How To Start Real Estate Investing With Little Money (Only $500)

if you were starting with $500 what should you do in your real estate investing business in order to get deals in order the closed deals and I also want you to understand the mindset that it's gonna take in order for you to get from where you are right now to where you want to go and just so you know I could relate to this because you know when I started I was 21 years old and I only had 250 dollars to my name I was living in the projects I was working in a barber shop I was also a cold caller down on Wall Street in Manhattan making $200 or $250 every two weeks so in reality I was only making $500 a month at 21 years old living in New York City all right that's a problem and because of that I really wanted to obviously improve my lifestyle I wanted to improve my life in general and I wanted to make money and real estate so the first thing I really want to talk about is real estate investing can be easier than what you think most people over complicate the business is a simple process all right it's all about driving leads once you drive leads you have to screen leads and then you have to decide on the exit strategy that you want to take on the other end whether it be wholesaling creative real estate investing buy and hold whatever the case may be and I'm only talking primarily about residential real estate commercial real estate same thing you have to drive leads screen the leads and make sure you have a deal and then on the flip side you can decide on your exit strategy so let's talk about if you were starting with $500 first and foremost if you're brand new to real estate investing I really want you to understand that this is a long-term play all right I know you hear it all the time investors coming in making money within that first month in the business let's just get that out of our heads all right I'm here to be real with you chances are you're not going to you your first month is it possible it absolutely is you can get a deal you know for example I just had a student I'm gonna be doing a video on it's pretty soon but he's been in my coaching program for I want to say five maybe six weeks and we're closing a virtual deal right now right in the middle of all of this chaos that's going on for one hundred and one thousand dollars all right I'll talk about that deal later on so is it possible for you to get a deal within the first 30 to 45 days absolutely but I also want you to understand that you got to put in some work this is not an easy task is not an easy business when you don't know what you're doing alright thankfully I have videos all up on YouTube that will show you and I'm gonna continue putting these videos out being as real as possible forgetting about all of the fluff that you know a lot of guys are putting out there on real estate investing and trying to show lifestyle and stuff like that this is not about that all right forget about the lifestyle stuff it's cool but lifestyle don't pay the bills alright lifestyle showing flashy videos and cars and stuff up on YouTube and traveling all over the place don't pay the bills alright you want real results follow somebody who's actually doing the real estate business alright and I'm trying my very best to show you as much of that of what I do on a daily basis or at least on a weekly basis of what we can actually capture on camera showing you that I actually do the business not have been since 2002 alright so if I'm starting today with $500 keep in mind two things that you want to keep in mind that you will sacrifice when it comes to starting up your business number one you're either gonna sacrifice time or number two you're gonna sacrifice money alright let me repeat that very very important for you to understand that you're either gonna sacrifice time or money when I first started I barely had any money again two hundred and fifty dollars to my name and if I would have spent that money I would have been dead broke what was the car that I had I had time right and thankfully as of today and when I'm shooting this actual video most people right now are home and you have a major commodity that's gonna help you get deals so this is a perfect time to take advantage of this especially when you're limited on cash so what can we do if we're limited on funds but we have time number one if you have enough money to drive around in your car right now you can go driving four dollars my cameraman rondell he literally found how many houses did you find over the last week so rondell found ten houses and he just sent last week how many houses did you find found thirty-two houses okay not making excuses getting up getting out there and doing he he didn't procrastinate that's the whole point right he'd take the time out I mean how many days did it take for you to find those 42 houses all together two days come on guys he found 42 houses in two days all right not procrastinate in 42 potential people that you can now contact and potentially make an offer on their property all right so number one if you're absolutely broke but you got a little bit of gas money coming out of that five hundred bucks you can go driving four dollars number two I'm gonna recommend again having time on your hands step outside of your comfort zone all right when you step outside of your comfort zone you'll be able to accomplish things at an unbelievable scale all right so what do I mean by stepping outside of your comfort zone most people don't want to get on the phone and start cold calling right so I'm gonna recommend if you're limited again you can't be choosy if you don't have a lot of money if you're limited I want you to pull a list all right I'll put a link in the description box below where you can get your first list going I want you to skip trace the list I'll put a link in the description on how to do that as well and once you pull the list and skip trace the list pick up the phone and call every single number at least three times first thing you're gonna do is go down and call everybody one time then you're gonna call back the people who didn't pick up then you're gonna call back the people who didn't answer the second time if you call enough people you will get a deal so whether it's driving four dollars or it's cold : you can get a deal now if you have a little bit of money there's a couple of things that you can do where you can budget yourself to be able to ease the amount of time that you're gonna put into the business but still get the result and you can do text messaging all right SMS marketing is huge right now and it's probably the cheapest way to get deals at least I'm seeing that in my business it's costing me about four hundred and fifty dollars in order to get a deal through SMS marketing where it'll cost me around three thousand dollars to get a deal in this market through direct mail and it cost me about thirty two hundred dollars to get a deal through cold calling if I'm using cold callers you know external virtual assistants to call it will cost me somewhere in the neighborhood of if I'm doing pay-per-click advertising let's say Facebook traffic it cost me anywhere between two and three thousand dollars to get an actual deal from that alright text messaging cost you less than five hundred dollars at least it costs me that all right so what I'm gonna recommend you doing I'm gonna put a link for one of the software that I recommend in the description box set up an account with that particular company and just plan on taking at least four hundred to five hundred dollars this is one thing that you can do again four to five hundred dollars in order to get your first deal an additional strategy would be wingless voicemail you can spend between five and seven hundred dollars per deal so what that means is it'll you'll invest somewhere between five and seven hundred dollars to get an actual deal now I want you to understand that these numbers are estimated you're not your market may be different I don't know what the competition is like in your market you know I don't I don't know what your circumstances are I don't know how your negotiation strategies are your negotiation tactics I don't know how skillful you are in that area so you want to be mindful that you know these are just estimated numbers you know for some of you it might cost a little bit more for some of you it might cost less but these are average numbers on a nationwide basis be careful where ring leads voicemail in certain areas there are some laws that's going around that may abolish winglets voicemail so be careful with that but for the most part if you only had that much money today that's where you can start one bonus strategy that you can use it's an old-school strategy part of the guerrilla marketing tactics I'm not a big fan of them myself but I've done it in the past they are bandit signs you can buy you know three to five hundred dollars worth of bandit signs and put out you know at least a hundred bandit signs every week for at least a month I'm not a big fan of them but it's just an inexpensive way to get your phone ringing and an additional bonus strategy that I'm gonna talk about today is the ability to be able to scrape leads on the internet for free alright how do you do that well my investor deal Pro software actually does that for you not only does it scrape two hundred plus web sites and pulls those leads into the software for you and emails those leads over to you as well but it also comes with seller landing pages bio landing pages private lender landing pages it comes with a property site you can evaluate your deals it has a calculator and a software which will tell you exactly how much to offer you can pull comparable cells and the software and we're building out some other features that's gonna be added to the software as well so check out investor deal pro I'll leave a link in the description box below and we'll call that the sixth strategy to finding deals in today's market so just to recap that one more time you have driving for dollars you have Coke : you have text blasts you have ringless voicemail you have bandit signs or you can simply use a free strategy through my investor Gil Pro software and that is generating leads leads scraping online alright my investor deal Pro software does that for you so that's what I wanted to talk to you guys about this understand it's gonna take either time or it's gonna take money you're gonna sacrifice something in order to get to your first deal if you're limited on $500 today I'm biased about this but investor deal Pro is a great way to drive free leads as of today or you can use any of the other strategies which will take a little bit of time a little bit of money sometimes more time than money but either way if you're driving enough leads you'll be able to get to your first deal don't give up like this video subscribe to this channel click the notification bell tell all your friends about it share this video with others especially those who are struggling to get started in real estate today leave a comment let me know what you're struggling out in your business what questions do you have and I'm gonna generate a Q&A video for you talk to you in the next one peace

Channel: Jamel Gibbs

Views: 181,552

Keywords: how to start real estate investing with little money, how to start real estate investing with no money, how to start real estate investing, how to start real estate investing at 18, how to start real estate investing business, real estate investing with no money, real estate investing, how to start investing into real estate, real estate investing made simple, how to invest in real estate, how much money do you need to start investing in real estate, wholesaling real estate

Id: Rdt50hsUmmE

Length: 12min 41sec (761 seconds)

Published: Mon May 04 2020