Posted by Charles on October 28, 2005 at 21:08:40:
Thank you Cindy,
I started learning about real estate investing about 35 years ago in pre-foreclosures. Getting OTS training, (On the Streets). I spend hours listening to tapes, taking every real estate seminars available and trying to find someone to train me. (They called it mentoring now).
I hated the learning curve, felt frustrated and always confused and fearful of making offers and talking to sellers.
Starting your investing career in foreclosures can be a very difficult (It’s like practicing law after the 12th grade).
Direct mail for discounted real estate and other gorilla marketing techniques would be an easier start.
Learn about “Control & Roll” techniques, credit lines leverage, public auctions, R/E Locator profits.
I always remember who my seminar gods were; Jack Miller, Barney Zick, Jimmy Napier, Bill (Tycoon) Green, Nick Coons, members of the Washington Real Estate Exchange, lawyers who were investor friendly to up-start real estate investors (with no money) and lawyers who were not so friendly, hard money lenders (you learn really fast with these folks), tenants (the best education), and the many mistakes made, but made only once!
Real Estate Investing is wonderful; the absolute best money making equity building investment ever (A rags to riches story every time).
The long apprenticeship is the hardship; it takes practice, skills in negotiating, contract engineering, and market knowledge. Master this and you?ll become an expert.
There is too much emphasis on GETTING RICH IN REAL ESTATE; but, what these product sellers don’t talk about is the ?Empathy Factor?. Sellers are truly hurting, their shelter is being taken, and their life is at a high stress level.
It is OK, to earn a profit, but it is not OK, in my opinion, to steal equity, or to ruthlessly take advantage of anyone. All transactions have to be fair and equitable. Leave some on the table.