Hi Jay, I strongly agree with Travis’ post because it is how I started out in REI 12 years ago. No books, no courses, no money, I just started looking at houses and making offers. He is correct in that the money will come to you. My first seller decided to sell his house to me with no money down and he financed the whole amount. (I think he felt sorry for me). My second seller had such a good deal that the realtor decided to put up the money for the down payment and became my partner. None of this was planned, it just happened. I find it sad that so many people here never get past the reading and taking courses phase. You have absolutely nothing to lose by starting to look and make offers.
Posted by boyden on February 02, 2002 at 10:47:40:
I am recent college grad who hopes to someday become an entrepreneur. My question is: what is my first step? Unfortunately, there is no clearly defined path for this kind of field so I’m at a loss at exactly what to do. I thought that maybe I should start in real estate since I could build some tangible assets and residual income. Would a job as a real estate appraiser or property manager help me in this field? (the money from this job would go towards buying the properties I want). Please advise.
Posted by Paul S on February 02, 2002 at 12:23:11:
Why do you want to become an entreprenuer? What do you truly enjoy doing? Answer these two questions and the rest will probably fall into place. I have a suggestion- if you haven’t already: read “The E-Myth” by Michael E. Greer.
What city do live in? What was your degree in, and what are you doing now? Start where you are, with what you have, and go for it.
I’d start reading everything on CreOnline and join a local real estate investment group. Next look for a neighborhood that you’d like to invest in. Look at 100 houses within the next 30 days to learn the market. If you find a good deal, you can get the money…Don’t worry about what you know or how much money you have, just find a good deal and everything else is a detail.
I would read “Rich Dad, Poor Dad” and “Think and Grow Rich”, and “The Richest Man in Babylon”.
I’d go to the CREOnline Convention next month.
Let us know how the next 60 days goes for you.
Good luck.
Travis
Posted by jay phx on February 02, 2002 at 18:49:56:
When you say “If you find a good deal, you can get the money…Don’t worry about what you know or how much money you have, just find a good deal and everything else is a detail.”
What exactly does that mean? Do you tying the property up and then shop for buyers or partners? I’m in the same boat, no money, no credit, but a whole lot of ambition. I have read some books and am feeling like I have “analysis paralysis” right now. I’m letting the money thing really worry me. I don’t know how to realistically do deals without money. Thanks for any help you provide.
Posted by GregNY on February 02, 2002 at 20:12:06:
Just make sure you have enough for the deposit,
marketing and the other costs associated with
controlling a property. The money to purchase
the property will be easily had, IF, and thats
a big if, it is truly a deal.