The Saving Fact of Real Estate Investing
To make it in an actual real estate deal, you are going to need money. If you aren't already rich or already have ready access to lots of money, you may have to just continue working really hard and saving up for it. This may even mean working more than one job at the same time. You should have at least $50,000 investment money before you go in for it. But while you are saving up, you shouldn't waste time. You should be using the months or years of saving to learn as much as you can about real estate and to stay current on the most up-to-date trends.
You will find other types of strategy's out there and other pieces of advice for those who are starting out without money. One of these strategies involving getting someone to finance your project. This won't work, because you are going to need a continuous flow for continuing projects. In all likelihood, the only thing that will work is already having funds at your disposal.
In addition, getting financing is dangerous because you will not be in control of your own investments and their funds. During the global crises of the mid-2000s, the top reason that investors were forced to declare bankruptcy because they had borrowed too much from other sources. These others sources, the loaners, they can ask that the loan be paid back at a time they deem acceptable. If it is too early for you and you have not had time to make money from your investment, too bad, you're screwed.
No, your best bet is to use your own money. And like I said, spend time saving if you have to. At the same time that you are saving and learning, be searching. Look for the best bargain for that perfect piece of real estate. Deals like that do happen, so be on the lookout. If you do find something, get to the level of funds that you need as soon as possible. This may mean buying before you have reached your saving goal. If it is as good as you have judged than you probably won't have trouble selling it because other people will see it as a great catch as well.
Ideally, you will start saving when you are young. If you have the good fortune, good foresight, good stewardship, and patience to begin this process in the long run, you may save years of hardship off your goal. But it is not the end of the world if you don't. You will just have to work hard, maybe work multiple jobs at the same time. Whatever you do, make sure that in whatever deal you are using your own money and that you have more than enough in the bank to do the deals. This method may look daunting and pretty near impossible at times, but with hard work it can be done. I recommend that you seek out and talk to people who have done this successfully.