 22nd, 2010 in Investing | 8 Comments »
MiC asked:
What are some ways to begin in real estate investing with litttle or no money? Can you start in real esate investing with no money?
Sacramento Condos, Sacramento Homes
What are some ways to begin in real estate investing with litttle or no money? Can you start in real esate investing with no money?
Sacramento Condos, Sacramento Homes
8 Responses
Walk In Bathtubs
You cannot start any investing with no money.
Chicago Il Real Estate
my advice would be to come up with enough money to put a significant down payment on a property with a very low interest rate. You will be able to rent the property and make your payments, but keep in mind if it is not rented, that money comes out of your pocket. So, the more you can put down and keep your payments low, the less likely you are to have to use your own money. Also, if you get the first property paid for in full then hopefully you got a good deal on the property and can open up a home equity line of credit which will then allow you to buy more properties without putting any more money in.
Orlando Real Estate agent
You should try to define the term “investing” more specifically. Look at the first 5 words in the definition.
What Does Investing Mean?
The act of committing money or capital to an endeavor (a business, project, real estate, etc.) with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company, especially since time is money.
Investopedia explains Investing
Investing is the key to building wealth, but investing in and of itself is not enough. You have to invest wisely!
6 Steps to Becoming a Successful Real Estate Investor
by Robert Kiyosaki
Part 1…
Part 2 …
Part 3 …
Part 4
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Part 5 …
Part 6…
San Diego Commercial Real Estate
Learn the basics first:
How to learn Mortgage Basics
Vancouver WA Realtor
The best way to get started is to do as much research as possible. Yahoo groups has many free groups to get good info on real estate investing, try the CREI-Alliance on yahoo groups. There are ways to get into real estate deals with out any of your own money but understand it does take money for a real estate deal to go through it just does not have to be your money.
Bozeman Mt Real Estate Listings
Google Ron Legrand. He is the best teacher on how to make money in real estate with no money.
Thermage Stretch Marks
He’s done it and has taught others how as well.
Mesa Real Estate Listings
Join a real estate investing club if there is one in your area. The education is priceless.
Find a wholesaler…these are mostly the guys that have the “I Buy Houses” ads on the street corners and newspapers.
Find a lender who will lend based on Appraised Value rather than on Purchase price. This is not easy to do, but it is possible. You can also work with Hard Money Lenders…steep rates, but often worth it.
My first deal was a house from a wholesaler. It appraised for $51,500 and he was selling it for $26,200. (He got it from a bank for $10,000 I later found out).
I had a hard money lender loan me all the money and then refinanced one week later (which is not easy but can be done) and cashed out at 80%. The hard money lender arranged everything.
In short, I bought a house for $32,000 ($26,200 plus fees and closing costs) with hard money. Refinanced at $42,000. Left closing with approx. $10,000 (42k-32k) and still had almost $10,000 in equity. Not one dime of my own money.