Can you start investing in real estate WITHOUT a stable W2 job? How will you get a loan? What happens if you have a fluctuating income? Are you completely out of luck? Not at all! Today’s guest, David Sladewski, proves that you can STILL invest in real estate no matter your age, experience, or whether you have a “stable” job. At just twenty years old, he already has three rental units and a live in flip; plus, he did it all while self-employed.
At the age of seventeen, David learned about real estate from his brother. Poised to become his own boss and make money without an earning “ceiling,” he decided that getting his real estate license and becoming an agent was the best bet. Within half a year, he went from having no money to building a solid real estate agent business and was ready to invest. The problem? Lenders WON’T give you a loan without multiple years of income history.
But that didn’t stop David. He was able to buy a great first rental property, a duplex, thanks to one brilliant move. David then found other lender “loopholes” that helped him close on his dream rental property and a flip he’s working on as we speak. How did he get around the seemingly impossible task of finding funding WITHOUT a W2 job? Stick around to find out!
In This Episode We Cover:
Why you DON’T need a W2 job to start investing in real estate
Doing your first real estate deal with ZERO experience and why you MUST “bet on yourself”
Real estate partnerships for beginners and how to invest without having a ton of money
The lender “loophole” David found after going through FOUR different mortgage lenders (try this, too!)
Why you should live in your rental property BEFORE you rent it out
Doing a “live in flip” and home renovation mistakes that David learned the hard way
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Easily Identify Great Investing Markets with BiggerPockets Market Finder
Grab Ashley and Tony’s Book, “Real Estate Partnerships”
Find Investor-Friendly Lenders
BiggerNews: This Area Has the BEST Cash Flow Potential in the Country
(00:00) Intro
(01:08) Starting at Just 17
(06:04) First Deal WITHOUT Stable W2
(13:15) Structuring a Partnership
(14:43) Finding a Lender Loophole
(20:53) Home Run Rental in THIS Neighborhood
(24:52) Trying to Flip a House
(33:48) Future Goals and Advice
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-479
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