Re: green pea needs help… - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on August 25, 2003 at 21:06:54:
I agree with Brent(IL)-----don’t use you mother’s house for investment purposes. Now, if she were to sell the house outright, the gain on the sale would be tax-free at the federal level. So, she would have cash that could be used for investing, if somebody who know what they are doing were to invest it.
I recommend expecting to spend 6-18 months learning about real estate, real estate investing, and the market where you plan to buy. Don’t spend money on properties before you have spent your time learning. You can read my advice to beginners by putting “beginners success” into the search function on this main board of this CREONLINE.COM website.
I doubt that you can profitably invest in one or two deal before December. You don’t know how much you don’t know. It seems easy when somebody else talks about making big profits on a deal. However, usually that just means that the investor has been at it for at least a few years and knows what to do and–equally important–what NOT to do in investing.
Sure, you’re excited about the big profits ahead. I was that way too when I began. Thought I would be a millionaire in three years time. Doesn’t usually work that way. Sure didn’t work that way for me. So, settle in for the long haul. Study up on real estate seriously. Plan to make you moves next spring. That’s my advice, anyway.
Good InvestingRon Starr