In today’s down economy you can make a lot of money in real estate because of all time low prices in the market. Real estate prices historically always go back up in value and right now the market is in a down turn. This is the time to purchase real estate while it is still at or near the bottom. If you can buy now you will stand to make a very handsome profit down the road when the market does recover.
One great way to get started in the real estate business without having money to invest is to become a scout. This person locates homes that are for sale and can be bought and sold quickly for the agent. You will simply go and locate the houses that meet the requirements of a house with good flip potential and in turn hand over the information to an agent or broker with whom you have formed a working relationship with. Most agents or brokers pay anywhere between $500 and $1000 per deal and sometimes substantially higher if the property is of high value.
The number one risk you as the scout will incur is if the agent or broker refuses to pay you for your information. If this happens to you simply move on and cut your losses with that agent or broker and continue to seek out properties you feel can be bought and sold for a profit. By practicing this technique you will be able to build up a good amount of cash flow to hopefully purchase your own property and also you will be obtaining very valuable knowledge during the process of being a scout.
The best investment you can make is to invest in yourself and become educated about the market you live in and seek out an agent or broker you feel can be trusted and ask if they would mind mentoring you while you learn the ropes. Take the first step today and remember that you have nothing to lose and everything to gain.