Having no money to start a real estate business is never the end of the road. However, having a big bank account doesn’t guarantee that you will make money out of real estate deals.
Username Investment CEO, Reuben Kimani narrates how he together with his co-founders were dupe in their second real estate deal that resulted in a total loss of the borrowed loan.
This according to him was a real turning point in their business and if not for their determination in the business, their leading brand in real estate could be nowhere now.
When you don’t have money to do the real estate business, the journey becomes hard and testing. Leave alone the fact that real estate investment is often a hard task.
However, it is never impossible to do. I have seen beginners start from scratch and make become wealthy. I have investors make a huge investment, fall and become completely broke.
According to Ty Fischer of Total So Cal Homes, what has and will always define successful real estate investors is a determination to succeed. Whether they have money or not. There is a chance for everyone. And you can start now and in few years you are up on the top. The power of hustle matters more than the power of the bank.
As a beginner in real estate investing, you could be broke and still want to venture into real estate. Below are 3 tips on how to get started in real estate without money.
a) Create a business lead generation
Every business is powered by quality leads. The real estate business is not an exception. Real estate agents, brokers and event mortgage lenders are constantly looking for these leads.
The first step you go about establishing your name like most of the top real estate agents is by establishing lead generating business. You connect your leads to realtors that have properties for sale and in turn, you will be paid a small commission.
If pose a question to real estate founders on how they started their businesses, most started this way. It is very tough, you do most of the grunt work and get little pay. But as a beginner and have a better vision, how much you make now doesn’t matter, what matters is the hands-on experience in the field and building your network as you grow.
The best model you can use here is to look for real estate company that has agency partnerships so that you can generate your own leads and push the leads to the company to close and you get paid for your commission. You can then save till you can afford to buy the property.
b) Intern for a real estate agent
Most real estate companies do offer many services which often run short of manpower. Search leading real estate agents in your neighbourhood and then call them to express your interest in real estate and how you can offer your service to better their performance.
When making such a call, you should never be conditional. When you get the opportunity, learn what you can, identify someone to mentor you in the company and the time comes, negotiate to be considered as buying specialist or listing specialist for the company or work away and start your own small company.
c) Partner with real estate Investor
When you are still young in the business, the best approach is always to consider a partnership with established investors. When you do this you will learn a lot and you can make some few dollars as you work your path.
Getting real estate investors is not an easy journey, it involves building a good relationship with real estate participants and then asking them for referrals.
Conclusion
Real estate investing is a proven way to build wealth in the long run with a minimal amount of risk. Even though it requires large amount of capital to start with, beginners in the industry can still penetrate the market and create their share if they are determining and committed to succeed.
Remember, there is no easy path in any business. Every step matters and no step should be missed in business.
You got a chance to build your wealth. Start and never quit till you start winning.