Posted by John on June 15, 2000 at 24:49:09:
Posted by John on June 15, 2000 at 24:49:09:
Yes I know another newbie - Posted by John Adkins
Posted by John Adkins on June 14, 2000 at 17:08:45:
I am a newbie, and am just finding out on all the possibilaties real estate has to offer. I am litteraly working paycheck to paycheck. I don’t have allot of spare cash, and don’t have any credit. Sounds like the poster guy from C. Sheets T.V. ad. This isn’t a sob story. I am writing this because I am “on the fence”. I don’t know what my second step is. (The first was to find this site.)
Any response is greatly appreceated.
Re: Yes I know another newbie - Posted by eric-fl
Posted by eric-fl on June 15, 2000 at 15:00:41:
If I may humbly suggest, all the previous options are good, and action is essential, but if you go charging blindly, you may get ripped off. If you have no money, and no credit, why not exercise a no-cost option, go to your local library, and check out a bunch of (recently published) books on real estate investment. You’ll quickly discover what interests you, what doesn’t, which authors are worthwhile, and which aren’t, all for free. Once you are familiar with the basics, including the jargon, then start reading the articles and posts on this site. And definetly do join your local club - an experience which will be all the more enhanced by your brief education. Then, start looking for motivated sellers, not houses. See Joe Kaiser’s article on this site regarding this. When you find one, make an offer on their home. Rather than trying to find a “cookie cutter” technique, and trying to fit a deal into a technique, instead, look at techniques as tools in a toolbox, and fit the technique into a deal. For example, a house suitable for lease/option, with no equity, would not be suitable for a 50% discounted all cash type offer suitable for a rehab owned by a bank.
Here is something you can do every day, John - Posted by SusanL.-FL
Posted by SusanL.-FL on June 15, 2000 at 08:44:40:
Practise talking to sellers on the phone. Scan the classifieds and call a few ?suitable? ads.
Ask a few questions: ?is there owner financing, is there an assumable mortgage, are they moving out of the area?.
This last question might help to shed some light on how ?motivated? they really are. They may disclose that it is a job transfer, death, divorce, or health problems that are prompting their move.
GOOD LUCK to you!
Sure hope it’s not a PICKET (fence) OUCH!! (nt) - Posted by SusanL.–FL
Posted by SusanL.–FL on June 15, 2000 at 08:18:41:
Re: Get off the fence! - Posted by Mel FL
Posted by Mel FL on June 14, 2000 at 18:56:04:
Listen to Dan. This sight has so much info, valuable info, that you can get a decent education right here. The only thing that I would add to what Dan said is, and I think it a Biggie, is to join your local investment club.
Get around people who are actually doing it! Thats what got me “off the fence”. I was never convinced, really totally convinced, that it could be done until I met some really successful investors in my town. Then it became totally real! I talked to a couple of them and much to my surprise they were just regular people. No smarter than me, just educated and skilled in areas I wasn’t. Most weren’t even particularly articulate, and certainly weren’t oozing with charisma like I was sure was required to succeed in real estate.
One more thing that I’d like to ad is, don’t look for a secret to success. It’s no secret, just do what the coarses tell you and it WILL work.
Before you buy a coarse I would suggest looking up as much info as possible in the archives. Some coarses offered here are more suited for beginners than others.
I have one mantra for success and I say it over and over to myself. “Do what you should do, when you should do it.” If you don’t let fear stand in the way of your action you will succeed.
Don’t put it off as long as I did. I was “on the fence” for three years, I could be living the life I always wanted if I had started back then.
The second step then is to get educated, but the third is more important. TAKE ACTION. Do some thing every day, at least one thing, that will move you closer to making a deal. Reading doesn’t count because you can read til your blue in the face and you will be no closer to a deal. And don’t forget you will never buy a house if you dont make an offer on it.
I don’t know if this is what you wanted(a motivational speech)but its what I wish someone had told me two years ago. Hope it helps
Read everything on this site and… - Posted by DanM(OR)
Posted by DanM(OR) on June 14, 2000 at 18:12:20:
choose a specialty or two that interest you. Investigate your local market to see what might be the better choice and choose a field (L/Os, subject-to, forclosures, Mobilehomes, etc.) to specialize in.
Then buy a course from one of the experts here. They are all very good.
Go through it several times until you know it inside and out.
Then go for it. Take action. This is the hardest step often times, but the one that gets you the most progress.
Best of luck to you!
Horrible Visual !!! (nt) - Posted by Laure
Posted by Laure on June 16, 2000 at 22:54:19:
Thank You! - Posted by John
Posted by John on June 15, 2000 at 24:55:59:
Thank You very much for that “speech”, everyone needs someone to give them even just a point in the right direction. Yours was more of a shove, but that’s exactly what I needed. I have procured the names and places, and I plan on showing up on time at the next REI meeting.