PHOTO: Getting on the Property ladder
I bought my first property when I was 17. I didn’t have a lot of money; what I had were the skills necessary to make money! The property industry, and business in general, isn’t about how much money you have. Rather, it is about how much knowledge you have. That’s why practically anyone can get started in property and begin to earn a reasonable income from a property business with the correct training. It’s really just about knowing exactly what to do and how to do it.
With the correct knowledge and skills, you can employ strategies to get started in property regardless of the amount of capital you may have.
Of course, there is always going to be some money required: You’re going to need money for gas to drive to wherever the property deals are, phone credit to make calls to estate agents and, inevitably, you’re going to need a small amount of money for everyday business expenses. But you really don’t need the hundreds of thousands of dollars that many people believe you do to get started.
Here are three ways you can get started in the property industry with no money, or very little money, down.
1. Co-deal sourcing
Deal sourcing is where you find properties for investors for a fee. Co-deal sourcing is where you work with a fully legally compliant deal sourcer to find deals that they can pass on to investors. While it takes some money to get fully compliant as a deal sourcer, as a co-deal sourcer, you don’t need to worry about that, as you are just finding deals and passing them on to a deal sourcer who is already regulated correctly.
The key here is to get good at finding exactly the type of deals that investors are looking for. In many cases, this will be “Buy, refurbish, refinance, rent” (BRRR) or “Rent to rent” deals. You should begin to attend investor meet-ups and networking events to talk to investors and get a sense of what they are looking for. Once you have done this, you should start visiting estate agents and looking at properties to assess whether they would make good deals for investors. If you are confident that you have found deals that investors will be interested in, you should begin contacting fully regulated deal sourcers and offer to pass on your deals in return for a share of the fee.
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