Posted by Jason on January 11, 2001 at 15:01:55:
Thanks Ed…I will be sure to check out the article to read it to more detail…Thank you for your time!
Beginner Help (college student) - Posted by Jason
Posted by Jason on January 11, 2001 at 01:17:26:
Hello all! I am a college student in Baton Rouge, LA. I am fascinated by all of the knowledge there is to learn about real estate investing. I realize that I have barely scratched the surface, however, I am ready to begin taking the steps to a better future.
My question is this:
What possibilities do I have as a 19 year old college student in getting financing on some type of multi family housing? What steps do I need to take. I would like to own/manage a few small complexes while in school and get a jump start so to speak.
What are the steps I should take starting with finding a place that interests me to closing the deal? Any and all information would be greatly appreciated. Please understand…although I may be young, I am very serious about this and I plan to put 110% into this as soon as I can find the right path to take…Thank you for your time!
Jason
Re: Beginner Help (college student) - Posted by Ed Garcia
Posted by Ed Garcia on January 11, 2001 at 10:17:21:
Jason,
Just the day before yesterday, I answered a post on the Main News Group to an 18-year-old name Ryan. If you don’t mind I will share that post with you.
Ryan,
I’d give anything to be your age and know what I know. When I was your age, I couldn’t find my behind with both hands. So I want to compliment you for your maturity and desire of wanting to get a head.
Ryan, you state, “I guess I am just at the point where I don’t know if an 18 year old can do it.” Ryan, you can’t do it, if you think you can’t do it.
Ryan, I won’t con you and tell you that your age isn’t a hindrance. Sure it’s going to get in your way. Get in your way is one thing, stopping you is another.
Enough of the fatherly talk, now let me tell you what you have to do.
You’ve said you’ve been reading through the CRE site. If you have, pay particular attention to the How-To Articles. Two articles in particular, one by Ed Wachsman which is titled " A Glossary Of Common Terms Used In Loans And Lending". The reason that article is so important, is because you need to learn the language. You need to know the terms, in order for you to understand what you are doing.
Read my article, “Making Money When You Buy”. I’m not recommending it just because I wrote it, but because it does what I call, pencils out a deal. It shows you the fundamentals of looking at a deal with built in profit, and considering all costs involved to derive at your given profit. All of the articles are of value to a newbie, but those two teach you the language and how to formulate a deal.
In my article I tell you to, evaluate how much time you can commit to real estate. If your approach is “hit or miss,” your results will be too.
I then tell you to, go to the street. It is the best teacher. Rather than talk about doing deals, reading in the library, getting more courses, JUST DO IT.
I proceed to say that, in the long run, you’ll find that the street is the best teacher. Not only that, but by getting out an doing it, you’ll learn your MARKET, meet people to build a NETWORK, learn the demographics and geographics of your area, and of course you will have overcome the biggest obstacle in getting started: PROCRASTINATION.
Ryan, PROCRASTINATION is your enemy. It’s the main reason most newbies never get off of the ground. I come from the school of, DO SOMETHING, EVEN IF IT’S WRONG. Albert Einstein says it more eloquently when he says " Anyone who has never made a mistake has never tried anything new"
Back to the STREET, Ryan there is no better teacher. The truth is out there.
Learn every technique you can, and then don’t depend on any of them. I see investors who just do lease/options or flips etc. They become so good, that they develop an expertise, and then become comfortable with that technique. I can’t say it’s bad, but it’s limiting, and restricts your thinking on how you see a deal. You’re automatically looking at every deal in the same manner no matter your technique.
Ryan, This site can be instrumental in your quest for knowledge. Compared to this site, what you would get from a library is antiquated. This site is alive and breathing. You can come to this forum and ask a question, and have multiple opinions with multiple perceptions as well. I’ve got to run now, but what I’ve shared with you is just a start. As you go along and grow, everything will come together and fall into place.
Once again, as far as your age goes, just keep this in mind,
IT’S NOT AGE THAT BRINGS WISDOM, BUT THE WILLINGNESS TO LEARN.
Ed Garcia
Jason, I realize that you’re a year older, and maybe your age has not concerned you, but I felt the just of the post, would be beneficial to you. I hope it helps,
Ed Garcia