Posted by Bigfoot on March 25, 2006 at 05:41:10:
I failed to mention the obvious. Namely that the deal has to make sense. Just because it’s an easy in, doesn’t mean you have to do your homework. Glad to hear that your REI is off and running.
20 Year Old Looking for Advise - Posted by Jordan Carpenter
Posted by Jordan Carpenter on February 18, 2006 at 11:22:17:
I am a twenty year old car salesman from the Atlanta area. I have large dreams as far as real estate investing market is concerned. I would just like some feedback what you think is the best way for myself get my foot in the door. Like I said, I am young, I have limited capital, Limited credit history, and looking for an in. Thank you for your time!
Jordan Carpenter
Re: 20 Year Old Looking for Advise - Posted by Ruben (KCKS)
Posted by Ruben (KCKS) on February 26, 2006 at 12:50:49:
Jordon look on the moible home section of this site. It might be what you are looking for.
Re: 20 Year Old Looking for Advise - Posted by Rich
Posted by Rich on February 26, 2006 at 07:44:15:
Hey, I’m 24 and do real estate full time. There’s a few ways to make some good money in real estate. The first thing that you need to do is find out where the nearest Real Estate Investment club is and join it. The next step would be to purchase a course on RE investments to understand the mechanics. I really liked Ron Legrand’s “Wholesale - Retail” course, and Joe Kaiser’s “Dominate your Foreclosure Marketplace”. Those should give you enough info to get you going.
If you want to make some money, like THIS WEEK, here’s what you do. Grab a notebook and a pen, and fill up your car with gas. Go into the WORST area of your town (If you don’t see several boarded houses in a few minutes, it’s not bad enough. Write down the addresses of the worst properties that you see, and jot down a note (ex: boarded up, crack house, tear down property, etc). When you get home, visit your local property appraiser’s website(www.netronline.com gets you there) and locate the mailing addresses of the owners. Many will be out of state, or be family members of an estate. These are your gold…do a reverse phone # search, and call them up. Negotiate Ron Legrand style - “Is that the best that you can do?”…Run down and lock’em up under a contract. Call up everyone that you met at your local RE club and wholesale that pig for a quick $20k.
Since you are a car salesman, I’m assuming that you have somewhat of an aggressive sales attitude. If I’m correct, you should start knocking on the doors of people in foreclosure. There’s some nice pay-offs on these properties. The downside is the difficulty involved in dealing with slick sellers, and playing against the best in our industry. I see that you’re in Atlanta, GA., It’s even more aggressive over there. That’s where Joe Kaiser’s course can really help you!
If you can’t make money doing this, you’re not doing what I’m telling you to do. Believe me, I do it myself!
This is what I’m telling my kids - Posted by Bigfoot
Posted by Bigfoot on February 19, 2006 at 18:30:23:
My son is 20 also, but still in college. But here is what I have suggested to get his feet wet in RE. First I will assume you are single with no kids yet. If that is true, do you NEED a house? No not yet. You may want one but you don’t need one. So here’s an idea. Go around looking for apartments to rent in a 3 or 4 unit building, that is owned by an older person. Chat them up about how interested you are in learning about real estate and you would love to sit down with them and talk about it, whether they rent to you or not. Also casually ask during the conversation, if they were planning on retiring soon. Your goal here is to make friends. Be extra prompt with the rent, don’t give them any reason to think you aren’t a golden child. You may very well be approached in a while about a low or no down offer by them. In the meantime, build your credit, and learn to be handy, so if they can’t/won’t make you an owner financed deal, you will at least be approched first.
Re: This is what I’m telling my kids - Posted by jason
Posted by jason on March 24, 2006 at 16:36:15:
funny you mention this. my landlord did this very thing…it was my 1st apt, i was 19. i didnt do anything with him, but it got me thinking
less than 3 months later, I bought a foreclosure
3 years later, i’ve ‘wholesaled’ one property, and I’m waiting to hear back on a rehab i just put an offer in onj
So yes, this method can work. my LL was willing to finance 95% of a 200k building! And it would’ve cash flowed…he owns 50 properties and ALWAYS has an add in the biz opps section titled “LANDLORD RETIRING, 50 multi-unit properties everywhere”
Re: This is what I’m telling my kids - Posted by Bigfoot
Posted by Bigfoot on March 25, 2006 at 05:43:05:
I meant to say “it doesn’t mean you DON’T have to do your homework.” Whoops