Posted by Bill Gatten on January 25, 2001 at 20:55:09:
The Step-by-Step Guide.
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Read everything there is on this discussion board
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Choose the path your wish to follow: good credit, good FICO, and leveragability…go to creative financing…Marginal, bad or goofy credit and little or no money: go to creative acquisitions (L/O’s, PACTrusts, Contracts for Deed, Equity sharing, etc…the No Down, No Credit deals).
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Write out your financial goals for the next 6 mos, 1year, 5 years and 10 years.
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Write out your pathway to obtaining those goals.
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Begin calling ever FSBO, L/O, and Landlord ad you see.
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Work the programs you chosen (the courses you decided to buy, and the seminars you?ve decided to attend)
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Register for the CRE convention and eves drop on every conversation you can
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Bug the He** out of everybody in the business for their trade secrets (some will cough them up to get you off their backs, others will just be nice and unafraid that someone else will know what they do, and perhaps do as well someday?like Ed Garcia and Jim Piper, for instance)
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Join an investors club and a tip club (at least one of each, and attend regularly)
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Set up your network of Realtors, other investors, bankers, lawyers, accountants, property managers, hard money lenders.
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Hire kid with a reliable car to haul your money to the bank every day or two.
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Give me 15% (no, wait, 20%) of everything you earn for the next 17 years in repayment of my having so graciously offered this advice.
Bill Gatten