Getting Started... ...but not too much... - Posted by Joe Scherb

Real Estate Investing
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Posted by Aaron330i on March 15, 2002 at 23:29:35:

Do you have a 9 to 5 job where you’re working for someone else and told what to do? Do you hate it?

Landlording is a job. Your employers are your tenants, bankers, insurance company.

Not sure what it all means, but work is work. At least with RE, the rewards are greater. Even if you don’t like some of it.

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Getting Started… …but not too much… - Posted by Joe Scherb

Posted by Joe Scherb on March 15, 2002 at 21:14:21:

I’ve been putting my REI plans together for several months now. I’ve looked at properties, & even made an offer (that didn’t take). My first intent was to get a SFH rented expecting minimal monthly income. The payoff would be the tax benifit, appreciation, and most importantly experience as a landlord. This approach would allow me to “ease into” REI.

Conversely, many of the opinions I pick up from this web site suggest I heavily market the “I buy houses” message to have motivated sellers find me.

My concern with this approach is two fold;

  1. I’ll generate too much activity. Remember, I’m not sure I even want to be a landlord. What if I hate it.

  2. Motivated sellers looking to dump thier properties. Will I be approached by a ton of “loser” deals that have problems I can’t fix? For example, the bottom of the junkers, falling down, that more experienced REI’s have passed over. Or maybe too expensive properties that I can’t hold, or can’t flip for some reason.

The bottom line is I’m not sure I want to fire up the marketing machine. It might make more sense to go slowly.

Any comments? Be as critical on my thought process as possible.

Regards,
J.S.

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Re: Getting Started… …but not too much… - Posted by Carey_PA

Posted by Carey_PA on March 16, 2002 at 24:11:41:

  1. you don’t have to be a landlord! get all the leads you can and buy 'em, hold 'em, flip 'em or pass on 'em! There’s so much u can do with leads, the key is to actually getting the motivated seller leads!

  2. you’re going to be approaced by a ton of “loser deals” period. it’s ur job to weed 'em all out and just talk to the motivated sellers that have the properties that can make YOU money!

Go for it and Good luck,

CAREY