Newbie looking for advise - Posted by ch

Posted by ch on March 15, 2006 at 17:57:03:

Thanks alot! :slight_smile: Will do!! I will continue to read the info here and then seek out other books.

Newbie looking for advise - Posted by ch

Posted by ch on March 14, 2006 at 22:04:06:

I am considering real estate investment as a 2nd career(hobby), I have done research and read many books and articles. I think that starting by flipping would be right for me. Anyone have any advise, good articles, books, coarses, etc.

Re: Newbie looking for advise - Posted by Lori

Posted by Lori on March 15, 2006 at 08:01:37:

Ch
Glad to see you are starting by visiting our Main News Group. Hopefully you have discovered all the FREE resources we offer on our website. I wanted to let you know we have another great opportunity coming up this May 5, 6, and 7. We are holding our 9th annual convention in Atlanta GA. For complete details visit here:
http://www.creonline.com/convention
You are looking for ways to begin an investing career,
This is EXACTLY what our CRE Online Convention
is all about. Giving you the knowledge, education,
tools, and techniques that can transform you from
a “newbie” into a "pro."
Picture this:
You’re finally face-to-face with a super-motivated
seller. You know there’s gotta be a deal there, but
you’re stuck.
What do you do? How do you put the deal together?
You think for a minute or two and–PRESTO–several
creative problem-solving ideas you just learned at
the CRE Online Convention pop into your head. You
sign a profitable deal on the spot.
A dream? Absolutely not. This can be YOUR reality.
Now that you know how to turn obstacles into
opportunities and problems into profits, it’s easy.
LEARN TO SOLVE PROBLEMS…
The whole KEY to making money in real estate is the
ability to solve problems. To solve problems, you
need knowledge.
And since problems come in a wide variety of shapes
and sizes, you need knowledge on a wide variety of
real estate topics and techniques.
If a seller is willing to walk away from $50,000 of
equity if you can give her $10,000 in cash, can you
put this deal together if the only thing you know
is lease options?
I doubt it. I guess you’d just have to walk away
from that deal… and from that HUGE profit too.
In truth, there are a variety of ways to put this
deal together with NO CASH out of your own pocket.
But if you don’t know them, you can’t cash in on
this deal, can you?
Successful real estate investors are successful
because they have a variety of tools to work with.
They are always flexible and ready to roll with
the punches.
They know how to solve problems. They know that
if they are face-to-face with a motivated seller,
they WILL come away with a deal.
If you have any questions, please feel free to call me.
Thanks, and Welcome to the CRE family,
Lori
Customer Service
810-793-0261

Re: Newbie looking for advise - Posted by John Corey

Posted by John Corey on March 15, 2006 at 03:23:04:

Ch,

  1. See what the library has on offer as the price is right. There should be a few RE books in a larger library.

  2. Take a few hours and go to a large bookstore. Buy a few coffees while browsing and reading the RE books. Figure on buying the 2-3 best you find. Start to make note of the authors that work for you. There are many good ones and there is a lot of overlap so very few completely unique ideas. Hence trust your sense of judgement when buying the books.

  3. Consider the CREOnline conference. A great way to meet a lot of fellow investors from all across the US. Markets are different so it is good to meet people from different markets.

  4. Try to avoid spending money on courses until you have really read and maybe done a deal or two. Also expect that almost any course is worth the price if you really apply what you learn and do one deal better than you might have done. The mistake most people make is to invest a lot in courses and then let them collect dust rather than applied the content. Not all are as good as others but…

  5. Do not worry about going fast. Budget for what you can not anticipate so that you do not get hammered on the first few deals. RE deals with big numbers and things take longer than expected.

  6. Focus on making your profit when you buy rather than when you sell. It is when you sell of refinance that you get the cash. If you make the profit when you buy this means that you are buying at a discount. You should not speculate on appreciation.

  7. Number 6 aside, do not worry too much about the first deal being the best one out there. Make it a good deal. A single rather than a grand slam. Make sure there is a profit as you will find expenses not expected. Just do not sit on the sidelines waiting for the perfect deal when you could have done something that would be a single.

  8. I started with rentals. Most people should start with flips or similar if they want to get more experience quickly. Doing a full deal from start to finish teaches more than a deal that will take years to complete. If you flip a few over a year or two then you will have more knowledge before you buy to hold. You should also have more cash so you can afford to hold when there are vacancies, repairs, etc.

John Corey

PS. Two books. Nothing Down - Robert Allen. Weekend Millionaire (title slightly different). Two authors with one being Sweeney.
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