Posted by HR on January 10, 1999 at 11:55:39:
I agree with Mike. Great books on rei, in my opinion, are the best way to start, especially in the beginning. The first stage you pass through is the evaluation stage: is this stuff for real? Are all these people lying? Can you really make the kind of money they say is possible? Is this too good to be true? Etc. The only way to answer those questions is to educate yourself.
Sandy wrote a good article in the money making section about benefits of joining your local reia group. My reia group has a vast library members can borrow from for free; membership is only $65/yr. and I get to meet with local pros who know my market. Invaluable.
The single best “text” on rei information imho is McLean and Eldred’s Investing in Real Estate, 2nd edition (John Wiley and sons, NY, 1996, $20). It won’t give you a system for buying re creatively, but it discusses in succinct chapters all the angles of rei.
Once you decide that this stuff is for real (and it is–but you have to discover that for yourself), then you’ll want to buy other people’s “systems”: the activities they do to find properties, do whatever they do with them (rehab, flip, rent, l/o, etc), and make $$$. This site offers a number of good systems.
Why specialize in the courses? Because there are many ways to put a deal together. I’ll pay $150-$500 for a good course; I know if the ideas work it will pay for itself 10X on just the first deal. CS, for instance, talks about l/o in his course. Bill Bronchick has a course on it. BB’s l/o material, compared to CS, is like comparing a Sherman Tank to a candy wrapper. Bill’s course is worth it-- but only if you want to do l/o.
Educate yourself first. Find out if this stuff is for real. Find out if it is for real for you. Find out what angle of rei your life situation is best suited for. Specialize in that. Work hard. Make money.