LITTLE GUY ASKING FOR ADVICE PLEASE!! - Posted by dan


#1

Posted by dave on December 05, 1998 at 09:25:38:

yes, dan never mentioned if he owned his own home, and a personal residence has some very unique tax and asset benefits. i beleive its the first place to start investing.


#2

LITTLE GUY ASKING FOR ADVICE PLEASE!! - Posted by dan

Posted by dan on December 01, 1998 at 18:37:27:

I am just now getting started in real estate investing,I don’t know much at all but I am trying to learn everything I can. This interest has propelled me to pursue a career as a real estate agent. I’ve been reading everything I can get my hands on. I ordered that program Carlton Sheets has got out and started reading it, but had to stop when he metioned credit and how to build it up. I have very little credit and, up until about 2-3 months ago, little money. I just recieved an inheiritance of approx. 15,000. I guess I am asking advice about how to let that money get me started. I’ve been thinking about buying property in destin,florida. For rental purposes of course. Is that the right thing to do. Is their a better or faster way to get started. PLEASE RESPOND!!!


#3

Re: LITTLE GUY ASKING FOR ADVICE PLEASE!! - Posted by Tonya Brown

Posted by Tonya Brown on December 05, 1998 at 13:25:51:

Don’t Stop studying Carlton’s course just because you may npot have the credit. Read it throught and through out offers anyway. Use his crdit pursuit strategy. You don’t need godd crdit remember?


#4

Adding one thing to David’s reply… - Posted by Soapymac

Posted by Soapymac on December 02, 1998 at 22:38:49:

go ahead and buy the house, but do NOT consider it an asset.

Now if that sounds peculiar, go to Amazon.com and buy “Rich Dad, Poor Dad” by Robert Kiyosaki. (Sorry JP…I’d recommend buying it here, but you haven’t got it available yet.)

Cordially,

Soapymac


#5

Re: LITTLE GUY ASKING FOR ADVICE PLEASE!! - Posted by Russ Sims

Posted by Russ Sims on December 01, 1998 at 23:19:54:

You admit that you have very little credit. I find it odd that you terminated the CS course at the point where he describes a very methodical, relativily quick way to build credit. His technique is virtually guaranteed to work. But I can only assume that you aren’t willing to wait that long…Too bad because any experienced investor can tell you having good credit can be a tremendous asset when negotiating RE deals, even if you aren’t looking to banks as your source of financing. Sellers who are willing to carry a mortgage may be keenly interested in your credit. A seller I just dealt with wouldn’t even consider carrying a 2nd mortgage without seeing my credit report. Sufice it to say that good credit can never hurt you. No credit or bad credit sure can…
Please don’t rely on the $15,000 to get you started in real estate investing. You may be able to get a few deals out of that money but then you’ll be stuck wondering how to go further with no capital. Dave says to take a few hundred bucks and educate yourself. Great advice (you already have the CS course. congratulations.finish it…). Keep the $15,000 and learn how to do no down deals. Otherwise the $15,000 will be gone and you’ll be scrambling to learn, guess, how to do no down deals! Be patient. Most will tell you the RE investing isn’t a get rich quick program. Sure, some have profited qickly. Best not to rely on that though.Bide your time, do your homework, stay focused, and reap the rewards! Good luck!
RS


#6

LITTLE GUY !! - Posted by dave

Posted by dave on December 01, 1998 at 18:52:04:

start by educating yourself. carlton is ok but not the only RE wiz. go invest 100. at a local book store. or save the money and go to the library. Try to buy your own home first, stop paying rent! get a credit card or two and use it wisely. patience and persistence will make you sucessful…those are my thoughts.


#7

Re: Adding one thing to David’s reply… - Posted by Rob FL

Posted by Rob FL on December 03, 1998 at 19:56:07:

I have read Rich Dad Poor Dad several times and understand his definition of an asset. However, I disagree with his reasoning. Everyone must live somewhere whether in an apartment, home, houseboat, RV, etc. A house doesn’t necessarily produce income, but it can reduce necessary housing expenses which in effect increases your income. In a house you don’t get rent increases and you do get tax write-offs. I think a house is more of a quasi-asset and definitely better financially than renting.


#8

Serious NEWBIE with desperate question - Posted by Keith Elliott

Posted by Keith Elliott on January 07, 1999 at 10:31:44:

Hi all,

I recently graduated from college and I have been working at my present job for almost 4months. I have been intrigued with real estate for many years, yet I felt it was important to establish some goals before jumping in. My list is really long, so I will only list my a couple of my goals.

  1. finish college
  2. establish credit

well, I did both of these and did the second one by buying a condo.
However, I now realize after buying the condo, that I could have gotten more.

I have seen all the infomercails and I have read about the courses on this site, but before I invest into one, I really would like some advice about the course that is right me. I don’t have much cash to use for downpayments, but my credit is very good. Can anyone recommend an appropriate course for my situation?