Posted by E.Eka on October 14, 2003 at 16:23:07:
Don’t worry about it. THis is what the forum is for.
Whether you’re a newbie or an oldie or in the middle. Your questions and everyone else’s gets people thinking.
Newbie Question (probably asked a million times) - Posted by Senior C
Posted by Senior C on October 14, 2003 at 14:41:42:
Hello everybody,
First let me say how wonderful this site and community is. People coming together to actually help other people make money (sometimes in the same area) is truly amazing.
My question is nothing new I’m sure. First, I would like advice on where to start as far as investing in real estate. To give a quick background, I work full time from home, so I do indeed have time to do bargain hunting. Second, I also have just purchased a home within the last year (for my family to live in), so I know a bit about the process already. Third, I’ve researched this site like a madman for the last week (almost nonstop). I was up until almost 6 am this morning. All I really know is that I want to move forward, but not exactly what direction.
My question is this. For relatively low risk (less than $10K of my own money) with someone who has average credit at best, are mobile homes, discounted notes, flips, or rehabbs the best way to get started in your opinions? I live in the Texas area where new houses go up like hotcakes.
Also, my wife is really into real estate after going through our home buying process, which makes me believe that doing rehabbs (the most return on investment I think) is best for us, since it will actually be somewhat challenging. I also know a lady who is great at decorating and landscaping for cheap, and it looks like a million bucks.
I really don’t want to risk our own money if possible, but a credit check would do me no good with investors. I guess what I’m thinking about doing is making like 2 small and quick deals that can make me around $7-10K, then use that to start making bigger deals (combined maybe with my own money).
My very last question is, should one of us take a real estate class? Or is that even necessary? Are there video courses or books we can read instead? If so, which seem to be the popular ones around here? I already ordered the Lonnie Scruggs books 
For anyone who responds, thank you so much!!!
Re: Newbie Question ) - Posted by Cat
Posted by Cat on October 15, 2003 at 10:20:12:
You seem to be well on your way and have answered you question as to where to begin. If you have no money no credit you can do flips, which was recommended already. If you want to start by rehabbing, you should educated your self in rehabbing costs, your market buy/sell of homes in your area. Be blessed.
Re: Newbie Question - Posted by RichV(FL)
Posted by RichV(FL) on October 14, 2003 at 19:36:46:
Senior C,
If your goal is to get in and out of properties quick try the book “Flipping Properties”-- Bronchick/Dahlstrom.
You can pick it up on Amazon.com for under $20.00.
Regards,
RichV(FL)
Re: Newbie Question - Posted by Carrie-PA
Posted by Carrie-PA on October 14, 2003 at 17:22:55:
Hi,
Looks like you are on your way! It is hard to say what the best way to get started is - it really depends on your circumstances, preferences, and market. Generally though you should try to have money in reserves if you are doing rentals, and do flips if you have absolutley no cash or credit.
If you are interested in doing rehabs I recommend “Buy it, Fix it, Sell it-Profit” by Kevin Myers. Great book that will get you started. You can find it on Amazon.com.
There are some good specific courses out there that you may find helpful. I have David Whisnants course and think it is great. It covers all aspects of investing, credit repair, marketing etc.
I hope this helps, Happy Investing!
Carrie-PA
Re: Newbie Question… - Posted by Randy (SD)
Posted by Randy (SD) on October 14, 2003 at 17:18:29:
Check out this link…
http://www.creonline.com/wwwboard/messages/arc_2002/arc_05/5344.html
Re: Newbie Question - Posted by Senior C
Posted by Senior C on October 14, 2003 at 16:19:08:
OK, I did a little more creative searching, and I found the answers on books. Any opinions from experience are still very welcome. Sorry for wasting anybody’s time with such a newbie post.
Agreed, no place easier. - Posted by js-Indianapolis
Posted by js-Indianapolis on October 16, 2003 at 15:00:01:
Flips are the easiest way to get your feet wet with the LEAST amount of risk, which is what the original poster was wanting. The book has enough info to get you in, and doesn’t waste any time with 100’s of examples of “what might be”. No book can cover everything, as every flip is going to have infinite variables that you need to account for, as they arise. The only way to learn in this business is to DO. In the meantime, just know enough to CYA, because as Bill said in a previous post, DKDK; you Don’t Know, what you Don’t Know.
Don’t know what that means right now? Tie one up, and get to learning already.
Re: Newbie Question - Posted by Senior C
Posted by Senior C on October 14, 2003 at 18:08:03:
Boy do you guys make me feel at home. Thanks for the comments so far.
How about an estimate to how long it would take me to do my first flip or L/O? My primary concern starting out is not to be liable after I sell. For example, everyone here started out as a newbie, so after you got educated by reading this site and a couple books, how long before you could have made your first deal, borrowing the money?
As you can tell, I’m really excited about this, but I’m not trying to rush anything either. I just know the timing is perfect with the economy sloooowly picking up, to let me learn a little more and then the market will be warming up hopefully.