Getting Started - Posted by Carl Hooks

Posted by JM-OH on October 24, 2003 at 14:19:33:

Great post Clair, solid advice in my opinion. I’d be interestd in knowing what your top 5 sites are if you don’t mind emailing them to me.


Getting Started - Posted by Carl Hooks

Posted by Carl Hooks on October 24, 2003 at 01:41:48:

I greatly appreciate the replies i have recieved and thank you for your time. To be more specific I am 20 years old and have absolutely no real estate investment experience. I do however believe that there is something to gain from real estate investing. My goal is just to manage my money early in life and invest wisely to insure a secure future. From what i have read, it amazes me how people can pass up this type of education and opportunity. I am not going to let this slip by. I just need to know where to get started. How did you attain the knowledge necessary to be successful? Any information will be appreciated and i thank you very much for your patience

I will Tell you - Posted by Jay

Posted by Jay on October 24, 2003 at 12:17:35:

I started by listening to Carlton sheets course.
Then with absolutely no idea in mind, I drove by a neighborhood where I knew is upcoming, and called a realtor on one of the signs. he answered the phone and said that property is no longer for sale.
so I asked, do you have any other properties where I can have a positive cash flow?
he said yes please come over to the office. so I went over to his office and I said, I am a beginner investor My goal is 5 or 10 properties a year, would you be able to help me?
he said sure.
you cant imagine what I learned from this realtor.
So in other words I am saying start doing, develop a relationship with a realtor that is willing to work with you. be honest who you are, meaning that you are just now beginning your journey. ask questions when you don’t understand, ask him for advise, you will be Glad you did.
I hope I helped
Ps. read while you are doing Deals, otherwise it wouldn?t register in your head.

Re: Getting Started - Posted by E.Eka

Posted by E.Eka on October 24, 2003 at 09:32:57:

No disrespect to you, I’m happy that you’re interested in REI, but I just wanted to say that this question is ALWAYS asked every 2-3 days.
I would suggest looking at the how to articles on this site.

Re: Getting Started - Posted by eric-fl

Posted by eric-fl on October 24, 2003 at 09:16:14:

Congratulations, Carl! You’ve already managed to distinguish yourself from the dozens of “getting started” posts made here every week, by ASKING AN ACTUAL QUESTION. This is a good start, and surprisingly, one many people overlook.

So then, to answer your question, “How did you attain the knowledge necessary to be successful?”

Like the previous respondents, I would recommend you read the articles, success stories, etc. on this site. See which approach “sticks out” as the one you like best. Then, go to the bookstore or public library, and get as many books as you can on that subject. Don’t overlook Interlibrary Loan, it’s a tremendous resource, and it’s free. Ask your librarian. After that, you should have a fairly good idea of what your focus, or niche, will be. Come back here, and buy a course or two on that niche. I don’t have any personal stake in this website, but I will say that I am of the opinion that everyone should buy at least ONE course in the approach they intend to implement. If nothing else, you’ll need it for the forms, and any one of these courses will be cheaper than having an attorney draw them up for you. After all, it’s not like you can do down to the office depot and say “where are the forms for purchasing property subject to the underlying financing through a recorded land trust, with a subsequent non-recorded assignment of benefical interest in the trust, and then resell on a lease with option to purchase (seller version)?”

Re: Getting Started - Posted by Clair-MO

Posted by Clair-MO on October 24, 2003 at 07:41:09:

Carl, It is great that you are taking an interest for your future security in doing what you need to do in real estate investing. I don’t give advice because advice is totally black and white if I give to you wrong advice you will point a finger at me. Saying I tried your advice but it didn’t work so I’m not going to give any advice just some helpful suggestions! A suggestion lies with your abilities to do what needs to be done…You are solely responsible for your actions not I. Does this make sense to you? If not it will in TIME. What action you take determines your future! My suggestions are simple and to the point:

  1. Go to the public library and check out any books new or old on real estate investing. I particular like Robert G Allen’s books “No Money Down in the 90s” and “Creating Wealth” also read every thing written by such men as JohnBoy, Ron Starr, and Merle Woolery in the archives section of this site.

  2. Learn to think creatively…You do this you’ll be on the road in building an Empire of Wealth! Money is not all there is in this business. This business of real estate investing a people oriented business. Learn to communicate with people. Read Dale Carnegie’s book “How To Influence and Win Friends.” It is a people business dealing with all kinds of folks on a daily basis.

  3. Be a man of your word…be honest with sellers, lenders whom you are dealing with. You have to win them over to your side so BE A FRIEND and BE NICE TO THEM all. By doing this, you will build a trust factor with folks and people will work with you if they trust you! Does this make sense to you?

  4. Do an internet search for other creative sites to read and do research on… is NUMBER 1 on your list. If you would like additional lists of sites please feel free to contact me and I’ll send to you the 5 best sites in my opinion where you can gain the most good as a beginnner. Fair enough?

  5. Join the chat room and ask questions to the experienced investors there. Don’t be shy if you are shy. You won’t become a successful real estate investor! You can overcome being SHY!

  6. Join a real estate investing club in your area if you don’t have one. Do as I did, adopt the chat room as your real estate investing club!

Hope these pearls of wisdom will be of help to you!!!

Re: Getting Started - Posted by chris-atl

Posted by chris-atl on October 24, 2003 at 06:23:41:

Here’s some ways you can get started:

  1. Read every “How-To” article on this website and as much of the newsgroup posts as you can stomach.

  2. Get yourself a copy of Al Lowry’s book “How You Can Become Financially Independent by Investing in Real Estate.” This is one of the most thorough books on investing that I have ever read. It’s an older book, but the techniques are priceless. You can get a used copy on Amazon right now for $2.24 + S/H. Order it now.

  3. Join your local REIA and attend as much as you can to absorb as much as you can. You can find one here:

  4. Try to find you someone who will act as a mentor to you from your contacts at your local REIA. The rules here are that you can not ask for a mentor on the newsgroup. I did a few years ago before they made that rule. But you should be able to find one at your REIA. It will be so helpful to have someone to go to to ask questions, because if you are like I was, you’ll have a lot of them.

  5. As my local real estate investing guru John Adams says, the only way you can be successfull at this game is to “See alot of houses, and make alot of offers.” It’s a numbers game and the more you see, the better you know your market. The more you make offers on, the more you will end up owning.

  6. Read all the Success Stories on this website also, because they will prove to you that this can be done and that it’s highly rewarding for you.

It’s great that you are getting started so soon. I’m 26 and my investing is just now really taking off. I, being the analytical engineer that I am, took WAAAAY too long to get my knowledge and get going. They call that the Paralysis of Analysis. I wish you the best of luck in your journey to ebcome financially free.