Beth Atalay wrote a featured post recently, "You Have to Spend Money to Make Money - Maybe NOT". In her post, she shared some tips on how to get started with no money. You should read it.
I share her sentiment. I don't believe in "It Takes Money to Make Money" because I'm living proof of it.
I began my career part time in real estate. And people think "Oh, that's easy". But it really is not.
What most people don't have is Discipline - the Discipline to see the money and not spend it.
My investment to this business is "minimal". It really just costs my education and license fees. Probably between $300-$500?
When I received my first paycheck, I split it with my broker, and spend the rest of it on my first ever DELL Laptop which I named Blue Dino. I hardly had any marketing expenses because I served my friends from college who bought their first homes. I saved all of those monies. And I closed anywhere from 4-6 transactions per year since 2004 through 2006. Then, it dried up. All my friends that could buy their first homes all bought their friends and that was it.
In October 2006, I was at a crossroad and my husband said to me, "Your license now is starting to cost you rather than to make you money. What are you going to do with it?"
After my return from Africa, I decided to do real estate full time.
In January 2007, I began blogging and blogging costs me more time than money. From there, I grew my business. A few years later, I "reinvested" some of my profits into farming my neighborhood.
I'm adamant of never getting into debt, I dont accept "It takes money to make money". I did everything by putting it back into the business. And still do until this very day.
How do I do it?
I did it by living a debt-free life. I did it by saying alot of "No's". I did it by saving up, paying cash for what I want. Because I wont accept that debt is an acceptable currency of life!
I believe you can do it too. You might have a mess to clean up before you can start on Ground Zero. And maybe you still want to do real estate.
This morning, as I walk Walmart at 6:30am, there were lots of packers and stockers already working. Yes, you can do real estate and perhaps in order to clean up your mess, or build a war chest, you might need to work an extra job here or there to stop your bleed.
Do whatever you can and accept the fact that you dont have to spend money you don't have to begin a real estate career.
Bonus Tip: Sock 25% away with every pay check you make in real estate. It's Uncle Sam's money. Give to Uncle Sam what Uncle Sam is owed and do not play or accidentally think you have the WHOLE paycheck.
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