Since I'm not a Realtor, but I have been an investor and licensed appraiser for more than a decade, I'll offer you a slightly different response.
1) it all depends on the type of property you would seek to buy and where it is located
2) it will heavily depend on who you know and what you know
3) it will fall back to what relationships you have developed and what type of team you are working with to be successful.
That being said, you may choose to start out by bird-dogging properties for other cash-buyers and earn $1,000 - $5,000 per successful transaction. I know of a # of guys who have done this and used the commissions they earned to buy their own properties.
Another possibility is that if you are willing to invest in some of the lower economic areas, you can buy a house for less than $10,000. If you have developed a relationship with a rehabber, possibly you can work an agreement where the rehabber / contractor gets paid a premium to receive their compensation at the completion of the project so you essentially buy the house, let them rehab it and then you both can split the profit after they get paid for their work.
One other possibility is to team up with another person or two who may have a bit more money than you, or even a contractor / rehabber, who needs someone to identify properties and then work out a profit split on each deal. Diversifying the risk of investing is a better way to increase your earnings without taking on all the risk.
No matter what you do, you will need build or join a strong team (Realtor, Home Inspector, Contractor, Handyman, Appraiser, Attorney and maybe a finance / mortgage person down the road) who has experience in active real estate investing, including rehabbing and flipping. A number of clients are making more money now in the real estate market, because so few people have cash to buy properties, so there is substantially less competition. Nonetheless, if you try to go it alone, you better invest your time and couple thousand dollars elsewhere as you will likely end up frustrated, broke and resigned.
Good Luck Austin.
PahRoo Appraisal & Consultancy
you have a lot of chances... You just need the right information... contact me and I'll give you some more info.
What a great question - especially in this market where jobs are a little more scarce and the opportunities for good buys in the real estate market are plentiful.
Without current employment (a pretty solid employment history), getting a conventional loan will be difficult.
As some of our colleagues have mentioned, there may be private investors and/or private banks willing to lend money to you.
Or, depending on where you are looking and what type of property, you might be able to start small, investing only a few thousand in your first few properties.
If you do not already have a real estate agent assisting you with your plan, that is your best bet and the absolutely best place to start.
Give us a call at 312.242.1000 - we will be happy to put you in touch with an expert who can help you with your plan.
Best of luck to you!
If you are interested in a partnership or possible referral for funding, send me an email.
Not half as good as your chances of becoming a burger flipper. I suggest you start wit the latter and work your way up.
Disclaimer: I am assuming you posted this in jest so I took a similar approach. If you were serious, then please excuse me for the dripping sarcasm.
Your chances are not good for getting a loan with no job, regardless of credit. My advice to you is try to get a few people with a few thousand dollars together and start a real estate investment group. It is very possible. A lot of people want to get into the market. And people can do so with part of their 401k.
Here are some tips for beginning investors from someone who knows and does this... Know your exit strategy and work toward that. Know what is good for resale, where is good for resale and keep your time and budget on schedule. Don't try to do the work yourself if you have never done this kind of work. It will show on the resale and will cost you time and money in mistakes. And most over, work with a good Realtor who knows investment and the market. It will make the difference between success and failure.
If you are looking in the suburbs - give me a call at 888-788-9544. I help investors all the time.
that you can make the mortgage and everything else that goes with owning property.
Debbie Bergthold-Smith Classic Real Estate 708-267-5552
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors