Here is a SERIOUS answer (long) - Posted by Jim IL
Posted by Jim IL on March 10, 1999 at 10:17:58:
Well, frankly I WISH I had been in your situation at your age.
The first thing you should do, has NOTHING to do with your money.
READ and LEARN! Consume everything this site has to offer. Read the articles, goto the Newsgroup and chatroom.
Now, what to do with your $5k?
Well, IF I had that money in the beginning, I would be much further ahead than I am now. I would have first determined my immediate goals. ie: "Do you want long term cash flow, or CASH NOW?
Then determine which course will help you achieve that.
If you want CASH NOW, purchase Ron Legrands Book on “Fast Cash with Quick Turn Real Estate”. Read it! TWICE!
Then, buy his course on Wholesaling. (it is worth EVERY penny)
Study it, and absorb it!
Now, go DO! Exactly as the course says.
When all is said and done, you will have approx. $4500 left over.
Also, consider attending a “boot camp” or Seminar on the topic.
Ron has many, and they are great.
I went to the convention in Dallas, and would do it again 100 times.
I’ll tell you this, I’ve learned that the biggest cost is NOT spending money on Education.
I was once very interested, and I thought motivated, but realized quickly that I was AFRAID, and the FEAR KILLED my MOTIVATION!
I talked to MANY people about the convention and was convinced that this would “get me over the hump”. (I was right!) But, I also did not have the cash to attend the convention, (so I thought).
I bought Legrands “quick turn” book ($12 at amazon.com) and then started making offers.
I became discouraged because my first 10 offers came back REJECTED! But, you know what? The 11th offer was accepted!!
We closed and netted $10,800 (see my success story, “Burned out cop makes $10k+ on first Deal”).
Well, over the years (yes years, FEAR really held me back), I purchased Carleton Sheets Course, about 10 books, and a computer, (to search the net for info.)
In my old way of thinking, I spent a small fortune.
Well, here is the result of “kicking the fear away”.
Total expenses to date, (again, over years):
CS course: $250.00
Books and other misc:$300-$400
Business cards, flyers, ads:$300.00 (per CS course)
Total: $2450.00 (before Dallas Convention expenses)
Then add in the Dallas Convention expenses of approx. $3000.00 (includes, convention admission for 2, airfare,Meals and all the material I bought there)
New Total: $5,450.00
Here is the GREAT NEWS!!
My first flip profit: $10,800.00
minus total expenditure on education:$5,450.00
Still ahead: $5,350.00
So, do you think my expenses are justified?
I certainly do, plus the ADDED BONUS of the education still paying off on future deals.
I returned home late Monday night from Dallas, and am already writing and submitting offers, (while listening to and studying all the courses I bought in Dallas)
IF, I get just one more deal (and I won’t, I’ll surely do MANY more), for $5,000 minimum profit, where do I stand.
Well, I tripled my money!!! (again, the minimum expected)
So, “Go invest son”!
That is the BEST advice you will EVER get!
Invest in yourself, not in Property.
It DOES NOT take money to make money. (well, not much money anyway, when you see it relative to the outcome)
But, you won’t know that until you know what to use.
As for proof, well, I’ve got it, right here!
I photo copied my first check, and hung it on my home office bulletin board. It serves as inspiration and reminder that I CAN DO THIS!
I met many of the people here in Dallas, and I’ll tell you this, THEY ARE REAL! and REAL NICE! (VERY Charitable with knowledge)
They share unselfishly, and we (my wife and I, we both went to Dallas) are eternally grateful.
Will I make money? Of course! I cannot help it.
It is kinda like “wondering what it would be like to swim in a pile of money”.
You will NEVER know until you move full steam ahead, and jump right into it!
So, I am off to RUN and jump into this GREAT world known as REI.
First with “flips” for cash, and perhaps later with other venues.
All the while, continuing to study EVERYTHING I can get my hands on! (Education will NEVER stop!, per the BIG GUNS, who are doing and teaching)
I hope this helps.
I know, that had I NOT read and listened to the people here and thier experiences, I would still be wading in the “kiddy pool”.
Thanks to them, I am now “Hot on thier tail” and gaining ground daily.
Good Luck and Work HARD! It does pay off,