The old cliché of “you have to have money, to make money…”
…is that really true?
The truth is that if you are willing to roll-up your sleeves and think creatively you can get involved in the real estate business with no money.
Does this sound like a “get-rich-quick” scheme or late-night infomercial?
Probably – but there are two reasons you should listen to me and read on:
- I’ve done it myself
- I now work at a bank underwriting real estate deals (up to $3 million) and see it everyday.
When I first got started with real estate, I was 16. I cleaned-up houses for contractors and did whatever kind of labor work they wanted. I then kept hustling and found out how much landscapers charge and started offering landscaping.
I took all of that cash and made my first down-payment on a house.
If you work your tail-off for 3-4 months (part-time, night & weekends) there is absolutely no excuse you won’t have enough money for a down-payment if not for a house.
Don’t believe me?
I dare you. Start tomorrow, three months later if you don’t have at least $10,000 I’ll buy you the BiggerPockets Book on Flipping out of my personal money. (I want to see the proof of your efforts though!)
“A year from now you will wish you had started today.” Karen Lamb
How NOT to Make Money
You might be tempted to do the following:
- Get assignment deals as a wholesaler,
- Get a finder’s fee for a mortgage client,
- Get a kick-back from real estate agents.
I highly caution you against the three action points above.
Well the last one is illegal and I don’t want you going to jail. …read more