Posted by Russ Sims on April 27, 2000 at 19:48:24:
I’ll probably get slammed for recommending this, but if you are set on buying an apartment building as your first investment (and I could give you a bunch of reasons why you may not want to start there…but don’t let that stop you)the first thing I would do is go to e-bay and buy a cheap Carleton Sheets course. I simply know of no other entry level course that teaches you the fundamentals of the “landlord” business (buying rentals for little or nothing down and managing tenents)better than Sheets. You will learn a wealth of information about creative real estate purchasing in general. Start there and read every article on this site…ask questions on this board about specifics. Soon you’ll find your aprehension disolving…Good Luck!
Russ
Posted by Christine on April 27, 2000 at 14:01:42:
I want to buy an apartment building but I have nothing to go on and don’t know where to begin. If it’s even possible. The idea is to have a place for my daughter to manage so she can move from New York City and be on the West Coast closer to me. I’m a single woman,
52 and just need a change that will be creative and
give my daughter and I an opportunity to work together. I have a disability and can’t work full-time
but this could just give me hope to keep going. Any ideas advise, where to start? Thankyou!!!
Re: How do I get started? - Posted by Jenny D (NC)
Posted by Jenny D (NC) on April 28, 2000 at 01:44:22:
I believe anything is possible if you put your mind to it Christine. You will be able to do the things you want to do in real estate investing once you have the knowledge. The best place to get the knowledge?, I’m not sure because like you I just got started myself. I am doing the C.S. course, reading some books, and looking at this website everyday to aquire this knowledge. I like one book in particular, The Unofficial Guide to Real Estate Investing, by Martin Stone and Spencer Strauss. And I looovvveee this web site!!! Not long ago my husband and I decided to look for our first home. Once we began calling realtors and looking at homes ,we realized we had no clue as to what we were doing. We knew nothing about the areas we were looking in. Nothing about fair market value, nothing about buyers brokers, nothin’ about nothin’. Thank God, we did not buy a house at that time. We probably would have made a seller a real good deal by paying way to much on a property. All we knew was that we had an emotional need for a property, and we almost let our emotional need get the best of us. Now I know that when we do buy our home we will know what to look for. And I also know that when we buy our investment properties they will be good money making choices instead of burdens. I think you are doing a wonderful thing by wanting to get started in rei. I also want you to know that I find it very admireable that you want to teach your daughter as well by having her manage properties. Our parents are both real estate investors. My husband comes from a long line of rei’s, and they have’nt taught us a thing about it. I look forward to teaching my children one day. Anyway, back to my point, try a course, read some books, visit this website and put your knowledge to the test by purchasing some property. That is how I am going to start. AND BY THE WAY TO YOU EXPERIENCED INVESTORS THANKS FOR YOUR ARTICLES. EACH OF THEM HAS TAUGHT ME VALUABLE THINGS. P.S. please excuse spelling and grammar mistakes I’v been up all night with my semi-new baby girl.