Are you dreaming about getting into real estate? Do you think you need to wait until you have oodles of money sitting idle in a bank account before you can take the plunge? Are you struggling to save up that 20-percent down payment? Does it kill you to see all the good real estate deals out there that you can’t afford to snatch up for a song? You really can stop dreaming and get into the business of real estate even when times are tough and you literally haven’t money or a clue.

  1. Learn the Rules of the Game

    You can’t play a game when you don’t know the rules so learn the rules of real estate. Fortunately, there is enough information online or in your public library that you can get the equivalent of a degree in your spare time. Read the pros: Donald Trump, for example. Learn how the players put deals together, how they make their dreams reality and how they push to game to new levels and heights.

  2. Location, Location, Location

    Start learning about the different areas of your town or city and get an idea of the best area for your investment goals. If you want to own rentals, make sure you’re looking to cluster your properties in a good area for tenants. Typically, renters live near colleges and universities, or large employers, or near tourist attractions. Buying a rental in a predominantly homeowner neighborhood is risky and the rents would be considerably higher. The higher the rent, the more limited your pool of prospective tenants will be.

  3. Sundays Are For Houses

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    Most real estate agents hold open houses on Sundays. You may not be interested in that particular home, but you do want to keep up on trends, styles and features in new construction. Take advantage of this free education by attending as many open houses on Sundays as you can.

  4. Research Financing Options

    You don’t really need to have a 20-percent down payment to get into a home. Some banks, if your credit is excellent, will give you 100-percent financing but they will charge you more for the loan. You’ll have to add up the pros and cons for yourself. You may also qualify for some first-time homebuyer programs in your state. Talk to a real estate agent or broker or banker for financing options and these types of assistance programs.

  5. Set Your Goals

    Make sure you know what you want to achieve with real estate. Do you want to own a few house rentals that will cash flow? Do you want to own apartment complexes? Do you prefer to own commercial property or residential? Do you want to buy existing properties or build your own? Unless you know what you want and why you want it, you may not have a good real estate experience. Consider your adventure in real estate a business venture and treat it as you would if you were starting and running a business.