Posted by Mike on March 05, 2002 at 14:48:24:
If you don’t have a mentor, get one they can be your best friend as a newbie investor. A real estate investment club is a great idea as well. I am currently mentoring several people and I have saved them thousands of dollars cuz they has someone to bounce ideas off of.
need advice - Posted by arthur
Posted by arthur on March 05, 2002 at 10:28:12:
What would you do?. Im learning how to invest in RE.Buying and renting out houses is the field I think I would like to follow. I have 10-12000 cash plus 16-18000 home equity loan.
How about buying multi family unit or couple houses,rent them out. One more thing I planing to move to Arizona in 2-3 years.
Re: need advice - Posted by Mike Daly
Posted by Mike Daly on March 05, 2002 at 14:25:09:
The best way to start out in RE investing is to invest as if you have no money and no credit. There is a learning curve to RE investing, and while you’re on that curve you want to avoid putting your own credit and money at risk – I know this from personal experience.
Rentals are not the best place to start off in RE. While in theory you can build a large net worth, it very easy for things to go wrong (evicting tenants, major repairs, etc.) and if you don’t have a large pile of cash to draw on you could get in big trouble.
Focus on learning how to find good deals – once you have a real deal, you won’t have a problem finding the money. There are lots of courses and seminars out there, but I would recommend Joe Kaiser’s courses – his are the best value in my opinion. Also join your local RE association and start networking with people who can help you.