The moment you pack your suitcase, kiss your mom and dad good bye, and step into your new apartment, you are starting to invest in real estate. Yes, you are investing in someone else’s real estate. Every month that you pay the rent, your landlord is taking that money and most likely he is using it to pay down his mortgage. Given time, he will own that apartment building free and clear, while the tenants will keep making payments to him. So why not start investing in Real Estate for yourself?
You will make some type of payments for real estate unless you own your home free and clear. Rather then live in an apartment, you can look for a condo or a starter house. The payments will probably be a little more, but you will have the freedom to have roommates to share your expenses. But you might be thinking to yourself, “How am I going to qualify for a mortgage at my age? I can’t even qualify for an auto loan without my parents co-signing.” Let me help you get on the path to real estate ownership without spending much.
You will need to do a little work researching online, scanning the newspaper, and attending real estate investment clubs meetings. The point is to get yourself out in the real estate investment community. Build a rapport for being straight up and reliable, offer to help more seasoned investors with their errands. Yes, do a little kissing up. It won’t hurt and it doesn’t cost a dime. With these connections, you will be able to get into your first property with 0% down and maybe zero out of pocket expenses.
Once you establish your reputation with a few of these seasoned investors, explain to them that you want to get your own place, but have no money to start investing. Many of these investors have properties sitting empty and they are making payments on them. That’s your chance. Offer to move-in and make monthly payments on a land contract (Contract for Deed in some states). Most answers will be “yes”.
Make sure to get the proper forms and agreements filled out, signed and recorded at the county’s record office. This will assure that you have a claim to the property.
Now that you have your first house, you can get rid of that apartment and start building your wealth.
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