It will be easier if you have a few hundred dollars. I am in Chapter 7 and gave the trustee 30 properties. 2 years later I filed a Chapter 13 to save my personal house. I am currently behind on my house again for Dec. I am closing on a deal next week and one the following week without cash or credit. I am using a hard money lender that only cares about the deal and my experience doing deals. I had to borrow from the pawn shop to order the appraisal on both deals. I lost my wifes wedding ring of 27 years to do a deal in the past. If i can come back and do deals todayyou can too. Go find a way. Set the goal and see it unfolding before your eyes like a vision. Seeing and believing and you will do.
Good LUCK and Thank You
Hope this helps some
Ted Jr
Just because it's possible, doesn't mean it's a good idea. Real Estate investing is a business. If you are having trouble gaining control of your personal finances, you will have trouble with your business finances and will probably fail.
I'm not having trouble gaining control of my finances. My husband is having a hard time with his job right now, so he is not bringing in the same amount of money. that is the reason I want to do ri, so we can make our own money and not have to depend of a "job"
I say gain control of your personal finances before you Invest. I'm new to all of this and I have some debt. Not thousands but enough (under 5gs) and I am going to start bird dogging. I won't buy any property until i know enough about everything to do so. But I know that it is a business no matter what level youre in at and you need to be able to manage finance in general. Otherwise how would you track profitability? Net worth?
Katrina,
Anything is possible given the right situation. Being a real estate investor is about knowing your market, gut feelings, determination, time and resource management, people skills and being able to walk away from what appears to be a deal, when it is not.
Sure if you had money and a good employement record, it would be much easier. It will also be easier if both you and our husband buy into the REI goal. Happy investing
why do people keep saying get control of my finances? I'm not having trouble with my finances. I just said I don't have credit cards that I can use for investing, or extra cash. I keep reading in different areas that you don't need any of "you own" cash and I was just asking if it would work if you didn't have those resources
I will tell you from my own experience which is similar to your situation. My husband lost a job a year ago. And some of the friends told us to look into fixing-up business. We purchased a property what was owned by First Union/Wachovia - broken duplex in not that good area. We used all our saving for it - so we don't have to worry about %%. And we took line of credit to actually fix it up. And I think it's very important to remember that buying a property (unless it is some flip thing) it's only the start of using the money. You will get more expenses as you go. And if you don't have anything on hands, I would suggest to save some or borrow from close friends/family - not go to hardmoney landers. We've seen many people who just behind payments on everything and can't catch up and there are no places for them to go to get money.
I am not telling you that this is not a good idea to start investing in real estate, I am just saying try to realistically rely on your own resources.
I am sure it's great when you can buy something using someone else money, fix it using someone else money plus make huge profit from this, but for this short period of time that I am involved in the process, I didn't see successes like this. I've seen people get together with 10,000 each and making 50,000 from it, I've seen people offering money for 12-15% and I've seen (unfortunately) people who had to take 2nd mortgages on their own houses just to make ends meet.
And of course, everything depends on where you live. I am in South Florida and probably in your area it's different.
You can email to me with any question, I will try to help you as much as I can.
Katrina,
Given the right situation, Yes, you can do this with no money down. I have found that I am working 2 deals now that have required only funds for marketing so far. Which has been good for me. My costs so far are around $100.00. I do not have resouces available to me like some do, so I have had to become more resourceful than some. I have found some people since I started who were willing to work with me and help me get my business off the ground and they didn't charge me a dime! They do exist. You just have to find them. Once you accomplish that, the rest will come to you. Keep the faith and be selective in whom you work with.
Good luck
It will be easier if you have a few hundred dollars. I am in Chapter 7 and gave the trustee 30 properties. 2 years later I filed a Chapter 13 to save my personal house. I am currently behind on my house again for Dec. I am closing on a deal next week and one the following week without cash or credit. I am using a hard money lender that only cares about the deal and my experience doing deals. I had to borrow from the pawn shop to order the appraisal on both deals. I lost my wifes wedding ring of 27 years to do a deal in the past. If i can come back and do deals todayyou can too. Go find a way. Set the goal and see it unfolding before your eyes like a vision. Seeing and believing and you will do.
Good LUCK and Thank You
Hope this helps some
Ted Jr
Just because it's possible, doesn't mean it's a good idea. Real Estate investing is a business. If you are having trouble gaining control of your personal finances, you will have trouble with your business finances and will probably fail.
I'm not having trouble gaining control of my finances. My husband is having a hard time with his job right now, so he is not bringing in the same amount of money. that is the reason I want to do ri, so we can make our own money and not have to depend of a "job"
I say gain control of your personal finances before you Invest. I'm new to all of this and I have some debt. Not thousands but enough (under 5gs) and I am going to start bird dogging. I won't buy any property until i know enough about everything to do so. But I know that it is a business no matter what level youre in at and you need to be able to manage finance in general. Otherwise how would you track profitability? Net worth?
Katrina,
Anything is possible given the right situation. Being a real estate investor is about knowing your market, gut feelings, determination, time and resource management, people skills and being able to walk away from what appears to be a deal, when it is not.
Sure if you had money and a good employement record, it would be much easier. It will also be easier if both you and our husband buy into the REI goal. Happy investing
why do people keep saying get control of my finances? I'm not having trouble with my finances. I just said I don't have credit cards that I can use for investing, or extra cash. I keep reading in different areas that you don't need any of "you own" cash and I was just asking if it would work if you didn't have those resources
Katrina,
I will tell you from my own experience which is similar to your situation. My husband lost a job a year ago. And some of the friends told us to look into fixing-up business. We purchased a property what was owned by First Union/Wachovia - broken duplex in not that good area. We used all our saving for it - so we don't have to worry about %%. And we took line of credit to actually fix it up. And I think it's very important to remember that buying a property (unless it is some flip thing) it's only the start of using the money. You will get more expenses as you go. And if you don't have anything on hands, I would suggest to save some or borrow from close friends/family - not go to hardmoney landers. We've seen many people who just behind payments on everything and can't catch up and there are no places for them to go to get money.
I am not telling you that this is not a good idea to start investing in real estate, I am just saying try to realistically rely on your own resources.
I am sure it's great when you can buy something using someone else money, fix it using someone else money plus make huge profit from this, but for this short period of time that I am involved in the process, I didn't see successes like this. I've seen people get together with 10,000 each and making 50,000 from it, I've seen people offering money for 12-15% and I've seen (unfortunately) people who had to take 2nd mortgages on their own houses just to make ends meet.
And of course, everything depends on where you live. I am in South Florida and probably in your area it's different.
You can email to me with any question, I will try to help you as much as I can.
Yulia
Katrina,
Given the right situation, Yes, you can do this with no money down. I have found that I am working 2 deals now that have required only funds for marketing so far. Which has been good for me. My costs so far are around $100.00. I do not have resouces available to me like some do, so I have had to become more resourceful than some. I have found some people since I started who were willing to work with me and help me get my business off the ground and they didn't charge me a dime! They do exist. You just have to find them. Once you accomplish that, the rest will come to you. Keep the faith and be selective in whom you work with.
Good luck