Posted by Jim IL on January 16, 1999 at 10:30:13:
It depends on what you want to accomplish.
Personally, I am just now finally getting up and running thanks to the people here. I am doing “Flips” to wholesale buyers for cash. This way I can generate some capital to ease my way into whatever I choose later.
Try reading some articles from this website on making money, Success stories, cash flow, etc.
That ought to send you running in the right direction, it worked for me.
Which way to go?? - Posted by Eager Newbie
Posted by Eager Newbie on January 15, 1999 at 13:22:36:
I have been reading eveything this board offers and would like to get involved. Does anyone have advice on which area (paper, mobiles, L/O, flipping, etc.) is best to get started in with no real experience and extremely little capital? Also, which courses are best in that particular field?
I would like to find something to generate income and then hopefully at the right time look at converting to full time. Thanks
Re: Which way to go?? - Posted by Another Newbie
Posted by Another Newbie on January 16, 1999 at 22:50:16:
I’m aching to get into the game. And, after reading many of the entries here, I’m more encouraged to do so. Thank you all for your Q & A’s, in advance.
I too have read a lot, I’ve bought and read Carlton Sheets and Charles Givens’ courses. The contrast between them provides good perspective.
One perspective is still missing though - taxes. It seems that “flipping” properties is a good way to get started. How do these deals impact your tax scenario? Can you still somehow take advantage of the tax benefits of real estate, or is “flipping” treated as ordinary income?
Re: Which way to go?? - Posted by Russ Sims
Posted by Russ Sims on January 16, 1999 at 16:15:05:
Hi Patricia:
As for your transportation problem, I think you’d do well to find a real estate broker who is willing to work with
you. Simply call them, explain that you’re having a temporary transportation problem but that you are indeed serious
about investing. A motivated broker should have no problem picking you up to look at properties. The exception
here would be properties for sale by owner.
As far as cruising neighborhoods, I prefer to use a bicycle. It’s hard to go slow in a car without getting run over! A
bike alows me to be much more astute about the property and neighborhood.
The Sheets course is a great plan for slow wealth building but falls short when it comes to getting fast cash to pay
pressing bills. I’ll tell you my plan. I’m a new investor as well. Finished the Sheets course in Oct. and am closing
on my first deal the 28th of this month. This deal involved me buying a new personal residence and selling my
house under a lease/option. I was floored by the ease of finding tenant/buyers for my house. I placed a $6 ad in a
weekly paper and got about 30 calls. I signed my tenant/buyer last week and turned down 2 other serious buyers.
All this at a time of year that is supposed to be difficult to sell a home (the Holidays). The relative ease of this
transaction made me realize the power of lease/options.What I will concentrate on in the coming months is buying
properties below market value and flipping them at FMV with lease/options. This will give me a strong passive
monthly cash flow (with minimal landlord headaches) and it will guarantee me at least 10k a year or so down the
road for something that only took a few days to put together. Add to this the satisfaction of helping someone realize
the American Dream! My plan is to do at least 5 of these deals this year. I’ll educate myself beyond the Sheets course
by buying Ron Legrands book on flipping and Joe Kaiser’s course on lease/options.
Well, just some ideas for you. Don’t ever hesitate to post your questions on either board. There are many
experienced investors that will take the time to help you (God bless 'em!).
The best of luck to you!
Russ