Re: I Need $$ Help NOW! - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on September 04, 2003 at 21:56:37:
Self and Son–(DC)-----------------
I don’t think you should do this. You don’t sound ready to be taking on a project this serious. Too many other people before you have ended up losing much money and then quitting real estate investing when they did similar purchases in similar circumstances.
Just observe what happens. If you see somebody fixing it up, try to talk to them. Become friends and find out how much work and money it takes them to do the deal. If they are experienced investors, you can learn a lot.
I encourage you to read my post for beginners. You can find it by putting “beginners success” into the search function on this main bulletinboard forum of this CREONLINE.COM website.
Sorry to sound negative, but sometimes not acting is a better choice than acting. When I was starting out, I was going to buy a rundown 7-unit property which is a few blocks from where I live. I had it looked at by a contractor. He agreed that I could fix up everything over time with enough money. However, I only had enough money for a downpayment. I would not have had enough money to rebuild the bathrooms. I passed. Then I started out with single family houses, so there was less investment in each one. I sometimes wish I owned that building, given that is is worth a lot more now than it was then–over twenty years ago. However, who knows if I would be a real estate investor today if I had gotten chewed up by that property? Now I am on the edge of being financially independent because of my real estate rentals. Within a year I should be completely self-sufficient with the rental income. Might not have happened if I had bought that property.
Good Investing*********Ron Starr*********