Help - Posted by Rachael

Posted by John Corey on April 12, 2006 at 17:07:02:

Rachael,

Questions from fellow RE investors (new or old) are always welcome. We have to protect our own you know.

I figure the questions help me stay current with what is going on in the market.

John Corey

Help - Posted by Rachael

Posted by Rachael on March 27, 2006 at 13:11:27:

Hi,

I’m so new to all of this. I just read a book and have decided I want to begin to get my feet wet. A couple of questions…Where to begin? Do you just jump right in or can anyone recommend a good place to start?

Also is the convention in May really worth the money and time? Is it beneficial to anyone just getting their feet wet and is having trouble understanding all the terminology? Also is there an idiots guide to all of this terminology? Any help would get greatly appreciate…

Rachael in PA

Re: Help - Posted by John Corey

Posted by John Corey on March 28, 2006 at 07:01:13:

Check out the success notes and other how to articles on this site. A number are written by people who have posted to the forums so you can search the archives for other comments.

The local library might be a good resource. Depends on the size. A large bookstore will have ample choice. Grab a coffee and stay a while. Find books by authors you like (or were recommended). Read enough of the others to see if you like what the author has to say. Then decide if you are going to buy any of them.

Take it one step at a time. Assume that there are many different paths so there is no one right route for every person. Your credit, your finances, your time and any specialized skills will tend to force you in specific directions. Until you have done 1-3 deals do not worry about a specialized focus.

Dutch makes a good point that if you want to learn how to do deals focus on ways to do more deals quickly (flips for example). If you buy and hold you learn a lot less about buying and selling as you tend to focus on the landlord side and not the next deal.

John Corey

Re: Help - Posted by Rich

Posted by Rich on March 27, 2006 at 21:03:14:

There are a lot of books and guides out there. Some are solid, some sound solid but contain errors,and some are fluff. Its hard to separate out one from the other and then you have to throw in styles that click with some and not others.

I personally like stuff by Steve Berges (flipping and basic analysis), John T. Reed, Nolo Press (for legal stuff).

Here is the Amazon link for the RE Investing Dummies book:

http://www.amazon.com/gp/product/0764525654/qid=1143514903/sr=2-1/ref=pd_bbs_b_2_1/102-7500056-4147347?s=books&v=glance&n=283155

Here is a great book I found that explains how to figure out if you’re going to make money on the deal, what the terms mean, how to work the formulas, and so on:

http://www.amazon.com/gp/product/0764537091/qid=1143514903/sr=1-2/ref=sr_1_2/102-7500056-4147347?s=books&v=glance&n=283155

Re: Help - Posted by Pat

Posted by Pat on March 27, 2006 at 15:44:42:

Here’s a Glossary of Real Estate Investing Terms:
http://www.dealmakerscafe.com/Real_Estate_Investing_Glossary.html

Re: Help - Posted by Rachael

Posted by Rachael on March 28, 2006 at 07:54:47:

Thanks for the help. I do have excellent credit and finances to start me out. When I began to think about this process, it really only occurred to me to buy properties, rehab them and then sell. The in’s and outs of quick flips to other investors was an avenue I didn’t even know was there. What is your take on the rehab flip and sell to an owner/occupant? Is this good for first time investors? The multiple deals all at once scares me a bit, like I’d miss something.

Thanks! - Posted by Berno

Posted by Berno on March 28, 2006 at 09:41:25:

Great site Pat, thanks for the info!

Re: Help - Posted by John Corey

Posted by John Corey on April 12, 2006 at 11:02:05:

Dutch said it pretty well.

To add slightly…

Focus on what you can handle and then grow that circle so you can do other types of deals if and when it makes sense to do so.

John Corey

Re: Help - Posted by dutch

Posted by dutch on March 28, 2006 at 08:39:25:

Bronchick calls it “Fix 'N Flip”. Most just call it rehabbing. You buy a property, bring it to retail standards, and sell it retail. Much larger profits (if done correctly) than the wholesaler, but larger risks as well (funny how that works).

Always know your exit strategy when you buy a property.

Dutch
Oklahoma

Re: Help - Posted by Rachael PA

Posted by Rachael PA on April 12, 2006 at 15:28:55:

Thanks for the insight. You must get so sick of new peoples multiple questions. I continue to read the site everyday. I’m amazed at how much knowledge I have gained and at how much I still have to learn. I have another book on the way now…Can’t wait to devour it!

Much appreciated