Investing in Real Estate is a great way to increase your net worth and get you on the path to financial freedom if you do it the right way. If you are looking to start investing in real estate, I am sure you have heard that you can do it without cash or credit, this is a true statement. I have successfully invested without cash or credit; however, there are better ways to get into the game.
New investors often start out after hearing they can do it with no cash or credit and jump into the game full force acquiring as many properties as they can with creative financing. This method often leads to success in property acquisition; However, there is usually not a large amount of cash or cash flow acquired immediately with this method. Acquiring property without an adequate cash base can put you in a position where you have a lot of property but are cash poor.
There is a way to get started in Real Estate where you can put cash in your pocket and build your cash base before you start building your property base. Focusing on acquiring cash first and property second will build a solid foundation for you to become a successful real estate investor.
To get started in the Real Estate game with cash in your pocket, start by finding the deals and selling them to other investors. This can be done through the wholesale sale of the property or the assignment of the contract. In most cases, you should expect to earn between $3,000 and $10,000 per transaction, depending on how good of a deal you can find and negotiate.
There are a few things you can do to start putting cash in your pocket:
- Build a good list of buyers or other investors who will buy the deals you find
- Develop your skills to find motivated sellers
- Focus on your negotiating skills to create the best win-win solution for both the seller and yourself.
Starting to invest in real estate with cash in your pocket will establish you on a solid financial footing. This financial foundation will help you achieve lasting success as a real estate investor.