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Thanks to everyone with their input, I will continue to go to my local REI club meetings and hopefully build some more relationships with investors.
My suggestion would be to try to find a job after you graduate, build up a little money, and do your first deal. Continuing to learn and work with local investors is never a bad use of time though.
Now, its possible you might find a great deal where you can do something creative, like owner financing or subject to, and get into the deal with much less than 25% down. Those deals are very hard to find, and you say you have little time to find a deal.
Saying that the best idea specially if there is no hope for job in your field in your area or if you dont want to do job you can stay on campus ( part time student ) or near campus
Jon Holdman, Flying Phoenix LLC
Or am I just going to have to put my real estate investor dream aside until I save enough money through a real job that I will hopefully get after I graduate?
Am I going to be able to get money through loans from banks, mortgage companies, private investors?
Hey guys, I am a senior in college and would like to start buying properties for renting and to get my foot in the door as a local real estate investor in my area. I have read many real estate books, visited my local REI club, made a few contacts, and know that I can build great wealth through real estate. Nike Roshe Run Shoes Ebay
Next Find Investors / Buyesr or Silent Partners first that could be doctors, dentists, lawyers, your professors, advisors, parents, unlces, parents friends , other relatives, some rich students in your class
willing to show them the ropes and even pay for these services. This is a great way to build relationships that can lead to partnerships and make contacts that lend money or owner finance or .?
I hope all of that made sense. Haha
( income ) to pay mortgage. So initially stay away from land.
Keep going to the local REIA and let people Nike Roshe Run Blue know what you are trying to do. You may find someone who is willing to take you under their wing. There may be someone who needs a person to do some leg work or research and is Nike Roshe Women Grey And Gold
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If you show people your initiative,ability to learn and willingness to work they mat invest inyou or with you .
How can I get capital to start buying real estate
First you must build the relationships thoughHow about asking this variation on the question: "How can I get capital to start buying stocks? [I] would like to start buying stocks for dividends." Get a job, any job, spend less than you make and start saving. Real estate does have the advantage over stocks that you can buy a $100K house with only about $25K in hand, but you have to have a good paying job before anyone will give you a loan. As far as the job part of this equation, there are lots of real estate related jobs, like wholesaling or brokering, that don require too much cash to get started. That may or may not be the best option for you.
are you living in ? Big city or very small college campus ? How is the prospect for a job after graduation ? When do you really graduate ? What field you will be in ?
I can write three or four pages but will try to make it short Since you are really serious about making Real Estate as a Career and Wealth Creation Dream by the way is lot better than stocks if you learn to do right things.
Since I am currently a student, I dont have much free time to make money either through a job or through things like wholesaling and being a bird dog. I dont have much money, but I have a pretty good credit score.
You probably aren going to like this, but you are likely going to need to wait and save some money on your own to get started. It is good that you have a good credit score, but you won have to income to qualify for traditional mortgages. You also wouldn want to qualify even if you could because you won have the cash reserves to weather large expenses that come up with owning a rental portfolio.
and live real cheap and concentrate on doing some deals make cash have a goal to have $50,000 liquid cash in three years
tmas is coming up and I will have a lot of free time then. I am considering purchasing bandit signs and try to start wholesaling or flipping contracts as they say. The only question I have about something like this is. When i aproach the seller do I tell them straight up, "I myself am not going to by your house, but i have many investor contacts that will. Just assign your house to me and I will assign it to them." or do I play the card "I will buy thise house. yada yada yada. Assign the house to me and I will purchase in a few days" meanwhile finding a real estate investor.
First I have a few questions / Comments :
Even if you find such a deal, you need some cash. Rentals have a way of suddenly demanding cash either by needing something fixed or having tenant issues. Fannie Mae thinks six months PITI is a good guideline.
Forget about all negative stuff about finaning etc. " If there is Will there is a Way". You may have to work harder and think outside the box be creative.
Private investors are still a possibility, but they will likely want to see that you have done some deals and are not wet behind the ears before they lend you their money.
I know the criteria for getting any kind of money as a loan from anyone for real estate has gone up because of REO Foreclosures, etc.
I also assume that you are still single and no kids so you can live cheap for few years no new fancy cars and no TGIFs
First forget about the land. Unless in specific state or area It is hard to flip or wholsae land because usually requires more money down lenders do only 50% LTV on raw land there is no tax write off and there is no cash flow
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