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As an investing reporter, I regularly talk to real estate investors, entrepreneurs, and side hustlers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . What doesn't always get passed along are my observations after talking to disruptive go-getters regularly. If you find a good enough deal and present it accurately and professionally to investors, the money will come. AdvertisementJatz Naran built his Amazon business between the hours of 6-and-10, after his day job would wrap up.
Persons: , I've, doesn't, getters, I'm, Natia, Jervais Seegars, Caleb Hommel, Chuck Sotelo, he's, isn't, Naran, NeuroGum, Kent Yoshimura Organizations: Service Locations: Detroit, Chicago
It's possible to get into real estate with little-to-no savings. Investors who started with very little share the strategies they used to get their first properties. 20-year-old friends and college dropouts Caleb Hommel and Chuck Sotelo raised capital and structured a seller financing dealAdvertisementAdvertisementChuck Sotelo (L) and Caleb Hommel started investing in real estate in their teens. Hommel and Sotelo, who met on the first day of high school, were teenagers when they decided they wanted to invest in real estate. They were still in junior college at the time and delivering food to pay for an online real estate mentorship program.
Persons: Caleb Hommel, Chuck Sotelo, Sotelo, they'd, Zeona McIntyre, McIntyre, Hommel, she'd, Sean Allen, Sean Allen Sean Allen, Allen, Seegars, Jim Resonable, Jervais Organizations: Service, DoorDash Locations: Wall, Silicon, Texas, Boulder , Colorado, Sotelo, Boulder, North Carolina, California, Greensboro , North Carolina, Greensboro, North Carolina , California, Georgia
Insider has spoken to successful real estate investors who started with terrible credit, or no credit at all, and still managed to buy investment properties. Like many young students, they didn't fully understand how credit worked and ended up racking up credit card debt. Apply for a secured credit card and pay your bills on timeWithout any credit history, Afzal couldn't open a regular credit card. Instead, he had to start by getting a secured credit card, which is a starter card that doesn't require a credit history or credit score. The credit card company will hold that money as collateral if you end up defaulting your card.
Buying real estate typically means coming up with cash for a down payment and closing costs. One of the biggest barriers to entry when it comes to buying real estate is capital. Natia and Jervais Seegars, real estate investors and founders of YourLifeStyleStrategy. "So we were able to continue to save our money while using other people's money to make us more money." They reached out to friends, family, and other San Diego-based real estate investors and ended up raising the $90,000 they needed for that first multi-family in about 30 days.
When Caleb Hommel and Chuck Sotelo decided to invest in real estate, they didn't have any savings. They were still in junior college at the time and delivering food to pay for an online real estate mentorship program. With seller financing, there are no pre-qualifications since it's a completely private loan. They're no longer responsible for managing the property or tenants, which can be time-consuming responsibilities that come with traditional real estate investing. ​​Part of the reason seller financing isn't super common is because most people don't own their properties completely, she said.
I caught up with Shark Tank investor Kevin O'Leary, an active crypto investor and market veteran, to get his take on the digital asset sector and recent regulatory action. Since November, he's moved his holdings to Canada, where he uses WonderFi, a name he's backed as an investor. They told regulators 'go get them,' and all of a sudden we have a mountain of enforcement action." The SEC said it's "neutral" about the technology at hand, yet "anything but neutral when it comes to investor protection." I bet if you looked at who's managing these companies 36 months from now, all the current guys are gone."
Caleb Hommel and Chuck Sotelo didn't have any savings when they decided to invest in real estate. It was during the thick of the pandemic that they started thinking about investing in real estate. If they can invest in real estate, anyone can, emphasized Sotelo: "We had no experience in real estate. We didn't have any credit, we didn't have any money, and we didn't really have any connections before we started networking during junior college. A lot of people are in better spots than that, so I definitely think anybody can get started in real estate.
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