Step 1: Find a real estate project.
This is the part where most people get frustrated because they have no idea where to start looking or who to ask. Well, let us help you out with that because we are going to list some sources you can use right off the bat. Obviously if what you are looking for isn’t there, do not worry—Google is your best friend in this case! Here are our main sources where we find deals.
- www.craigslist.org
As far as the US goes, Craigslist is one of the best places online to look for properties (you may also try other cities like San Francisco by using Google). You can either check the “for sale” section or the “real estate” section. If you don’t know what a multifamily complex is, Craigslist will be a great place to start learning about it since there are people from all over the world looking for properties here.
- www.motivatedsellerlistings.com
This website offers great listings of homes and apartments that owners want to sell as soon as possible for one reason or another (they might need money quickly, etc.). Once you have signed up with them, they will send daily emails with free listings in your area. We have used this website often and have even bought properties from it before—there were some really good deals!
- www.realtor.com
Realtor is also a great website that provides listings of properties for sale. The good thing about Realtor is that it is the official website of real estate agents in the US, so you can be sure all the information you get is reliable (plus it’s free to use).
- *www.landwatch.com
This online magazine offers worldwide listings of real estate deals, which makes it one of our favorite websites because we can compare different types of properties sold locally and make an educated decision based on the numbers. On top of that, they often include many pictures while not charging you anything to view them—and who doesn’t like free information?!
Find an advisor/partner.
Now that you have found your next project you need to find someone (or a company) who will be able to read the mind of your next potential business partner. Why would someone invest in your project? Is it because it has a great location or is close to schools, etc.? Because that is the main question you should be answering before even approaching anyone about investing in real estate.
If you don’t have any person in mind but are serious about building real-life wealth through real estate investing, then this step is for you! We are recommending you go to www.biggerpockets.com and sign up for free so that you can get access to their forums where there are many experienced investors willing to help beginners like yourself understand what’s going on and how to get started. Bigger so many things that need to be done right in order to be successful, which makes it seem hard at times. The first thing you should do when thinking about getting a loan is to find your local bank or credit union. The person working there needs to have access to all the different types of loans you can get (loan agents), plus they will know which one works best for your current situation. IfPockets has become our main source of finding deals online, and it’s also a great place to meet mentors who will guide you in your efforts!
Step 2: Get that loan!
Now, you need to find out if you can get a loan for your project. There are different types of loans (e.g., FHA), but the most popular one is the traditional loan through a bank or credit union. The first thing you should do here is go back to www.lendingtree.com and check what offers they have for investors like yourself—it’s free and it will save you so much time! Once you know whether or not people are willing to lend money, then it’s time to move on the next step—which is finding an expert in this particular field to help guide us through all this! We must be we’re making the best decisions
Step 3: Get preapproved for a loan.
Getting loans is the hardest part about real estate investing—it’s not hard per se, but there are so many different things you have to do in order to get approved.
Luckily for us, people are lending money more freely these days because of the economy, but if you don’t have great credit or not enough income this will be hard or impossible to achieve—so make sure you have good credit and combine it with something called DTI (debt-to-income). We recommend having your loan preapproved before going out there to find deals since that can save you a lot of time doing research on properties only to realize they are not worth it because the numbers don’t work.
Step 4: Buy!
Now that we know how much money we are getting from our partner(s), plus how much our monthly payment is going to be, it’s time to find that perfect property! We recommend you go to www.realtor.com and search for properties in the area you are looking to invest in. On this website, you can also see what other investors are willing to pay for properties, which gives us an idea of what range will work best for us.
Step 5: Sell!
Now that we have our new real estate investment let’s make sure we make some money with it! At first, glance buying cheap and selling high seems too good to be true, but if you do your research well enough then there is no reason why this strategy won’t work for you as well! In order to help people who do not know where or how to start, we came up with this 5-step plan and hope that by following these simple instructions anyone can start making real estate investing a part of their personal finance decisions.
Phew, so there you go! We hope this guide helps you understand how to invest in real estate without any money—it’s not as hard as it may seem at first because there are plenty of helpful people out there who want to help you succeed! Good luck and happy hunting!
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