Yikes! Where does a beginner begin? - Posted by Amy

Posted by Berno on May 01, 2006 at 10:54:53:

The two main reasons are probably Money and Sharing (or Giving Back). A lot of people post here for free, responding to questions over and over and doll out free advice. Some folks have aquired enough knowledge that they believe that they have a useful product to pass along to others, so they put together a book or course and offer it for sale. Some do it for money, some to share and give back and others probably do it for a bit of ego-boost.

Yikes! Where does a beginner begin? - Posted by Amy

Posted by Amy on April 20, 2006 at 11:55:29:

I’m looking to get out of the 9 to 5 either selling a product online or getting into real estate. But ay carumba, it’s so confusing!

People on this bulletin board say Carlton Sheets is great; others say to avoid him. Someone else recommends Tyler Hicks, but several of his books are totally trashed on amazon as big sales pitches for his bootcamps. Dave Lindahl says he’s offering Carlton Sheet’s approach but with multi-unit housing. You could lose your mind trying to figure out what to buy or read!

This is my situation. I’m an avid researcher and real smart person with decent people skills. I have virtually no cash and little credit (due to several bad business years following 9/11). I’m a freelancer so I don’t have a regular paycheck. My credit score is good - 730 - but without a steady income, lenders look at me warily.

Can anyone suggest a path for me and which gurus might show me the way at the different stages? Thanks so much everybody!

Re: Yikes! Where does a beginner begin? - Posted by wayne

Posted by wayne on May 14, 2006 at 23:30:21:

Hi Amy,

Welcome to the wonderful world of REI. Go for deals on wheels…if your just beggining then try your hand at a mobile home or two…dont do too many or you will have to get a dealers license. I have done SFH, a couple duplexes and a couple mobile homes. Yes there is more profit in stickbuilt…but I get so sick of dealing with hard money lenders or talking to people with the intention of putting up zero money out of my pocket.

The last 6 months I have been gravitating more an more to manufactured homes…In my area there are tons of them with owners living out of state…I can get in there buy them for 5-10k all cash and then hold the paper myself with the buyer.

Did a beautiful deal last month with the manufactured home next to a family members…bought it 3k cash…Then had a buyer within 2 days of putting a ad up on the bulletin board of the town store…purchase price 8k with 4k down and the rest in payments…I could have easily have charged them an outrageous interest rate but I didnt…I just gave em 2 years to pay off the rest with equal monthly payments…i didnt even care to squeeze them for more…If they default…they can have it…I already made a grand off of it for less than 3 hours of work…any payments they do make is just icing on the cake…

I have made just about every pitfall you can in investing, but I made the jump and I wouldnt trade that for the world. It has cost me dearly in the short term but it is the way it is nonetheless.

I have seen, researched, and participated in dozens of different REI strategies to find that Mobile homes are fast cheap ways to make a honest buck.

So you just need to think about what kind of investor you want to be…

1-L/O investor
2-Subject too (or as I call it–predatory investor)
3-Rehabber/quick flip investor
4-Mobile home
5-Multi unit
6-Commercial (this is where the real sharks are)
…dozens of others.

Feel free to send me an email and we can chit chat all you would like.

Re: Yikes! Where does a beginner begin? - Posted by Berno

Posted by Berno on April 24, 2006 at 09:55:09:

I started with Sheets and was very happy with his material. I bought it back in '95 I think and I still open it up every so often even now. It’s more of a buy and hold program but it has a lot of basic info that I used.

If mobile homes are an option, consider Deals on Wheels and Making Money with Mobile Homes, both by Lonnie Scruggs and both for sale on this site. I have read both and they seem great. Nothing but praise for them from everyone.

If you are looking to buy and flip, I think Bill Bronchick has the info you want to look for. I have seen nothing but great reviews on his material and I actually purchased one of his books (haven’t had time to read it yet!).

In my opinion, anyone that slams Carleton Sheets is a moron. Obviously many seasoned investors here know a ton more than you can get from his course, but he isn’t marketing to them. His course is aimed at new investors and I think it does a great job of helping people get into the business. I think my Sheets course has paid for itself and then some. People slamming him are, in my opinion, just trying to make themselves feel superior.

Good luck and drop me an email if you want any more of my opinions!


Re:Yikes! Where does a beginner begin? - Posted by EvaT

Posted by EvaT on April 29, 2006 at 08:45:42:

Yes, I have a friend and we are studying the Carlton Sheets program together.We’re in N.C. He seems pretty good so far.But I don’t understand if these gurus started this 20 and 25 yrs. ago,why are they selling their courses.Can anyone tell me?Thanks.

Re: Yikes! Where does a beginner begin? - Posted by Randy

Posted by Randy on April 27, 2006 at 23:42:34:

I think so too.