New at real estate w/ a few grand saved...

**adidas062285** · 05-29-2007, 12:04 PM

Hey guess I'm new at real estate investing and yes I read a few other treads that have said they are new at real estate, as well. The only problem for me is that I only have a few thousand dollars saved up. I was told to contact a hard money lender, fix up the place I decide to get and sell it within 6 months so the high interest won't affect me too much....is this a good way to start or do you guys recommend another solution. I'm only 21 years old and my credit will not allow me to get a house right now....please let me know what you guys think...any help would be appreciated...

Thanks

**gjtrafl** · 05-29-2007, 07:28 PM

Don't look for advice like this on a forum. These questions should only be asked to someone experienced in your area. I would say without knowing your situation that you are stepping into some very risky areas. Not saying that it can't be done but there is a higher probability that it will not go the way you planned. My opinion here only

**michael krotchie** · 05-30-2007, 01:10 PM

Go ahead and educate yourself as much as possible. There are many forums across the net with topics that address your question directly. Read up on the process basics and tap into your local real estate market vein until you get a feel for the market.

Then you should be a in a better position to answer your own question!

**jaschoenly** · 08-22-2007, 09:00 PM

Education is the biggest key. If credit and cash is an issue you should maybe focus on "subject to" investing. Send me an email if you would like a free ebook on the subject.

Best Wishes,

Josh Schoenly

**Codythebest** · 08-23-2007, 04:47 AM

Beside, few grands or not, doesn't matter. Go ahead with zero down, subject to, etc...

**InRealEstateSolutions.com** · 08-23-2007, 09:56 PM

There are many ways to make money in real estate w/o having money or credit (wow the infomercials *are* right!): SubjectTo, wholesale contract assignments, Other People's Money (OPM), bird-dogging, etc etc etc.

First learn your market. Most beginners don't know their market as well as they think they do. Each neighborhood, each block is different. Also find what's important to buyers in your area. And figure out who your target market is.. is it end-users? They look for good schools, lots of land, sturdy construction, etc. Is it other investors? They are mainly looking for good deals. Is it renters? they want easy access to shopping, maybe bus lines, etc.

Then talk to as many local experienced investors as you know. Join a local REIA (see nationalreia.com) and ask as many questions as they'll let you.

In R.E. you need time, money/credit, experience. If you don't have all three, find a partner or partners that have what you don't.

Good luck and let us know what happens.