Posted by Zack W on March 15, 2005 at 22:00:17:
Al,
I got started when I was 22. I am now 28 and live a very nice life because of real estate investing. In fact, I got started with Carlton Sheets and this exact website. Here is my advice.
Pick a strategy and learn everything you can about it. If I were you I would learn how to “wholesale” or “flip” houses. This strategy does not require credit or money. Here is what you should do:
1] Type in flipping and wholesaling in the search archives field and read as many posts as you can.
2] Research the articles on this website and read as many pertaining to flipping as you can.
3] Buy a course on the subject ONCE you know the basics and are familiar with which authors are good and which are not.
4] Begin to research your market inside and out. I mean really get to know your market, what houses are worth, how long it takes to sell them, what amenities are standard for your area, what areas are tenats occupied and what areas are owner occupied. This can be done with the use of real estate agents, driving neighborhoods, calling fsbo’s and attending investment club meetings.
5] Compile the proper paperwork for when you locate a deal.
6] Run a ghost ad advertisning a GREAT deal you dont have just to get the phone to ring. When people call you let them know that the house was sold but you have these type of deals all the time and if they want you can take their name and number and call them FIRST next time.
7] Now go out and find deals that you can flip to these same buyers.
8] Make an offer, get an acceptance, call your buyer, show them the house, collect a deposit from them, sign a contract with them, fax both contracts to your title company, close with your buyer, then close with your seller and take the balance as your profit.
It’s that easy. I know that probably confused you more than it helped, but do your research then review my e-mail again. It will start to make sense.
Zack W
P.S. Since age 22 I have done over 200 deals, dont let another minute pass you by.