How to Get Started in Real Estate with No Money
Gain Real Estate Experience without Breaking the Bank
There’s no getting around the fact that starting a traditional real estate career can be expensive. From covering your desk cost at your new office, to investing in signs and all the marketing materials you’ll need, it requires a lot of overhead.
Fortunately, these days, more options exist to make starting in real estate more affordable. We outlined them for you below.
Get Started in Real Estate with No Money
At its core, AptAmigo is a tech-driven, white-glove service that gives renters the same personalized, hands on experience that buyers and sellers get when they work with a traditional real estate agent. However, our service begins with our Apartment Locators. They serve as our first point of contact for new clients.
As an Apartment Locator, you’ll connect with the client and help them find their motivation for moving. Then, you’ll create a client profile for them in our system and a list of properties for them to see. Once their tours are over, you’ll reconnect and help them narrow down their options. However, you’ll receive marketing assistance and won’t need to worry about the labor of scheduling tours. We take care of all that for you and cover the associated costs. Plus, AptAmigo offers entry-level real estate jobs that require no prior real estate experience.
Other Entry-Level Positions with No Overhead Costs
- Administrative assistant: An administrative assistant position in a real estate office can vary greatly depending on the company. However, it usually requires at least a high school diploma and some on-the-job training. Computer skills and organizational skills are typically a must.
- Buyer’s agent: If you have a real estate license, but don’t have a lot of money to start your own business, you might consider becoming a buyer’s agent on a successful real estate team. In this case, you will need to negotiate for the team leader to cover your costs. However, it can be done.
- New build sales representative: Typically, when builders complete a new development, they will hire a real estate agent to handle selling the properties. You will need to have your license in order to get the position. However, usually, the builder will cover your overhead costs.
How to Start a Real Estate Business with Little to No Money
That said, if your heart is set on starting a real estate business, there are some ways to make your dream into a reality without breaking the bank. It requires a little creativity to finance, but many people find success in these roles. We laid out some options for you to read over and gain a clear idea of which options make the most sense for you.
Live in Your Investment Property First
Real estate professionals call buying a property that you live in, but intend to one-day use as an investment “house hacking.” While you will need to come up with a little money for a down payment on a property, house hacking works because it allows you to gain access to more financing options than if you just bought a property as an investment.
For best results, consider buying a duplex or a triplex. That way, you can live in one unit of the home and rent out the rest. If you play your cards right, you may even generate enough rental income to cover your entire mortgage payment.
Rent Out Your Home on Airbnb or Another Short-Term Rental Site
If you have extra space in your home, consider renting it out on Airbnb or another short-term rental site. This strategy will probably work best if you live close to a major city or tourist attraction. However, it can be a great way to earn some extra income with very little output on your end.
If you plan to go this route, you’ll want to take excellent pictures of the property and provide five-star service to your guests. In this case, getting good reviews from visitors will help turn your rental into a thriving business.
Real Estate Wholesaling
Real estate wholesaling is another form of real estate investment. It involves buying distressed properties with short-term funding, then immediately selling the property to an end buyer for a profit. It works best if you have a healthy-sized network of connections to serve as interested buyers, and if you know several short-term funding professionals in your area.
Still, if you’re thinking about wholesaling, do some research first. Some areas take measures that forbid this practice. Plus, you’ll need to familiarize yourself with best practices within the industry.
Interested in Joining AptAmigo’s Team of Apartment Experts
Out of all the options listed above, joining AptAmigo’s team of experts is certainly the easiest and most stress-free way to take a passion for real estate and turn it into a career. If you’re interested in seeing where an opportunity like this one could take you, check out our open job listings below.
AptAmigo is proud to be an equal opportunity workplace and does not discriminate based on race, religious creed, color, national origin, ancestry, genetic information, physical or mental disability, medical condition, marital status, gender, age, sexual orientation, gender identity, veteran status, or any other characteristic protected by applicable law, in connection with any aspect of employment at AptAmigo.
About the Author: Tara Mastroeni is a Freelance Real Estate and Personal Finance Writer whose work has been featured on sites like Forbes, The Motley Fool, and Business Insider. You can find her at TMWritingServices.com.