Posted by Jon Richards on February 24, 2001 at 20:59:28:
Alder…
Interesting question about the odds of your earning $1500 per month within three months.
Not to be discouraging, but the odds, I say are very slim.
#1. You simply need some cash to start. No money-down deals are greatly exaggerated. I would bet that most people who buy a property with no cash end up losing…the infomercials not withstanding.
#2. You need a decent amount of knowledge to make money investing in real estate. You need to read books on escrow, on financing, on negotiating, on marketing, on fix up, on appraisal, on management, etc. This is not a “get rich quick industry.” But it is wonderful for people with the skill and knowledge.
#3. You will never make money if all you want to do is make money. Do you love real estate investing? Are you enthusiastic about negotiating with a seller, dealing with tenants, and property management. If so, real estate investing may work for you. If you are just in it for the money…forget it.
In short, Alder you need cash, skill, and enthusiasm. Start with the skill and learning all you can, then in a year or two you will have a much better chance of making profitable deals.
Best of luck
Jon Richards
Publisher, NoteWorthy Newsletter