How To Start Real Estate Investing With NO MONEY: Millionaire Real Estate Investor Starts Over Again

So if I were to get started again, I would be focusing on agents, wholesalers, investors, contractors, my network to bring me opportunities. I’d be making offers on the MLS every single day with privy, if you don’t know what privy is, go to.

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Yo, yo, what is up? What is up everybody? Welcome back to the science of flipping podcast. I’m your host, Justin Colby. We’re gonna be talking about something I get asked all the time right now, which is because the market is changing and shifting real time. How are you adapting Justin? And even more? I get the question. If I had to start all over, what would I do? Well, for those that don’t know my story, I’ve been doing this for 15 years, I’ve done 2000 deals. Now I didn’t get started with a whole bunch of money in my pocket, I actually was broke, busted and disgusted. I actually lost my home to foreclosure, the repo man took my car, and I was sleeping on my friend’s couch. Now, I hope you’re not in a scenario like that. But I can tell you, because of my experience, anyone can get into this business, regardless of how much money they have, or what their credit looks like. One of the biggest challenges I see people think they’re having is they don’t have any money, I can promise you this right now, there is a lot of money out there that you can get. One of the main things that I teach and even some of the coaches teach is how to raise that private money. In fact, I have a whole private money course right in my coaching program about how to raise private money, how to structure it, so that it is beneficial for you. I promise you right now some of my students are doing such simple things such as utilizing social media, such as Instagram, and Facebook, to find people that they never would have thought would be a private money lender, and they’re getting it right now one, in fact, one student that is actually just raised $500,000, by making one simple post on Facebook, I promise you, whether it’s credit card 0% offers, whether it’s lines of credit that you could get from your bank, whether it’s just people who are looking to place their money in a secure investment, there is a lot of money out there and you don’t need any of your own money in your bank account. So that is a major challenge. I see people struggle with that. This is why they can’t get in the industry. I promise you from my own experience in so many of my students experience that’s in your own head remove that. So when I get asked the question, I’ll answer it directly for you guys right now. What would I do if I started over? I would just start going and trying to find opportunities with one direction to start my network.

Now the key to this business of real estate investing is not whether it’s going to be a wholesale business or a fix and flip business or Airbnb business. It is all of it. It is an and not an or so when I get asked the question of where do I start, it’s just go in the same way that I started cold calling realtors back in 2007 I would cold call 100 a day. Why Justin? Well, because that’s the only way I thought about getting a deal. I didn’t have a guru or coach or a mastermind to give any advice. There was no YouTube University at that time around this vertical real estate investing. So I just had what I could think of in finding a deal. I didn’t even know what wholesaling was. What I can tell you is my answer is not go out there and just start wholesaling. You see wholesaling is a marketing business. And it is beautiful and is great and it will make you millions and millions of dollars if you do it correctly. In fact, I still wholesale 10 to 20 homes each and every month across the nation. I love it. But I don’t only wholesale. So if I were to get started again, I would be focusing on agents, wholesalers, investors, contractors, my network to bring me opportunities. I would be making offers on the MLS every single day with privy if you don’t know what privy is, go to privytsof.com, privytsof.com and get on it. Now make five offers a day, then you will likely have one of those offers accepted each and every month. Now that being said, I’d be making offers with agents I’d be making offers on privy. I would be making offers with wholesale deals. I would be door knocking cold calling going straight to homeowner as well, but I’d be really leveraging my network to find my first deal. That’s heavily how I would get in the space. Because guess what, I still do that today, I still leverage my network to get deals done. Today, I’ll do likely about 10 every single month, that comes directly through my network.

Now, one technical way to get into the business would be house hacking. People love this idea of house hacking. And I actually love it too, if if I didn’t have a wife and a baby, something like buying a duplex or a triplex or a four Plex could make a lot of sense for me, because I could buy it with an owner occupied loan, and then be able to rent out the other units and essentially get as close to living for free as possible. So in general, I like that as a starting point for most people, because you can actually get a loan that is owner occupied loan, um or an owner occupant loan, versus an investor loan. So I really love that idea. Another way is, maybe you can just buy a single family home and rent out some rooms in that home and make your mortgage payment essentially paid for by your tenants. So that also breaks you into the industry. Now, I know that’s not a business. But it’s your first deal. So a lot of people think, how do I build a business? Or how do I get into this business? Well, there’s always different ways to start. Maybe it’s renting out some of the rooms in the home that you already own. Maybe it’s going and finding a duplex triplex to house hack. All of those are great ways to house hack and essentially live for free or very close to it and build equity in your current investment property as long as you view it as an investment. Now, I want to give you some perspective. For years and years and years, I’ve been going direct a homeowner with marketing and there’s a big marketing spend to that a lot of people would say you can’t find deals on the MLS, a lot of people would say wholesalers are asking too much. Well, the key to all of this is just making offers. So again, an application like privy has really changed the game for me because as someone who is able to buy homes across the nation, I’m able to make offers on the MLS through realtors, even if it doesn’t get accepted, I’m making offers. The same thing with wholesalers before wholesalers would sell a home and make 5, 10, 15 grand and leave some room on the bone. But now wholesalers are pricing their homes so high, because they’re having a difficult time contracting or getting a deeply negotiated home that flippers don’t really have much room on that home. So I would make offers on the wholesale deals that you are getting. They don’t have to accept it. But at least you know where that number would be. Now again, you can wholesale that to one of your end buyers, you can wholesale an MLS deal to one of your end buyers, if you want to focus on wholesaling, which is a great business model. It just shouldn’t be your only business model, you should be flipping, rehab flipping if you want. You should be buying long term rentals, you should be buying short term rentals, you should be wholesaling, you should be doing some creative financing and sub to work you should be doing all right. So if I’m starting over again, I’m not limiting myself to any of it. I’m just going to drive as many opportunities to me as possible. And then try to maximize each and every one of those opportunities, starting with getting it all from my network.

So to summarize this guys, don’t be a one trick pony. You’ve heard me say this again. And again. You start with your network you do not worry about if you have money to rehab flip because it is absolutely everywhere. Go just are taking action. Get yourself a deal. Maybe use privy go to privy privytsof.com. Sign up it’s $97 a month and start making offers. start leveraging the wholesalers and other agents in your market. These are tactical things that you’re going to be learning at my masterclass event, but also that you can do right now just by watching this on YouTube. By the way, get over to YouTube, subscribe and watch these videos. I’ll check you out on the next episode. Peace