Re: Getting Started - Posted by seesaw
Posted by seesaw on August 31, 1999 at 14:40:55:
If you want to make something of your life, you have to put yourself in the situation of having the education, desire and perseverance to do it. Don’t expect to get something for nothing, expect to work you butt off and invest a lot of time, and energy to make it work for you. You will then reap the rewards. Other than winning the lottery, you cannot ‘Get Rich Quick’, once you understand that, you will not fall for scams and you will approach opportunities knowing that they are true opportunities. You will not hesitate and lose the deal, because you will have educated yourself to know the difference.
My final word of advise for someone starting out in REI, identify a 2-3 mile square area of homes that would make ideal rentals (i.e. 3 bed, 1 1/2 - 2 baths, decent neighborhood) and learn everything you can about it, are the schools good, what is the tax rate, how much do properties generally sell and rent for? Understand how much a mortgage, taxes and insurance will be. Know all of this before you venture out and you will be in a position to know if a deal will work for you or not.