I need some DIRECTION! - Posted by Hector

Posted by RobH on November 19, 2000 at 08:45:17:

Desperation can be the best Inspiration. That’s how you have to look at it. Wish I could help you with your real estate question, but I’m still very green myself. I’ll be moving to the Tampa area within 6-9 months, so maybe I can look you up when I get down there, and hopefully things will be better for you by then. I don’t know what type of skills you have, but maybe you can work security or work for a temp agency. Those seem to have been the easiest jobs I could get when I was unemployed. I work in the computer industry now, but I had to take those low paying jobs to get my foot in the door for something else. But my main suggetion for you is to concentrate on getting a regular job, just to generate some income, then you can start on your real estate career. Good luck to you, and keep your head up.

RobH

I need some DIRECTION! - Posted by Hector

Posted by Hector on November 19, 2000 at 01:14:38:

Hello Everyone,

I’ve being reading all the postings and they seem very interesting and motivating. However, this is my scenario. Today, I’m un-employeed, no income (-0-), no money, no credit card, etc. I was just ready to go to bed and as you guys I flipped the channel and there he was again…“NO Money Down…blah, blah, blah…” Currntly, I live with my girlfriend and because I haven’t being able to land a job yet I feel the preassure BIG TIME, I know she feels it too since she has 3 boys, and I have 2 girls from my prios marriage, but they live with her Mom.

However, that another issue, since I’m not working…my child support is behind BIG TIME and my kids are suffering a lot, which it just makes me frustated with myself and to the point that I have started to question my abilities and the confidence in myself, but eventhoug things are that bad (financialy speaking) my girlfriend is very supportive with me, and she is the only one bringing the money to the house…which it DOES NOT makes me feel good at all.

Searching thru my things, I found the Carlton Sheet’s program…it is about 3 to 4 years old and the one who got it was my ex-father-in-law…and h just pass it one to me so I could do it, but he got me…PROCRASTINATION! and I never did…I started with the plan a binder and a lot of enthusiasm but I never took the most important step…take ACTION!

I need to get some sort of income somehow and I would like to get some guidance and what to do.

  1. Will be program being so old (4 years) still have some kind of basic idea on what to do? has anything in the program changed (laws, etc)?
  2. Will I need some kind of liscence to buy and re-sell in Tampa, FL? Has anyone done it here before with any sucess?
  3. How much money are we talking about here to start from scratch again? from putting the add in the newspaper to get the business going?
  4. How it will take for someone like me? with all those thing against it?
  5. Will anyone be able to help?

Thanks
Hector
Tampa, FL

PS… - Posted by AnnNC

Posted by AnnNC on December 03, 2000 at 17:42:48:

PS, I forgot, get on the mailing lists of ALL the REIA’s in your area, and Orlando, too. I attended the most helpful workshop sponsored by a REIA 2 hours away, but it was on a Saturday, and closer to me than was the regular meeting which I was never able to attend. The best! REIA’s sponsor workshops and bring in speakers, at other times besides the regular meeting.
I happened to be on the mailing list for theis REIA, and the workshop was free, but put me onto such information that I needed.
Hope this helps.

Re: I need some DIRECTION! - Posted by AnnNC

Posted by AnnNC on December 03, 2000 at 17:14:41:

Good advice from all. Take a look at “How To” articles on left side of main page, and read Jon Richards article at the top. Can use it to build a "to do"
list of what to do at the courthouse. Learn where to find the info in your county.
Then scroll down to Jackie Lang’s flipping articles
one and two. Basically boils down to running ads.
You can get a RE lic meanwhile,(though you do not need it to buy and sell for yourself, but you do have to have a lic to do any of the RE agent things, such as find buyers/sellers for another);learn the ropes, meet people, go to one or more REIA meetings–they will not
ask what you do for a living! ( But most of them have taken December off!)
The no money and no credit card thing is a problem, because it’s possible to get an advance on a card just
for operating money (advertising,paying upfront for inspections, So, I’d learn local ad rates, and get basics, like an
answering machine, and never never ever let the kids answer the business line. You can also get, for about $2-4/month an extra number, not extra phone line, that has a special ring. (I get a lot of wrong numbers on mine. I screen all my calls, but when I hear the
ring for the number I gave with ads, I pick up ahead
of the machine. BOth numbers will ring to the same answering machine, so you have to decide how you want
to work that. Mine works (it was about $60 at Radio Shack) with one out-going message,
and 4 “mailboxes”. but then you have to have a generic outgoing, or say, “for Susie, press #1; for Tri-County
Investment Services, press #2”. That could get a little
confusing on both ends.
One office uses it like this: "For (lists the investors and office manager) press #1; for property on Elm street press 2, for property on Oak street, press 3.

I live in a small town, and voicemail by the phone company is not available here, as are (not) a lot of
other services, like eVoice. But the ureach 877 number
is good for my purposes. It’s pay-as-you-go, and 60 free minutes to start, then 30 free minutes each month.
It will ring your phone when you get a message, or beep you. you can pick up your messages by phone or email.
All these are fairly low business expenses to
get started.

You can make your own cards for a start.
I had a program for it that came with Windows and I didnt’ even know it. It’s a start, anyway.

Also,don’t forget efax.com or jfax. This is good if your fax machine broke down, or if you don’t have one,
but ultimately, you’d want to print the document. But
again, it’s free to you, and the sender incurs a very
brief long distance charge.
So, initially, get the free stuff, inexpensive stuff.

You can use a buyer’s broker, find someone in your RE
class to share MLS solds with you after they get their lic,
but it’s real difficult to get the “solds” information, which is what it’s all about.

You can call your county tax dept and ask them who they sell the info to, and they will tell you.
In some cities, it’s possible to do your own comps, in others, the information is just not set up by the county to lend itself easily to a program.
One service that does my county offers my county and 7 others for a $150 set-up fee, $90/month, but a year contract up front. Another one sells disks for my county, for about$350 for the year. (no updates).
I used to have better service, cheaper, years ago, in
a larger county. It varies, litterally, ALL over the place.

I’d say pick a geographical area and learn the market.
Many or most of the people who post on the main forum have done this all while having a job, so it’s possible, but
at some point, you need some day hours to collect info.

You don’t have the money for earnest money that realtors
like, so you may want to try working with FSBO, but then you need contracts, so you would need some money
for courses, info, help. You might be able to get
local Realtor contracts, but I wasn’t successful at this, just acting on my own. Our state statute says RE agents can fill out certain portions of contracts, so that is why they will only use theirs. Other things you want can be an addendum.

But down the line, you can learn this business and
find rentals providing an income stream that will
provide enough positive cash flow to cover your child
support long into the future. Meanwile, a job and payment plan seem best. I thought the idea of temp job
was useful. I had a lot of temp jobs, and learned from
them. you should only be lucky enough to get a temp job in a title company!
Don’t give up, it’s all very do-able. When you get to the point where you know you are not going to lose money and know how much income a property is going to
generate, that is a great thing to offer to your child’s support, something that cannot be taken away
by getting fired, downsized, or disabled.

You should talk to a RE tax person about putting your properties in a trust for your kids, that way, I THINK
you are not taxed on the rental income and then pay child support out of that, but the income goes to them,
and as minors, at their lesser rate? I’m not a CPA obviously, but more money stays in the family.
Learn how to do this!

The rest of you readers forgive me, I have not seen
this last paragraph discussed on this board, so I bring it up for discussion, though I can see that it belongs on Newsgroup I.

Take care of present obligations, but know that you hae the potential to take care of your children down the line, big time, if you learn about real estate.
The tax advantages are good, you can do it in a
corporation or LLC which have tax advantages. Bottom line is…the bottom line: more money to your kids.

Hector, best wishes to you and your children, and to your friend and her children. Maybe some of them are old enough to have them work for the corp or LLC and
set up IRA’s for them? That is the best goal to strive for down the road, a company, not just earn money, pay taxes and then spend what is left over.

Best wishes

Ann

Re: I need some DIRECTION! - Posted by BillW.

Posted by BillW. on November 20, 2000 at 17:02:28:

Hector,
go to the main pageof the CRE forum and look on the left side. look under recources, then REI clubs. Click on this then click on Florida and scroll through. There are at least 2 real estate investor clubs in the Tampa area. Call them and start going to meetings and meet people. In the meantime, you need to get the cashflow going. Do what you have to (get a J.O.B. …ugghhh…) for a few weeks/months doing whatever until you meet some contacts in the real estate investors club. With the help of these contacts and the help you can get here on the forum, you can make a go of the investing business. Review the material you already have several times. Just remember, the money WON’T start to flow until you learn how to do deals and meet some people who can help along the way. This is a great business and I feel you’ll make plenty. Tampa is a good area. Determination, learning and taking action are the keys. Let us know how you do.
BillW.

Re: I need some DIRECTION! - Posted by Tobeykins

Posted by Tobeykins on November 20, 2000 at 02:18:50:

Dear Hector:
I too have not been able to use my sheets program totally, but it is still good. When I got it, it told me I needed a co-signer/partner, because of my financial problems. I went to night school and got my license. I started looking for properties and “deals”. I found out no one would pay me for my work finidng a deal unless I waslicensed, so I just got m license last month. the program is not outdated.
I personally am going to get an update. What it really gives is moral support. Anyway, what I learned from the program enabled me to connect with some investors. So now that I have my license I have a couple of investors who will use me as their buyers agent if I bring them deals. My plan is to get enough money from agents commissions to start phase B.
If you listen to the tapes, one thing all the successful investors say is they listened to the tapes 2-5 times straight through before they started working the plan. Florida has lots of opportunities. Don’t give up. Also, if you haven’t been able to get a job, then maybe you can qualify for a work grant program like JTPA, which makes you eligible for unemployment while you are in training. You can take that training and also get your license and the government money will help you while you get started.
Good luck.
Tobeykins

Been there, man. - Posted by Rolfe Kurtyka

Posted by Rolfe Kurtyka on November 20, 2000 at 24:10:22:

I know exactly what you are talking about. What to do when every option seems either unattainable or so low that I can’t even go there. It took me over a years worth of painting, installing hardwood floors, and landscaping before I purchased my first investment property. At that snapshot in time, things seemed kind of bleak, but it was great to have a plan in place, and to be working that plan. Perhaps the greatest asset you have is someone who believes in you. Take care of the immediate needs, then keep an eye open for real estate. It might take 24 months, but eventually you’ll find a way. You have to. You’re not the type to fail.

Good luck; Rolfe