I actually have done some research outside of the site and read a few books.
I suggest that any newbies definately get your hands on a copy of the most recent issue of “Real Estate Law.” I haven’t really networked as of yet, but I did talk to one Investor(Aunt of a classmate) and she says it’s her “Bible” when it come to RE. i actually got my copy from her.
I also recommend Peter Conti’s book. I’m not sure what the name is exactly. Something like buying homes in nice areas for nothing down. Lease Option may not be for everyone, but it has a lot of useful information and it’s always good to add one more option to your arsenal.
Other books:
Marketing for Dummies
Mortgages for Dummies
Rich dad, Poor dad(and anything by Robert Kiyosaki)
I’ve been in Real Estate for about 10 years now and admittingly still learning. The alot of the information you’re getting exsposed to in this forum is advanced. I think its great you’re getting some of you’re questions answered, but some of you truely need to learn the basics in Real Estate before you get any bright ideas. You know crawl before you fly, because you might crash and burn. I know you truely can’t learn without expierence, but you should know what a mortgage is before you try and assume one. Please for you’re sake get you’re foundation first-THEN BUILD
99% of the people never do nothing. This explains why the TV show in the 1970s – Threes Company – actually had a sequel. Most people just want to get by. Nothing wrong with that. It does create a favorable situation for the “doers” of the world.
You want to invest in real estate. Just do it. Quit reading, talking, posting, etc. Just go do it. You’ll make mistakes, for sure. But you will also learn a great deal.
Everything you read will help you. But there is no substitute for experience.
when someone should actually do their first deal. One one hand you said ‘crawl before you fly’ and on the other hand you said ‘get your foundation first, then build.’
I think those two statements are too vague, perhaps even contradictory and maybe not helpful enough.
Where I’m going with this is, your post may induce a bad thing - paralysis by analysls.
Someone needs to ‘crawl’ early in the process - e.g. make small deals. I would suggest, start small, but start.
Obviously - you read, study, and especially go through all the great advice on this website and try to be safe - that’s why you start with small deals. And do the REI techniques that fit your personality, aptitudes, financial situation, etc. But you can’t learn just by reading, going to seminars, etc. You physically have to be out there, even on a small scale, working on deals. Your goal with your first deals isn’t just to make money but also to learn how to make money.
And I wonder what the actual ‘analysis paralysis’ rate is - e.g. newbies who just read here and do nothing else. I bet it’s high.
You really shouldn’t give a statement like this without offering some means to carry out what you have suggested. I don’t doubt what you are saying, but I also believe that, as some newbies are very impressional, you may do little more than crush some dreams. Basically, what you’re post says to me is that everything I thought I could do and that I had planned to do is an illusion.
Now, I’m not one of those impressionable newbies, but I just wanted to communicate to you how your message sounds to me.
Perhaps you should offer some reading materials, or a website, or a beginners article or publication.
I’m not suggesting just to curl up with a good book. I’m suggesting to follow a building block education. You know like learn addition before you take calculus. By no means was saying not to start. I agree, you do need hands on experience, but it will be a lot less frustrating and costly to first learn the basic principles and terminology in real estate. After you know the basics I would suggest to purchase a couple courses and find a mentor (probably off this site), then get to work. I’m personally not suggesting on which courses to take do to a conflict of interest. I will say, the founders/Affiliates of this site have a lot of excellent books and courses, with direct links that are avialable on the home page of this site. These materials cover a broad scope of topics, which I’m sure would greatly benefit all newbies or not so newbies.GOOD LUCK!
Re: Thanks Jim, but… Really Positive - Posted by Linda Simms
Posted by Linda Simms on October 10, 2003 at 06:59:02:
I thought Jims post was on the whole quite positive. Most newbies sometimes need some tough love. Too many, like he says want to rush in up front and try to get it all now without sufficient study. Then it most likely will bite them badly. This is really a word to the wise that they would take good heed to follow.
Chris I agree with you’re response to my statement, Thanks, I suggest to newbies to go to a local REALTOR or local Real Estate School and ask what book they use for Real Estate Practice in you’re state. Once you know the name of the book you can ask the School to buy a copy or buy one at a large local book store. Next I suggest to network off this site so you can find mentors, contacts, and friends. There is a lot knowledge passing through this site. If you check the archives on a specific topic you’re bound to learn a lot, too. GOOD LUCK NEWBIES! Real Estate Investing really is fantastic way to become financially secure.
I don’t disagree that the advice is good. My point was that to simply say “this is not how you should do it” and not offer an alternative course of action or reference some materials or anything of the such is somewhat stunting to newbies. If you tell someone they’re going in the wrong direction and don’t point them in the right direction, then they’re lost with no idea where to go.
I, in no way, intended to imply that the advice was wrong. I myself am just a newbie and don’t pretend to know the best way to do anything.
I just want to say that I appreciate the way that people can civilly disagree on this board.
