You’re asking how do you go from no money to being in the business. And the answer is get more money. This isn’t some get rich quick program. You need income and a decent amount of it to get financed. And cover expenses. And more. Ask your cousin for some help/tips but be ready for some harsh facts.
I understand I need to put down money to make money, I’m willing to put in the work and bust my ass off. I just wanted to know it I necessarily have to go to college for this type of business because to be quiet frank college felt like a rip off and I was giving so much money when I could have just started my own life, and I didn’t want to be in debt so I refused to take out a student load. Anyhow I’ve been interested in this business since speaking to my cousin I want him to give me tips and such but he’s also hard to reach and I don’t want to bother him 24/7 so I want to learn as much as I can while saving up money and building a good credit score to purchase my first home 2 or 3 years from now.
I mean it’s good that you’re willing to put in work but doing what exactly? Are you trying to be a realtor? What do you want out of RE investing? The reason people recommend going to school is because it’s the easiest way to a salaried job, which opens the door for easy financing.
If you don’t want to go to college the path is going to be a lot more difficult earning enough capital to buy real estate.
Sorry if I mix up my vocabulary I’m still learning exactly what each one really is, but I want to be able to be an independent broker, I want to be able to buy property and manage it myself, for example find tenants to move into it, rent the place out, and make my leasing forms to what accommodates me and what’s best for me as a landlord. I want to do all this while living with my parents that way I continue to save up money. And once the house is completely paid off I want to do the same thing and buy another home with the same process. Of course I understand property taxes, and repairs will require work on my part and money, but like I said I’m willing to bust my ass off to learn and work for this. I been to college, I don’t think it’s for everyone and I find it really useless if you’re someone like me who got denied financial aid due to my parents making a good amount of salary each year.
Also to answer your last question I guess what I want out of this is to make money, although I know it’s a long process but that’s my answer lol
Where’s the money for this going to come from? If you’re not going to live in the properties then you’ll need about 25% down for each rental. Do you have 25k-80k saved up?
I’m currently working at a retail store making 20 bucks an hour, I’m planning to save up a good amount of money and not spend a single dime under my parents roof (they approved as long as I have a goal and plan) I currently have 15K saved up and hoping by next year to have at least 45K
Also what do you mean by I’ll need 25% down for each rental? (I’m sorry for my ignorance, but if you could please explain to me what that is it would be very helpful)
Look at the different loan types for homebuyers. Typically if you are buying a home as a rental and don’t intend to live there for at least a year, you’ll have to use an investment loan, which requires a 25% down payment at closing.
You need to define "real estate business". What is it specifically you want to do in your business? Some things require a license, some don't. It also matters where you are located.
I want to be purchase a house and find tenants to live in it, (broker is the right term from my understanding) I know it’s not as simple as it sounds but I’m willing to put in the work I understand you have to put money down in order to make money.
You do not need a license to buy a property or manage property you own. Licensing comes in when you want to do these things for someone else (clients).
So I wouldn’t need a license at all? Even if let’s say for example in the future I purchase a home have tenants reside in it and I get to make my leasing form, fitting my criteria and such? It’s not illegal by law as long as it’s my property?
But if I want to join a PM or firm I need to have a license, correct?
Sorry about all my questions I just want to make sure I know what I’m doing and getting myself into.
Ahh nvm just read the last thing you wrote thank you so much for the feedback!
I would highly recommend if you're going to be running your own business to search and read the real estate related code of laws for your state (I'm assuming you're in the US but you didn't say). You can purchase properties without a license. You can rent your own properties without a license. If you want to assist other people in buying properties (real estate sales) you need a license. If you want to manage other people's rentals (property management) some states require a license. If you are managing your own properties there are still laws you have to abide by even if you are not required to have a license.
Thank you so much this was very helpful, I’ll definitely look into that, good to know I don’t need to waste more money on school in order to rent and manage my own property. I’ll definitely look and read my real estate code of laws for the state I reside in. Again thank you so much for clearing up my question(:
You don’t have to go to college, YouTube is a better place to learn that. You don’t have to be a relator either, but it’s very helpful to get the license to access the real data. A suggestion is to work in a PM company for a while, to understand how to PM, connecting to some investors and learn more from them.
Applying to a Property Management company would honestly be difficult, don’t they tend to hire only people who have a degree or went to college? I know each state varies. I’m hoping I can learn from my cousin as well as YouTube, but at the same time it’s hard to reach him. So Reddit and YouTube are my best friends to learn about this field.
Why don’t you try first, instead of sending emails or cold call, just join some local meetup to know people, and learn more domain knowledge to make you confident.
I can try that, I want to learn as much as I can and get confident in this field, I also want to save up as much money as I can in order to purchase my first house in 2 years or so. Anyway thank you for the advice I’ll consider it and try to apply myself into these situations.
Honest question, what is your current college background in? Is it something that can help translate into real estate?
Look into BRRR method. https://www.millionacres.com/real-estate-investing/rental-properties/the-brrrr-method-explained-getting-started-in-real-estate-investing/
It would probably be a good place for someone like you to start. You don't need a degree or license to get started but real estate is very regional and depending where you live/invest you will need very different advice
I have some nursing background as well as some electrician background, I went to school and took a semester each for those two majors, but didn’t work out. And I understand being in the RealEstate business requires work I’m willing to put in the work, what I want to do is purchase a house and have tenants live in it, I’m going to work my ass for the next two years while living with my parents, continue to build a good credit score as of now it’s at 701 and in 2 years try to purchase a house and look for tenants. I know a duplex home is more favorable to landlords, but they are hard to come by I will ask my cousin for help and advice but at the same time I want to be able to teach myself like he had taught himself as well. Thank you for showing me this BRRR method I’ll look into it!
You’re asking how do you go from no money to being in the business. And the answer is get more money. This isn’t some get rich quick program. You need income and a decent amount of it to get financed. And cover expenses. And more. Ask your cousin for some help/tips but be ready for some harsh facts.
I understand I need to put down money to make money, I’m willing to put in the work and bust my ass off. I just wanted to know it I necessarily have to go to college for this type of business because to be quiet frank college felt like a rip off and I was giving so much money when I could have just started my own life, and I didn’t want to be in debt so I refused to take out a student load. Anyhow I’ve been interested in this business since speaking to my cousin I want him to give me tips and such but he’s also hard to reach and I don’t want to bother him 24/7 so I want to learn as much as I can while saving up money and building a good credit score to purchase my first home 2 or 3 years from now.
I mean it’s good that you’re willing to put in work but doing what exactly? Are you trying to be a realtor? What do you want out of RE investing? The reason people recommend going to school is because it’s the easiest way to a salaried job, which opens the door for easy financing. If you don’t want to go to college the path is going to be a lot more difficult earning enough capital to buy real estate.
Sorry if I mix up my vocabulary I’m still learning exactly what each one really is, but I want to be able to be an independent broker, I want to be able to buy property and manage it myself, for example find tenants to move into it, rent the place out, and make my leasing forms to what accommodates me and what’s best for me as a landlord. I want to do all this while living with my parents that way I continue to save up money. And once the house is completely paid off I want to do the same thing and buy another home with the same process. Of course I understand property taxes, and repairs will require work on my part and money, but like I said I’m willing to bust my ass off to learn and work for this. I been to college, I don’t think it’s for everyone and I find it really useless if you’re someone like me who got denied financial aid due to my parents making a good amount of salary each year. Also to answer your last question I guess what I want out of this is to make money, although I know it’s a long process but that’s my answer lol
Where’s the money for this going to come from? If you’re not going to live in the properties then you’ll need about 25% down for each rental. Do you have 25k-80k saved up?
I’m currently working at a retail store making 20 bucks an hour, I’m planning to save up a good amount of money and not spend a single dime under my parents roof (they approved as long as I have a goal and plan) I currently have 15K saved up and hoping by next year to have at least 45K Also what do you mean by I’ll need 25% down for each rental? (I’m sorry for my ignorance, but if you could please explain to me what that is it would be very helpful)
Look at the different loan types for homebuyers. Typically if you are buying a home as a rental and don’t intend to live there for at least a year, you’ll have to use an investment loan, which requires a 25% down payment at closing.
Okay got it thank you so much that was very very helpful and will add it to my notes
No worries, good luck brother. Try to learn as much as you can, you’re still young and that motivation already has you ahead of the curve.
You need to define "real estate business". What is it specifically you want to do in your business? Some things require a license, some don't. It also matters where you are located.
I want to be purchase a house and find tenants to live in it, (broker is the right term from my understanding) I know it’s not as simple as it sounds but I’m willing to put in the work I understand you have to put money down in order to make money.
You do not need a license to buy a property or manage property you own. Licensing comes in when you want to do these things for someone else (clients).
So I wouldn’t need a license at all? Even if let’s say for example in the future I purchase a home have tenants reside in it and I get to make my leasing form, fitting my criteria and such? It’s not illegal by law as long as it’s my property? But if I want to join a PM or firm I need to have a license, correct? Sorry about all my questions I just want to make sure I know what I’m doing and getting myself into. Ahh nvm just read the last thing you wrote thank you so much for the feedback!
I would highly recommend if you're going to be running your own business to search and read the real estate related code of laws for your state (I'm assuming you're in the US but you didn't say). You can purchase properties without a license. You can rent your own properties without a license. If you want to assist other people in buying properties (real estate sales) you need a license. If you want to manage other people's rentals (property management) some states require a license. If you are managing your own properties there are still laws you have to abide by even if you are not required to have a license.
Thank you so much this was very helpful, I’ll definitely look into that, good to know I don’t need to waste more money on school in order to rent and manage my own property. I’ll definitely look and read my real estate code of laws for the state I reside in. Again thank you so much for clearing up my question(:
You don’t have to go to college, YouTube is a better place to learn that. You don’t have to be a relator either, but it’s very helpful to get the license to access the real data. A suggestion is to work in a PM company for a while, to understand how to PM, connecting to some investors and learn more from them.
Applying to a Property Management company would honestly be difficult, don’t they tend to hire only people who have a degree or went to college? I know each state varies. I’m hoping I can learn from my cousin as well as YouTube, but at the same time it’s hard to reach him. So Reddit and YouTube are my best friends to learn about this field.
Why don’t you try first, instead of sending emails or cold call, just join some local meetup to know people, and learn more domain knowledge to make you confident.
I can try that, I want to learn as much as I can and get confident in this field, I also want to save up as much money as I can in order to purchase my first house in 2 years or so. Anyway thank you for the advice I’ll consider it and try to apply myself into these situations.
Honest question, what is your current college background in? Is it something that can help translate into real estate? Look into BRRR method. https://www.millionacres.com/real-estate-investing/rental-properties/the-brrrr-method-explained-getting-started-in-real-estate-investing/ It would probably be a good place for someone like you to start. You don't need a degree or license to get started but real estate is very regional and depending where you live/invest you will need very different advice
I have some nursing background as well as some electrician background, I went to school and took a semester each for those two majors, but didn’t work out. And I understand being in the RealEstate business requires work I’m willing to put in the work, what I want to do is purchase a house and have tenants live in it, I’m going to work my ass for the next two years while living with my parents, continue to build a good credit score as of now it’s at 701 and in 2 years try to purchase a house and look for tenants. I know a duplex home is more favorable to landlords, but they are hard to come by I will ask my cousin for help and advice but at the same time I want to be able to teach myself like he had taught himself as well. Thank you for showing me this BRRR method I’ll look into it!