Posted by Shenesa on October 23, 2000 at 07:40:04:
Thanks J Fox, I really appreciate your kind words. I will keep you posted on my progress.
What part of Florida are you from? I will be in Orlando January 19th-22nd attending a churcdh conference. Maybe,if you are in the area, we can meet up for lunch.
Much Success!
Shenesa,NY
Anybody start out at the bottom like this? - Posted by Paul
Posted by Paul on October 20, 2000 at 13:17:58:
I have recently aquired Carlton Sheets and Russ Whitney’s material and also the Fast Cash book by Legrand. I have read through most of it and watched the videos etc so I am getting pumped up and should be ready to actually make some calls in the next few weeks. I am wondering if anyone has started out in a similar position to mine. I am 44 year old guy, single, unemployed (drawing $185/wk) computer network tech (new field for me) and have no assets other than a clunker car and a grand stashed. I am highly motivated as you might imagine. But my credit is not good either, with a repo on my car in 96 which did me in. I want to get into flipping, but I think I should start out with small scale multifamily rentals until I can build up some cash flow, equity and hard currency. Then I want to flip, option, lease etc. Then again, I live in Santa Barbara, CA where the average home goes for a half mil! I am not sure if I should go back to work fulltime, part time or if I will just go after this with both guns blazing. I just know I am determined to get this going and soon and won’t make any excuses not to. I would appreciate any and all suggestions! Thanks,
Paul
Re: Anybody start out at the bottom like this? - Posted by Michael
Posted by Michael on October 21, 2000 at 20:40:40:
I just started myself and like George said your going to have to have money for the little things that make it happen, So far I have been learning this only three months give or take a week or two and just baged my first deal on a assighnment of lease/option. I have to say the l/o are the best way to go to start out with no money out of pocket other than what you are going to need on the ernest money mine I used $1.00 that is right one dallor to make 2,000.00 that is good I have to say. They say just do it, take what you learn and jump in. It only took me three days to make that and it was fun I guess if I had still been sitting here reading thinking that I needed more insight to make it happen I would have never done it. All I have read is Ron Legrands fast cash book and his cash flow generator course to, then I got a L/O course and made it happen three weeks later. And also the help of many people here, use what you have and make it happen. Never give up! Also I have terrible cridit and make 300.00 a week from my full time job. Good luck, I hope that you can make it work out, I did with not much and hopefully more it is easyer than you think ok take care and bye bye
Michael/TX
Re: Anybody start out at the bottom like this? - Posted by Keithk2
Posted by Keithk2 on October 21, 2000 at 10:52:03:
Paul,
Yep. Been there, done that, bought the souvenier T-shirt.
I’m a 46 year old guy who basically started all over again five years ago when I was out on my butt after a divorce with a BK on my credit report, no job, no car, and too few personal effects to fill a pickup truck. I stayed for about six weeks with my eldest son, took a job as a shuttle bus driver at the airport, and started rebuilding.
I already had some RE experience as a licensee from 1978 thru 82 or so but I let it lapse. Couldn’t see myself working for sellers and didn’t want to work with the restrictions that the licensing laws put on RE salespeople. I registered my company name three years ago as a starting point and started studying.
It’s been a long road but I’ve enjoyed every minute. I started with flips and options and worked my way up to doing a rehab (a task for masochists and people addicted to the smell of drywall dust, sawdust and paint . Along the way I made a mistake or two but nothing lethal. I found that the paralysis of analysis can only be cured by the thrill of seeing a deal come together firsthand.
I’ll be working within my company (now incorporated) on a full-time basis soon and am concentrating my efforts on pursuing distressed owners to put together short term resale deals while building a larger cash and asset base. While you can put deals together on a shoestring, cash and available credit makes putting the fatter deals together a lot easier.
Hang in there. Don’t be afraid to get your feet wet once you’ve studied the basics. There’s nothing quite like holding your own reins and as Kiyosaki points out, life is more secure when you work in your own organization.
All succes
Keith
No money down? - Don’t believe it… - Posted by George(OH)
Posted by George(OH) on October 20, 2000 at 15:31:59:
Before I start getting firebombed, I was HALF joking about that!
I agree with Shenesa on going back to work P/T. I left my F/T job back in April to do this REI F/T. Before quitting, we saved up enough money to take care of 6 months worth of expenses (bare minimum).
What the courses and gurus don’t tell you is - you WILL need some money to get things started off right.
It may not be earnest money, or a 10K down payment on a property. But the LITTLE things, particularly those related to marketing - running an ad for 2 or 3 weeks to find a T/B for your L/O deal; gas from driving around looking for abandoned properties; business cards, flyers, postcards - are vital and are not always cheap.
These might not seem like wallet-pounding expenses. But if you have an income of 0 from doing real estate FULL TIME, how are you going to pay for these necessities? (sp?)
For a low cost, high-impact start, I would:
Join your local investors group, or attend a few meetings if the membership fee is too steep.
Read EVERYTHING on this site, including the archived articles. Also, head down to your local library. You’d be surprised what they have about RE in the Business Section.
Start out with flips. IMHO, this is probably the safest, quickest way to make some cash WITHOUT spending your own money. I was able to pull off two of them with no money invested.
Hope this helps,
George(OH)
Re: Anybody start out at the bottom like this? - Posted by Shenesa
Posted by Shenesa on October 20, 2000 at 13:32:45:
Hi Paul,
Yes there are some of us who have and are starting off like you. My suggestion to you is to consider going back to work at least part time. A new business cannot support itself right away but you need that extra income to help out when there seems to be no deals closing for you right away.
Sometimes closing a deal doesn’t happen quickly. I kicked up a lot of dust the first few months but I’m hanging on in there. Spend a lot of time absorbing the articles posted on this site. Learn your market by hitting the streets and talking with agents, sellers and brokers. Get involved in a realestate club and ask your questions, take notes and listen.
Just my .02.
Much Success!
Re: No money down? - Don’t believe it… - Posted by Barbara
Posted by Barbara on October 20, 2000 at 23:15:27:
Hello All
Well it seems many of us are starting from the same point. I too am a newbie with Creative RE. I’ve been reading articles, studying for about a year now, (hmmm, wondering if I had paralysis of anyalysis) and finally I’m ready to jump in with two feet. I’ve been to the library and next week I’m going to my first REI meeting here in Tucson. I’m very excited over the prospect of getting involved in this business. My thoughts are to first start out with L/O L/P (Lease Option/Purchase). I think it’s the safest bet. I originally thought about flipping, but L/P seems a bit easier. Oh, BTW, I’m a Loan Officer wanting to make a career change. So anyways, right now in fact I have a T/B whom I was not able to do a loan for, so instead of trashing the app. I called an investor that does L/P and am having him do the deal, while I sit back and learn from him, although I probably should do it myself for the profits, I don’t quite feel confident enough and it needs to happen fast, so I don’t want to blow it by not knowing the ropes.
Anyways thats my story and I’m sticking to it. >;< Wish me luck everyone…I’m nervous about this new venture but at the same time very excited. Oh, I just received my 2nd flyer/brochure to attend the Russ Whitney seminar in town…I didn’t go to the first one, but thinking about going to this one…Any thoughts? Sorry for being a bit long winded. Good Luck newbies.
Re: Anybody start out at the bottom like this? - Posted by JFox_FL
Posted by JFox_FL on October 20, 2000 at 21:25:47:
Hi Shenesa,
It is always good to see your posts. I enjoy following your progress. I hope you keep it up and keep posting here. You are an inspiration to all of us.
Best Wishes,
J. Fox
Re: No money down? - Don’t believe it… - Posted by Evelyn
Posted by Evelyn on October 25, 2000 at 22:24:36:
I went to a Russ Whitney seminar. What a rip off. Information was just enough for you to spend at least over $2,000 to get information on how you can purchase and profit from real estate. There were no real good free suggestions on making money at the seminar. Information was about purchasing the information on real estate. I did not purchase any of it. I decided to get some cheaper educations from the local Knowledge Shop seminars from real estate investors. One of the class was profiting from foreclosures and the other was buying fixer uppers. Good luck! Don’t spend money that can be used for investing.