How to become a Real Estate Investor With No Money or Credit

Yes you can become a real estate investor even in today's crazy or maybe not so crazy real estate market.

There is an old Chinese proverb that says, Where there is Chaos there is Opportunity.

The time to get into real estate is now. During the depression more millionaires were created in that time than anytime before and the opportunity to create great wealth has come around again. This is how to get your piece of the pie.

Difficulty: Moderately Challenging

Instructions

Things You'll Need:

• Courage
• Resourcefulness
• Determination
• Positive Attitude
• Strength to Not Give Up when the going gets tough - because it will
• Time
• The Right Mindset

1. Find a property. This can be done by walking around your neighborhood. It's always best to start close to home. There are a number of ways to do this but this is the easiest.

2. 
    
   Do your research on the property; Due Diligence is very important

   Do your research on the property. You can do an online search to find the owner or you can use a paid search service if your budget can handle it.

3. 
    
   Once you have gotten the contract contact your investor and sell your deal!

   Contact the owner, talk to the owner, listen to the owner and get the house under contract.

4. This is where your no money or credit not needed comes in. You can take the contract to an investor who has the money or credit and sell your position as principal for a fee of $500 to $5000. This was all done with you not having any money or credit.

5. Make sure you do your research on the property because this is going to tell you whether or not you have a deal. Remember, it is the deal you are selling and if it doesn't make sense it will not sell.

6. One of the most important if not the most important factor in your becoming a successful real estate investor is your mindset. If you are still thinking like an employee who is looking for approval and asking for permission to succeed, then you will never get there. I would suggest reading a book like Rich Dad, Poor Dad by Robert Kiyosaki. If you get nothing else out of this book, you will learn the difference between the four people in this world - employee, specialist, business owner or investor - where you are and what you have to do to move from that quadrant.

Tips & Warnings

• If you can find an experienced investor before you find the house to consult with, this will make it easier.
• This way you get paid to become a real estate investor - making money while you learn the ropes.
• Always know your arv - after repair value so you know whether or not you have a good deal.
• This is not easy to do but once you have completed your first deal, you will gain more confidence.
• Don't let the mistakes you make stop you from moving forward.
• Learn from your mistakes.
• If you can learn from a mentor or someone who has done it before to hold your hand and walk you through the process this will always be best.
• However, there are many who have done this without assistance and bumbled through it without a mentor and was still successful. They just learned from their mistakes and did not make those mistakes on their second deal.

Resources

• no money or credit needed
• Joe Crump
• know your arv
• quadrant

[changeling]

on 12/6/2009 Thanks savvyone!

[Savvyone]

on 11/29/2009 This is excellent information for real estate investors. 5 stars!

[yolandanichole]

on 10/27/2009 Great advice - thanks for sharing.

[danaknight]

on 10/24/2009 Thanks for the info, gotta try it, 5* and rec.
Dana Knight

[DiscountTickets]

on 10/13/2009 Great Real Estate points information you've got here.