Posted by JHyre in Ohio on March 31, 1999 at 15:32:17:
Nick,
I find myself in corteous dissent with Bill’s opinion. I agree that a roof over your head is a liability. But it is a necesary liability. Find a way to minimize that liability. Compare the cost of your current accomodations to the cost of the alternatives. Choose the least of the liabilities. Maybe that’s the proposed deal- and maybe not.
John Hyre
My First Steps Towards Financial Independence - Posted by Nick
Posted by Nick on March 31, 1999 at 06:43:49:
Hello everyone;
Hi, well here it is. My first step towards financial
independence.
Here is what I want first. I want to buy my first home
below market value. But I want to purchase it way below
market value. You know what I mean? I want to buy along
with my brother a house for at least 25% below market value.
So do you guys have any ideas? Where should I start. I do
not know a thing about real estate, and right now, I am so
scared. Most people, including my parents think I am crazy.
But I have to start somewhere right?
if it’s any consolation - Posted by Dirk Roach
Posted by Dirk Roach on April 01, 1999 at 05:33:41:
My parents thought I was crazy for a long time, but to be fair sometimes I still feel that way about them, but that opinion is fading a little with age.
Nick it sounds like you’ve got some good (achievable goals). However one line in your post made my eyebrow raise a little. “I do not know a thing about real estate.” I would suggest you start finding out. Before making ANY kind of investment you want to have at least a basic understanding of it (at the minimum). It’s crunch time. Read read and read everything you can. Pick up some audio courses and listen to them in the car. You know you’ll be doing okay when your girlfriend, wife or S.O. gets totally annoyed with you, because RE Investing has taken over your life.
But seriously, read and learn as much as you can. Getting yourself a house is a great short-term goal. Getting yourself several skyscrapers is a good long-term goal.
Good Luck,
Dirk
PS Oh, hey check out the chat room in the evening’s lots of great people to bounce ideas of off and such.
Re: My First Steps Towards Financial Independence - Posted by RickCA
Posted by RickCA on March 31, 1999 at 15:35:08:
In order for you to get a home at 75% or less of market
value it will probably need to be institution owned.
i.e. HUD, VA, bank repo. The house will probably need
to be UGLY. The last one i got was a VA repo for 65%
fair market value. It had holes in the walls the
kitchen had been vandalized and the house stunk.
This was a rehab project…my profit 25,000.
This is the very best way to buy way under market.
It sounds to me like what you really need at this point
is some education. You can get it one of two ways.
The hard ways is to go out and try without the proper
knowledge…this will cost you time and more money then
you could even realize at this point. The second way
is to spend on some of the fantastic courses that are
offered at this site. The knowledge will then make you
as much money as you are willing to work for.
Good luck
Re: My First Steps Towards Financial Independence - Posted by Bill OK
Posted by Bill OK on March 31, 1999 at 13:59:11:
Your first step is a liability to you. Its only a asset to your bank. Buy and read Rich Dad- Poor Dad
twice. Most homes are for 20-30 years. Your idea is good but, flawed.
Re: My First Steps Towards Financial Independence - Posted by Steven
Posted by Steven on March 31, 1999 at 09:43:29:
Go to Amazon.com and by Ron Legrands book “Fast
cash with quick turn real estate” Its filled with
great ideas on how to get great deals on single
family houses. It only cost about $15 and its well
worth it.
You might also start with your local HUD office
and only look at homes that need some work. These
houses often go for less than 75% of the after
repaired value.
I hope this helps
Annoyed spouses - Posted by Jim Beavens
Posted by Jim Beavens on April 01, 1999 at 15:27:17:
Hey Dirk,
I appreciate this line you wrote:
“You know you’ll be doing okay when your girlfriend, wife or S.O. gets totally annoyed with you, because RE Investing has taken over your life.”
Just last night I got home from work and immediately sat down to continue listening to one of Bronchick’s courses. My wife walks in a few minutes later and complains that she misses me because I’m spending all my time reading and listening to tapes. Glad to hear that I’m on the right track. 8^) Heh heh.