Posted by Amy(DLTX) on December 14, 1998 at 16:31:31:
Sorry Jimbob,
My proofreading gets a little off when I’m as frustrated as I have been these last few days.
That was suppose to be “financial debt”.
Thanks for the advice. I really do appreciate that. I’m feeling much better now. I even feel a little of my “fear of making a bad move” starting to vanish.
Again, thank you for your help.
Amy
21 Day Challenge - Posted by Amy(DLTX)
Posted by Amy(DLTX) on December 14, 1998 at 11:40:45:
Hi everyone!
My area of expertise has always been in the Customer Service Department of a large, medium, or small Company. The first fifteen years out of high school, I was a nurse for many retirement/nursing homes. Married and Divored once.
I live in the Dallas area and just finished a REI course (via Carleton Sheets). I have just been laid off from my job(collections clerk) and now have the available time that I needed to develope “hands-on” experience in my choosen career, Real Estate Investment. I’m nearly in financial dept, again (this will become a reality after the holidays, again)and I really want to play my hand at this opportunity.
I have read many articles, clippings, and message boards on the subject of REI, and they all bring a positive force to the possibilities of endless education and wealth. I’m okay with that. But, I think that I need a lesson on the flip side of the coin. I have two (2) questions.
In the world of real estate investments, what are the areas of which would be considered unlawful, and/or unethical? In other words, what can I “NOT” do in my choosen career in order to be a happy as well as successful REI entrepreneur?
And,
Where is the line between me… the investor, and the real estate agent.
Please everyone, no Abbreviation’s other than “REI” for this beginner! I will be paying close attention, and hanging on every word that you all write. I will be hard copying all inquiries for (“Beginner”) references.
Finally, if I need a successful investor (mentor), could I ask to work with someone likeable and trustworthy in my area (Dallas) for the next 21 days?
I am a professional when it comes to working with people. I’m honest in my approach to fulfill this dream. My father use to tell us (sister’s & brother’s & myself), “Never be afraid to make your way up front, and never be afraid to ask for help if help will get you started, or if you need help along the way”.
I am so glad to have found you guys and this site!
Merry Christmas and God Bless All of You, and Yours.
Amy
Dallas, Texas
Re: 21 Day Challenge - Posted by tarun
Posted by tarun on December 15, 1998 at 01:58:35:
Amy,
Just try to read as much material as possible on real estate. That is the best way to gain confidence to get started. But remember, don’t let your learning lead to knoledge. Let your learning lead to action. ACTION is the key!
Also, try to find out if there are any local RE investment clubs in your area. You will make a lot of good contacts.
Good luck!
Re: 21 Day Challenge - Posted by Jeff (Dallas, TX)
Posted by Jeff (Dallas, TX) on December 14, 1998 at 15:35:48:
Amy, you?ve already taken the most important step-the first one! As you?ve seen, there are endless opportunities and possibilities in the RE arena. If you have the desire and the tenacity (and it sounds like you do), you WILL achieve your goals.
The legal aspects of this business are somewhat nebulous, however you can learn a great deal from the seasoned investors, the “graduates of the School of Hard Knocks”, on this site and from their experiences. If you?ll make an effort to absorb everything that you see, hear and read, you?ll soon become more comfortable with the legal/technical aspects. Among all the quality educational material offered on this site, I recommend attorney Bill Bronchick?s because of its simplicity and legal soundness.
Having said that, you really don?t need to be overly concerned with technicalities when you?re starting out. Sometimes the fear that this creates can be overwhelming and paralyzing if you allow it to be. There are many ways to start out in this business that require only a little technical knowledge. After you become comfortable with the basics and begin to broaden your knowledge base, you can then move onto more complex approaches.
Many of us Dallasites who frequent this site have formed a local group of friends who meet occasionally to help each other with our real estate goals. Newbies are always welcome, so if you?d like I?ll include you in our E-mail list that we use to announce the meetings.
Re: 21 Day Challenge - Posted by Jimbob
Posted by Jimbob on December 14, 1998 at 15:09:52:
Amy,
In your message you said you were “in financial dept” does that mean you will be Financially Independant?
If so, good for you. I have perused the Dallas area for many years, although I do not live there. I owned properties there for a while and made out quite well, the income versus the cost on many investment houses and apartment buildings was very good. I haven’t followed the market there lately but if you can pick up various properties for a few thousand down with owner financing, and the proeprties will rent for more than your payments, you have a good thing there. Remember to calculate all mortgage, utilities, taxes and insurance, and also provide a 10% margin for minor repairs and tenant turnovers. If you come out a couple hundred dollars ahead each month on a rental house, thats not too bad, hang onto them for the long term gain.
You could also pick up fixer houses and do some sprucing up and sell them for a profit.
As for the line between you and the Realtor, the mian difference is commission, if you can find FSBO’s you’re better off because there will be no commissions to pay. Sometimes Realtors can be very helpful in finding properties and taking notes for part of their commissions but it’s been my experience they don’t usually like to deal with investors or carry any paper.
Explore all the resource on this board, there are many people with great ideas, keep reading and learning, then go out and do it!
Jimbob
Re: 21 Day Challenge - Posted by johnman
Posted by johnman on December 14, 1998 at 17:46:55:
Is this the group that meets on the second thursday of the month? Would you please add me to your list. I will be back home around Feb-Mar.
Thanks.
Johnman
Re: 21 Day Challenge - Posted by Amy(DLTX)
Posted by Amy(DLTX) on December 14, 1998 at 16:07:54:
Hi Jeff,
Thank you for the information, that makes me feel a little better about getting my feet wet. I will look into attorney Bronchick’s material right away.
I would be honored to be on your mailing list. I very much look forward to learning from you all.
Again, thank you so much for all your advice and help.
Amy