Need help FAST!! (My fist buy!!!) - Posted by Thomas

Posted by Matt B on March 15, 2001 at 14:32:54:

Check out my response over on Newsgroup 1.

Need help FAST!! (My fist buy!!!) - Posted by Thomas

Posted by Thomas on March 15, 2001 at 13:20:00:

Hi im 19 years old and have been interested in rei for about 4 months now i havent gotten any courses but i have been reading info from here like everyday. I found a house in the paper i wish to approach, but im sooo nervous i odnt wann sound like an idiot!.. The ad says investors delight! 6br, 2bth. cuerrently renting at 1400/mo Must sell! 95K. I wanna call him today but i dont know what to say first! ANY INFO ON THIS ANYONE CAN GIVE WOULD B SOOOO APPRECIATED!

Re: Need help FAST!! (My fist buy!!!) - Posted by Judith

Posted by Judith on March 22, 2001 at 01:22:26:

Jim is right. You need some REI education before you go out there to buy RE. If you don’t know what you are doing, you will end up screwing up the deal and learning the hard way. So don’t cut corners now. I think Carleton Sheet’s course is wonderful and would highly recommend it. I’m almost through it now. I’m speaking as someone who has been through a good deal of formal professional education. The course gives you just what you need to know without bogging you down with too much depth and detail. It’s very digestible and user-friendly for the layman. So much so that some people even call it basic, because it’s so easy for most people to follow. It may look basic but it’s not.
If you are seriously interested in REI, you need the knowledge to make it work. I hear you can get the course cheap from Ebay, otherwise it’s 3 monthly payments of $60, which is very reasonable.

Re: Need help FAST!! (My fist buy!!!) - Posted by Chad

Posted by Chad on March 15, 2001 at 22:35:15:

I dont really have an answer for you except to find out how much the seller will finance for you. It sounds like you’d have a positive cash flow after servicing the debt with a 1400 a month income. Hopefully you can get the seller to finance all of his equity, assume the mortgage, and finance the down payment. This way it’ll be no money down and at 19 that is probably the only way too go. I’m 21 and am in about the same position as you. I’m just a little nervous about starting and I don’t want to sound stupid so e-mail me and let me know how your doing. Perhaps we can help each other ( Anyone else who has helpful information please contact me as well.

What Matt said, with one addition… - Posted by Jim IL

Posted by Jim IL on March 15, 2001 at 20:21:23:

SLOW DOWN and type a little better.
And good luck on buying that “fist”.

I’d get a course or two before you go much further.
It certainly sounds like you could use it.
Get a mentor, and pay them well to help you.
hmmmmmm…don’t know any of those?
Drop me an e-mail and we can discuss the topic a bit.

Take care,
Jim IL