Posted by Juan on July 02, 2002 at 20:27:13:
Jonatahn,
I also wholesale properties. I do it in Palm Beach - Lake Worth, West Palm, Riviera Beach, and Lake Park. I currently don’t do any rehabs.
Juan
How can I do real estate with a low income?(long) - Posted by Mario F. Lister
Posted by Mario F. Lister on July 01, 2002 at 23:01:17:
Hi from Fort Walton Beach, Florida. I have been reading several books on real estate and I was wondering: is there any way I could make money in real estate despite a low income of about $597? If so, what techniques could I do that would not involve money, credit, partners or banks? I know Ron Starr does not recommend using partners on deals. Also, what kinds of low cost advertising besides posting on bulletin boards and bandit signs could I do to look for motivated sellers? Oh, and one more thing. Should I use 800 numbers on my bandit signs to avoid getting in trouble with the police? If so, what should I use for voice mail service? I would appreciate your answers.
By the way, I have the CS couse, the AREF course, and several books including Nothing Down and Fast Cash with Quick Turn Real Estate.
Sincerely,
Mario F. Lister
Millionaire in training
How can I do real estate with a low income?(long) - Posted by GL(ON)
Posted by GL(ON) on July 02, 2002 at 06:50:48:
Don’t tell me what you can’t do. Tell me what you can do.
Look at what you wrote. It is almost like a joke of negativity. You don’t want to use money, credit, partners, or banks and you won’t consider a partner because Ron Starr doesn’t like them. Well Ron Starr isn’t you, and many people (including me) got their start with partners. If you don’t want to use money, credit,partners or banks then there is no way you can do this business because other than the real estate itself, that’s all there is.
You already have a job, an income to live on, and a library of good ideas.
The only thing holding you back is your own mind.
So just for fun ask yourself, how can I do this? Or try asking, how could someone else do this? Someone who was smart and confident and not hung up? Don’t criticise yourself at this stage, brainstorm all the good ideas you can think of, then examine them afterwards.
Re: How can I do real estate with a low income? - Posted by TC
Posted by TC on July 02, 2002 at 24:39:55:
Mario,
-Magnetic car signs, Business cards, Courthouse pre-forclosure claims reports, Banks Mitigation Dept on REO’s, Networking with people, Pass word @ yard sales.
-Use L/O, Option, Flip contracts,‘subject to’, all require little or no $ dwn.(play w/puzzle carefully)
-Use 800#,record who U R, what U do FOR THEM & U look forward in helping them. (sound sincere)
Re: How can I do real estate with a low income - Posted by Kristine-CA
Posted by Kristine-CA on July 02, 2002 at 24:26:05:
Mario: I can only speak from my experience but I find that wholesaling (flipping) is possible with a low income. It doesn’t take too much money to get started, but it does take some for things like ads, mailings, phone bills, notaries, etc. So far, it’s been a great way to learn A LOT about real estate in a short period of time. Also, it’s a great thing to try to see if it’s for you before moving on to other, bigger financial obligations such as rehabbing and/or landlording, etc. And the profit has been pretty darn great.
Flipping is discussed in Fast Cash and in Bronchick’s Flipping Properties. Steve Cook’s course is also an economical and worthwhile investment. But the truth of the matter, from my perspective, is that there is no replacement for experience when it comes to making offers and finding buyers.
I don’t have an 800 number (and all of my deals are out of town) and I don’t use a voice mail service–and I don’t think they are necessary to get started. My suggestion would be to invest very little in the beginning until you are more certain which area of REI interests you most.
Hope this helps. Sincerely, Kristine
Re: How can I do real estate with a low income? - Posted by Juan
Posted by Juan on July 02, 2002 at 07:53:58:
Mario,
This person just gave you a bunch of good ideas.
If you can make money with out using money (or very little moeny), you can make a ton. Off of a $45 car sign I had a motivated seller call me, I put $10.00 down on a 30 day contract and flipped the property to another investor for a $25,000.00 net profit. This took a total of 2 and a half weeks to close. And the investor still had $50K+ in equity. I learned these techniques from Dwan & Sharon. You can find their stuff here at creoniline.
Network, let people know what you do, go to the courthouse and look up the lis pendens(foreclosures) files. Are you a member of a REIA? If not join one ASAP! There is a list of REIA’s on this website. Flip a few properties until you have enough to do what ever else you want.
Feel free to call me if you have any questions, 561-313-4563
Re: How can I do real estate with a low income? - Posted by Jonathan
Posted by Jonathan on July 02, 2002 at 17:33:26:
Juan,
I am in Hollywood and I wholesale flip properties. Do you do any rehab work? Where in Palm Beach you located?
Jonathan