Newbie with little to no money/credit after lay-off

[Rollie]

    I have been researching avenues for the past year I have read lease to purchase e-book been off and on in forums. I still get skeptical if I can do deals. I know I have the people skills, but the part that makes me nerves is the lack of experience. Realistically I would feel much more comfortable with a mentor. With that being said with nothing to offer upfront how do you lure a mentor to guide (a.k.a. Help you) ?  I have spoke to some really great people on these forums and I believe if I try hard enough I will eventually get my feet wet.. Confidence is a good thing to have when trying to buy or sell anything. I want to have a admirable and great experience in my future career.
    On the other hand some of the comments on here lately seem to be merely cat fights. We all know what they say about opinions. Although I am truly here to get facts and advise of those more experienced and successful. I do think they are pretty funny, but not to useful.
             
                               To Our Success,
                                       Rollie C.

[Rollie]

  I also want to take a minute to thank those of you mentors that have reached out, but unfortunately I have no money to offer upfront. I am doing everything just short of holding a will work for food sign. Although I wanted to say thanks sincerely I know your time is very valuable and with good reason. If there is anything I my be able to assist you in getting deals around here in Michigan I have no problems with helping to get a education.

                                        Thanks,
                                            Rollie C.

[furnishedowner]

Rollie,
I feel that first you need to get a job, take care of your own basic housing and needs before you get into real estate.

I hear things are tough in Michigan because we have had several relocating tenants from Michigan stay with us.  They all said the same thing.

Is there any reason why you couldn't move to an area with more present job opportunity?

Furnishedowner

[Mime19]

Take it from a person how been there and do that and feel the same way .... What did work for me  is looking none stop I found my mentor with the local RI club he charges and gives 101 counseling but I do not have the money for that at this point but I send email and call him when I have a question I cannot find a answer to ... I also keep in mind that he is doing this to help me so I keep question short and to the point, but the Biggest thing is taking that  first step that is the hardest one after that it will became essay . DO NOT STOP from learning and reading as much as you can
 Make a list of where you are to where you want to be and brake it down step by step I have been in real estate for 5 years 3 of them as a MB and only the last 2 as private investing it has taken me that much to feel 45% constable to move forward I think there is not going to be a point that you are 100 % because every day you learn something new… My best Advice is start it will take time remember that no SOLID and SECURE FINANCIAL plan are made over night this is a marathon race not a sprint to the finish..

[ReCoachDennis]

Hi Rollie,

As you, I am a mentor myself. What your colleagues here say is true. Take care of your basics asap.
Here's why: It takes a while to get going with REI. You need to locate deals, negotiate, learn , make contacts etc before you see your first dollar.

While you are looking for a job, start bird dogging. Many times investors are willing to share their experience with you if you bring them deals. Dont' stay there to long though. Move onto Wholesaling as quickly as possible.

While I certainly think you should pursue your REI dreams. Care first for your basics and move full steam ahead with REI as if you didn't have a back up.

Dennis

[naqueen]

I also advise to look for a regular job while pursuing this, even if it is flipping burgers part time.

This way you can have a little chump change while you still have time to learn. As you said, teaching is time and time is money.

Even if you can offer these mentors just a little $$$, it would probably be more beneficial to you.

The fear is normal, but once you make your first phone call and find out it's not that bad you will be on your way.

[redhawk]

Rollie
PM for advice as us Michigander's have to stick together. I will help as best  that I can.
redhawk

[Bluemoon06]

The worst time to start a business is when you need the money from that business and real estate is a business.  What will happen is you will get a check and be tempted to use it in personnel consumption to the detriment of the business needs.

You need to get yourself stable first.

[reiStrategist]

Good advice with respect to getting some regular income as quickly as possible.  You have to meet your monthly expenses otherwise you're just digging yourself in a hole with mountains of debt.

Once income is secured, you need to save part of the money for future investment.  The cheapest and most valuable investment you can make is to attend monthly meetings at your local real estate investors club.  Mine charges a small fee and I believe most other clubs will as well.  Here you can network with other investors and learn what niches are working in your area.   Find out what types of properties investors are looking for.

Then, get with local realtors and so some market research.  Find out about different areas, amount of inventory, price bands selling the best/most, property values, etc.

Wholesaling is the quickest and, in my opinion, the best way get to started.  Start learning about bird-dogging.  With your savings, perhaps invest in finding a mentor and/or other resources related to wholesaling.

Just my 2 cents...

Good luck!

[ReCoachDennis]

Hi there Rollie

Any news or updates on your situation?

We'd love to hear how you have accepted our advice and how you applied it to benefit yourself.

There was a bunch of good stuff we gave you, hopefully it helped.

Remember, give to get.
If you have no money or much REI education help an investor get what they want and you'll get valuable things in return as well.

Dennis