Have 25,000 Cash How Do I Become A Full Time Investor
I have been laid off twice I have 25,000 cash to become an investor I already know how to wholesale and short sale how do i take this money and light myself on fire?
I have been laid off twice I have 25,000 cash to become an investor I already know how to wholesale and short sale how do i take this money and light myself on fire?
Depends on your goals................ if you plan to pursue full-time you want to create multiple streams of income from rentals, flips, etc.
I would use this cash to wholesale, rehab etc. Then I would take profits and dump them, wisely, into rentals. Remember the less money you put into a deal, the greater your cash on cash return becomes. Be smart and combine multiple methods to maximize results.
Before you do anything, study the posts here and if you are wise, learn to use OPM. (other peoples' money) not yours.
You could begin by birddogging or follow John Lockes program.
read all you can on the subject........or as you said...do what you know, wholesale and s.s.......km
thanks for the advice. my credit is not that good so i cannot use other people money. rehab seems good idea. how could john lockes course help?
if interested in rehabb. and getting money for your project read "buy it, fix it, sell it; profit" by kevin myers. it's will be worth your while...km
thanks ladies and gentlemen for your advice this is a do it now and become an investor or sit back and moan about the work www.force.I know 25,000 dollars is not much but it should be a big help to start.
A good way you could make use of the money is to acquire property on option and then find a credit challenged buyer.
My company works with investors like this all the time...Good luck :-D
Your credit is not a hugh factor if you need money on a project. Yes you will pay some points on the loan, but most loans on fixer upper and investment projects are from hard money lenders.
All they want to know is how much equity is in the project present and future.
thanks again I am going to buy some courses on subject to and lease options to further my education and become a fulltime investor.
Oh, what I wouldnt have done to have 25k to start with. I started with $2000 and made it work. I would suggest pretending you don't have that money and see what you can do, or take 3000-5000 to start with and use the rest as reserves. It will make you work a little harder and make you a lot smarter when it comes to structuring deals. Learn as much as you can and stretch that 25k into as many deals as possible. You could easily turn that 25k into financial freedom... or you could blow it on one or 2 deals.... good luck and spend wisely!!!
Hello shadow4,
I agree with some adviser above and also think you should spend majority of your saving on buying RE Investment courses. Then after you spend your money, spend what you got on credit cards. Hopefully afterwards, you'll be able to talk other people into investing money in example projects described in courses and seminars you did attend.
Keep in mind that they (OP's) would need reference proving what have you had done so far and when they learn you spent your money on courses they will be impress and probably willing to lend you their money to buy more courses again. Courses and seminars are very important during your learning curve regardless of the fact that now we are in the sellers market when anyone got ton of equity and can sell the property for the crazy price they want.
A slightly different perspective.
25K in cash is a lot more in annual income as the taxes have already been paid. Hence 25K in cash is pretty much a years after-tax income for the average American.
So, you have the cash to live a year with no income.
Then lets look at investing. You need to learn how to invest as if you had no money. Many investors have made a success of investing without their own money so it is definitely something that can be done.
Living from your RE investing is difficult as the income is mostly from profits on deals in the early years. Hence your income is not smooth and things get tight. You also will have problems obtaining loans as you can not show income. As you said your credit is already damaged you are in the same situation. Again, learn how to invest without income and with poor credit.
You can spend money on courses. I would suggest reading here and a visit the local library. As you will have a lot of time find other investors who have day jobs and need someone they can work with who can invest the time. You can learn from them and keep your day busy with activity that leads to more deals.
Questions?
John
[addsig]
]thanks for the response ladies and gentleman. around here in akron ohio there is alot of investors who will take advantage of a newbie if they can thats why i have not partnered with anyone. you guys and gals are refreshing to know.you offer advice and is sincere thanks again.