So you are unemployed and want to become a real estate investor right now
These techniques should work in any country, city or area. The trick is simply to find real deals. Let me tell you the fastest way to start making money in real estate right away.
Call up all the classifieds and “We Buy Houses” signs that you see in your area and tell them that you are unemployed and would like to be a bird dog to them. Ask them for $ 100 when they sign the contract to buy from the seller and $ 400 more when they close ($ 500 is a fairly typical amount). Ask them to let you go with them when they go to view the property so you can get some experience. Also try joining your local investor group, in most cities they cost $ 20 or less for each monthly meeting (it’s a bargain). Visit your local section 8 housing office and request the list of homeowners and contact some of those who deal with single-family homes.
Also, take a walk and start looking for empty houses. Call real estate agents and tell them you are looking for investment properties. If you’ve lined up 5 or more investor buyers and you find a real deal, one of them will snatch it from you and pay you a bird-dog fee. While you’re out, look for house rental signs, give them a call, ask if they buy houses, if so, get their phone, fax, email, etc. and send them offers too. If they don’t find out if they are looking to sell their rental homes. You’ll be able to find owner-financed deals this way.
You will shortly be able to find out which properties to contract yourself and move on to wholesale, where you will get $ 2000-10,000 per deal instead of $ 500. You just keep getting better from there.
If you are aggressive and go out and search for properties today, you could be making a few hundred dollars a week next week, a thousand dollars a week a month from now, and more than $ 10,000 a month within 6 months. These techniques work but require work. Interestingly, you could do a lot of this work from a bike if you didn’t have a car (but maybe not in Canada during winter).
Neither of these techniques require cash or credit and will help you get started investing in real estate right away.