Thanks Matthew! Everyone, please read and …HELP!! - Posted by Courtney
Posted by Courtney on May 08, 2000 at 24:17:54:
Thanks for your reply. Is the recommended info from Volucci a book or a program? How might I find it?
Can anyone else chip in with what a “newbie” should do to break into this area of RE as quickly as possible? Maybe some background will help.
I sold my new construction house in September due to lack of appreciation (30 percent in 7 years) and Y2K concerns. I am now renting a house and my lease is up end of September. I was about ready to look at buying another house for my wife and I. I got tipped off about a book “Rich Dad, Poor Dad” (RD PD). I knew most of the information (never get rich working for someone else, etc), but never had an overall concept of what I needed to do to be wealthy. I’ve had a love of RE for 13 years and have looked at and tried to look start in Dover DE back in ?88. The market was very small and I now realize I stopped too soon (in early twenties as 2nd lieutenant in Air Force). I’m already out of the Air Force, but I’m looking at a temporary career change in order to finish my masters. My current job is eating all my time. After one more class, I’ll be qualified to be an Oracle junior data base administrator (will make as much money but have more time). However, after getting my dreams reawakened by RD PD, I’m realizing I’ll be leaving one trap for another (job), however not as stifling. If I’m really going to make a stab at RE again, now is the time! I would like to be living in MY apartment complex by October this year, when my current lease is up.
My strategy is to incorporate as a RE holding company, and focus on multi-family units to achieve maximum cash flow as soon as possible and be able to have it support me. I realistically need a $3000.00/month cash flow to survive. I want to live in (at least one year) but not manage my apartment complex. So obviously, the bigger, the better.
Again, I really want to start off with something as big as feasibly possible. I only have $7K to work with. I am very aggressive by nature and I’m trying to make up for 12 years with only having amassed a net worth of … $7K. I realize and would like to do a no/little money down deal, but realize it?s much more difficult to find.
I am also very interested in lease-purchase. I’m considering Bronchick and LeGrand and another program from LSI by Lori Samson (homebuyerpros.com/). The word I got was her workbooks are better than the other two for the beginner. Any info in this area would also be highly appreciated. Please help ? I have 12 years of time to make up (smile)!