Posted by Bernard Collier on March 12, 2002 at 19:48:04:
None.
Well a little. You need to know at least the property values of the nieghborhoods you are going to deal in and what type of deals are available in your area. So you can see what is a good deal.
The course you follow should outline the “how to” portion. By following the course you should be able to jump in head first.
How much knowledge needed? - Posted by SPL
Posted by SPL on March 12, 2002 at 03:57:14:
I’m a newbie into the real estate scene. My previous experience is in finance. How much (and where) do I need to learn about real estate before I can put programs such as carleton sheets, john beck, and Robert Kiyosaki, etc, into action? I mean how should I go about getting basics before I leap into the fire with no experience? I mean getting experience seems like everything requires a fair amount of capital… even if tax leins is used which seems to be the cheapest, I could shell out a couple grand without really knowing everything. Where should I start?
Re: How much knowledge needed? - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on March 12, 2002 at 23:32:48:
SPL-------------
I have a post addressing these issues. Put “beginners success” into the search function on either this Carleton Sheets board2 or the main bulletin board of the CREONLINE.COM forum. JohnBoy also has his advice of beginners. He references it pretty regularly. Paul put a suggestion post here on the board2 which you can find by searching for “expert.” His and mine were posted last year.
Good InvestingRon Starr******
Re: How much knowledge needed? - Posted by Joe
Posted by Joe on March 12, 2002 at 21:51:16:
SPL:
This probably won’t go over too well with a lot of people reading this, but here’s what could happen if you don’t do your homework. You will overpay for your first investment. You’ll let some seller or realtor tell you that you can get a lot more rent than what the market dictates. You’ll underestimate the needed repairs. Prospective tenants will come up to you and promise you that they are the greatest people on the face of the earth, you will have absolutely no problem with them and that they will pay their rent on the first of the month every month. You won’t even have to do a credit check on them. One month after they’ve moved in, while you’re trying to figure out what to do with a bounced security deposit check and their rent is late, all of a sudden you have become the big bad evil Landlord who won’t give a little guy an even break. You may be tempted to listen to this guy’s pleadings, but after about six months of no rent (try pleading with the financial institution holding the note on your property) you finally wise up and evict the guy. Now you have a trashed-out house with several months of rehab time. You’ve suddenly become the “don’t-wanter” everybody’s talking about. But the problem is you owe a lot more on it than its worth.
I know this to be true, not only because it happened to me, but it also happened to a lot of seasoned veterans early in their careers.
The purpose of my message is not to discourage you or anyone else. There are a lot of good-hearted, well meaning people out there to help you but you got to do your homework and find them and the others you can trust. But be aware that there are a lot of predators out there, whether they are sellers, some seminar gurus or tenants and “newbies” are their prey.
You need to do your homework, do your homework, do your homework.
Best wishes in achieving your dreams.