Posted by Tony (CA) on March 14, 2001 at 14:21:22:
Terry,
Congratulations on taking the plunge!
Tony
New Investor put in a Crunch - Posted by Bill
Posted by Bill on March 14, 2001 at 10:00:00:
Hi everybody! I have been reading these posts for a while now (3 years or so), have read lots of books on the subject of REI (Legrand, Allen, etc.)and work as a Financier for a RE Develpment firm, and my employment due to family/personal reasons is pretty soon going to end. So, I am in an immediate money/time crunch.
It is time to step up to the plate and quit procrastinating.
I would like some opinions as to what is the best way for a newbie to get into the business with little money. I have access to funds but it would be through credit cards, home equity, etc. I have perfect credit. I have a very good knowledge of RE and income analysis, etc. I live in Virginia. My wife is an RE Appraiser so I have access to the MLS and ideas of property values.
I am interested in all fields of REI, but especially Rehabbing Single Family Homes, Mobile Homes, and RE Development.
Any advice on how to get started would be much appreciated. It is the first step that I need help with. I believe that once I get rolling it will come natural, but I have so many ideas in my head that I need some direction and focus. What requires the least amount of capital? Where to get capital? Which REI avenue to pursue first?
Thanks in advance for your help. This site is great and I have admired it from afar up until now, but it is time to put the info to use.
Re: New Investor put in a Crunch - Posted by Terry (Houston)
Posted by Terry (Houston) on March 14, 2001 at 11:23:52:
As someone who also put off taking the first step for quite a while also, not quite 3 years but more than 1 I will try to help.
DO SOMETHING!!! Put an ad in the paper, call ads(for sale and for rent), put out flyers, send postcards talk to people, visit the courthouse and look for tired landlords.
Drive neighborhoods, get signs for your car’s, visit garage sales ask if the garage(and house) is for sale.
DO SOMETHING! Talk to people. I think rehabbing is the toughest way to start though. Find a house to flip or take subject to.
What did I do? I emailed Ed Garcia. He told me to get off my rear and DO SOMETHING. ANYTHING. MAKE A MISTAKE but do something.
I worked with Joe Kaiser and Bill Bronchick. Why? My choice. It worked for me and I was able to do some deals that made what I paid look extreamly insignificant. I have been paid back a hundred times over for what I have learned. I am going full time at the end of this month. My notice is in. It is a done deal. Will I have questions? You bet but I know where to go to get answers.
The toughest thing? Get the ad in the paper and take some calls.
Hope that helps.
Now DO SOMETHING!
Terry