Looking for help please - Posted by Chris

Posted by Chris on April 10, 2007 at 14:03:23:

hah. Thats amazing isnt it? It feels like real estate investing is cheating at life. Now that Im starting to understand the terms and ideas a lot better, Im feeling great. Im still planning and reading though. Thank you for the support :slight_smile:

Looking for help please - Posted by Chris

Posted by Chris on April 09, 2007 at 17:53:21:

Alright, Im 19 and I have zero credit, no job, and Im currently living with a friend. Im trying to get into this whole real estate invesment business, but Im having trouble finding all of the information I need to start and fully understanding the articles Im reading. Here are some questions.

First off is it even possible to get started in this business with the situation Im in? Would you recommemend I wait?

If I can get started in this without any money or credit like some of the articles Ive been reading say, then what is the best way to start? The easiest and fastest way to make a little money? For example I was reading that if I find a good deal that I could sell the good deal to an investor for a thousand dollars maybe. How do I go about finding these good deals and finding an investor that would buy this good deal from me?

I have more questions but I cant think of them right now. If there is anyone with a lot of experience in this business that I could ask questions when they pop up I would really appreciate it. Thank you ahead of time.

-Chris

Re: Looking for help please - Posted by Tim

Posted by Tim on April 10, 2007 at 07:34:37:

Chris,

It dosent matter how young you are, how much money you have, what kind of credit you have or where your living.

Get out there and start building your list of buyers, then get out there and start finding houses in distress and put them under contract for 60% of their After repair Value and sell that contract to a buyer and tack on your fee of at least 5K.

No where in there do you need credit, an office to work from, cash or anything else mentioned on the responses to your post.

All you need is confidence, a plan and the guts to get out there and work it.

Do not wait, do not be persuaded by fear to back down and most importantly do not take advice from people that is intended to scare you off from what you want to do however well intentioned the advice may have been.

Get out there and make it happen, there is no magic formula. All you have to do is have a good plan and the guts to execute it.

Tim - VA

Re: Looking for help please - Posted by keith

Posted by keith on April 09, 2007 at 21:37:40:

Chris,
Read Bill Bronchiks book, Flipping Houses, and Ron Legrand’s books. Go to ronlegrand.com, you’ll get the titles to various books that cost no more than 30 dollars. Then read, read and READ all the articles you can on flipping, wholesaling here on creonline. In 6 months you’ll have a good handle on wholeselling and rehabs.
Keith

Re: Looking for help please - Posted by IB (NJ)

Posted by IB (NJ) on April 09, 2007 at 18:53:58:

While you don’t necessarily need money or credit to get started (i.e. wholesaling), you will need a basic foundation like a place to call your own and a job. You should not look to start your own business when you can’t even provide a roof over your own head or feed yourself.

Your first priority should be to find a job so you can pay for the basic things you’l likely need to get started (i.e. business cards, cell phone, etc. )

Afterwards, pick up Bronchick’s book ‘Flipping Properties’.

Ib

Re: Looking for help please - Posted by Sgt.Sausage

Posted by Sgt.Sausage on April 09, 2007 at 18:28:14:

==>First off is it even possible to get started in this business with the situation Im in? Would you recommemend I wait?

While it is entirely possible, I’d recommend you wait. You’ll need decent credit (the days of giving anybody (even with bad credit) a pile of money to work with are very near at an end), you’ll need cash reserves – again, because credit will soon be near impossible, and you’ll need (no offense) to grow a little. At 19, you’ve got a lot more to experience before you become … well … experienced.

It ain’t all milk-n-honey. It doesn’t all smell like roses. Here’s a good read that will take you several hours to get through. I have the feeling that a lot more folks end up like this guy then end up making a pile of money:

http://iamfacingforeclosure.com/

This guy makes all the classic mistakes, and gets burned to the tune of 2 million bucks at age 24. You really don’t want to rush in and end up like him, do ya?

If you’re serious, you’ll make it. Just be careful about it. Go slowly. Take your time. Have a contingency plan, an exit strategy, and a Plan B and Plan C for everything you do. You’ll be glad you did.

Take your time. Learn everything you can. In the mean time get a “regular job”, pay your bills (to build up a credit score) and start small. Don’t get in over your head. There’s no need to be in a hurry, especially at your age.

Re: Looking for help please - Posted by Chris

Posted by Chris on April 10, 2007 at 13:57:27:

Well after talking with a couple people in the chatroom last night for a couple of hours I decided to start out with learning about bird dogging and investing into liens to make some quick cash to support myself and little risk. I havent learned about wholesaling yet, but it sounds like thats a great idea to get started too, so I’ll get going on learning that as well. I love you guys and this forum. Thanks for the help

Re: Looking for help please - Posted by Chris

Posted by Chris on April 09, 2007 at 23:04:52:

Alright :)I’ll keep on reading. I was in the chatroom for a couple hours and got a lot of questions answered so Im feeling better. A guy named Danc was teaching me about liens. So Im going to get into that and try bird dogging until I can gain some credit. Thank you all for the help.

-Chris

Re: Looking for help please - Posted by Chris

Posted by Chris on April 09, 2007 at 19:00:06:

Do you need to start a business to do this stuff? Im trying to get this 100% thats why Im asking questions :slight_smile:

Here are some questions that came to mind.

How do I find the value of houses in my area and what a good deal would be? Is there a site or sites for this?

And if I were to find this “good deal”. What should I do with it?

Re: Looking for help please - Posted by Chris

Posted by Chris on April 09, 2007 at 18:52:57:

Heh. Thanks for the input. Its nice that people take a kid like me seriously and help out with advice. I’ll take the advice of not jumping into this without being ready. Do you have a lot of experience in this business? And if you do, would you mind answering any questions I have about real estate investment in the future by email or something? Again thanks
:slight_smile:

-Chris

Re: Looking for help please - Posted by keith

Posted by keith on April 09, 2007 at 23:16:18:

you want to feel even better?

I have a wholesaler I have dealt with that does an average of 5 wholesale deals per month. He makes an average of 4k per deal. That should get your jets fired!
Keith