Take time to educate yourself before you jump in. Rei can be a very profitably hobby and business, but you must know what you are doing. Read all the free stuff here, look at the national real estate investors webpage (www.nareia.com) and see if there is a local group in your area, and finally read some cheap, excellent books on rei. I strongly recommend Real Estate Investing, 2nd Edition by McLean and Eldred, second Edition ($15); the 5 magic paths to making a fortune in real estate by Lumley ($15); and Creating Wealth by robert Allen ($15). Once you know what you want to specialize in, buy a good course so you can hit the ground running. Rei is very profitable, but only for those who know what they are doing and run their business like a business. Most just dabble, make brief, unsuccessful efforts, and give up. Correction: most just investigate and never do a deal. Don’t be one of these, Rey. This can be profitable. Just don’t dive in before you know what you are doing, either.
Posted by Rey Perez on March 11, 2000 at 12:49:56:
Hello to all!!!
First i would like to say that it is a pleasure to be able to read about so many of you who are doing well in REI business and look forward to discussing many issues with the group. Well if you do not know I want to call myself a beggining investor but I haven’t invested in anything to be able to do so. So I ask anyone who can relate to the following situation for help. First I do have a young child and a wife, who watches him while I work. At the current time we live pay check to pay check which comes from a draw at work that I have to pay back because I work on commission. I have seen a few infomercials on TV about real estate namely the CS one which peaked my interest in real estate. Since then I have read a few book on real estate, but still confused as to how to get started with no money down or what are good begginer real estate buys to begin with. I would greatly appreciate any coments advice or help any one could give.
She can help you in running REI as a business, not a hobby. Get her involved and help each other along. She can look at houses, answer calls, check on items in the tax office, etc. all the things that you won’t have time to do, since you’re working 9 to 5.
Posted by JoeB(Atlanta) on March 11, 2000 at 16:31:01:
Hi Rey, if you haven’t already, check out the “How-To Articles” at top left of this page.
Many beginners look into wholesaling properties because it’s a bit simpler than other avenues of RE investing, and it takes little cash and has pretty quick return (of course this assumes that you’re pretty well-educated before you jump in).
Jackie Lange has written several How-To articles about Quick Flips, LeGrand also has a decent overview in “Fast Cash” book, and many of the other books/courses on this site cover this topic (and all the other RE avenues).
You’ll definitely want to join your local RE club too and really find out what other beginners and veterans recommend(see REI Clubs at top left of this page).
This may a little too simplistic to begin with, but may I suggest you get a copy of an excellent little book, “The Millionaire Next Door” (Thomas Stanley & William Danko, Pocket Books, 1996) before you do anything else. It is generally available about anywhere for $14.95, and provides one of the most realistic and conceptual approaches to figuring out how to go from paycheck to paycheck to money in the bank in a series of low risk, practical, and very realistic approaches.
This should give you the confidence to form a game plan, and provide you a better frame of reference before you start mining this site for a lot of valuable information that can give you the impetus to take things to the next level.
Just a suggestion, but when you are starting out on a very tight budget, it helps a great deal to have some meaningful perspective on the whole process of moving from rags to riches - particularly from a common sense viewpoint explained very clearly.
Hope this helps, and best of luck in your pursuits.