Posted by Brent_IL on February 23, 2002 at 12:58:18:
It’s been my experience that people only ask about money when they perceive that you don’t have it.
It is a matter of projected self-confidence.
When you purchase with terms that make it easy for you to sell quickly if you can’t come up with the money to close, you will be confident in your success under all circumstances. Motivated sellers will respond to your attitude and assume that the money is no problem.
Your RE goal is to know enough about what you are doing to be able to recognize a better-than-good deal.
Posted by Noelle on February 22, 2002 at 14:02:03:
Hi all, I’ve been looking around this site for a couple of days and it all sounds very exciting but I feel very intimidated by a problem I have so I come with a question. Can a 38 year old woman who is dirt poor, and I’m serious, DIRT poor, get in on this real estate thing? I have recently been freed of a life-long abusive relationship and have abslutely nothing behind me. No friends/family (to borrow from) no job (yet) no credit (unless it’s bad), no savings, nothing. It’s like I never existed. Can someone like me do what you are all doing? Can I make money in real estate without anything to help? Honest answers would be appreciated. Thank you all and I wish you all best of luck in your investments! Noelle
Posted by GL(ON) on February 23, 2002 at 10:42:04:
It is quite possible if you want to do the work. The work I an talking about is not real work. It is reading, yapping on the phone, signing papers and like that. Not what we would call real work.
The best book to read would be The Challenge by Robert Allen. It tells the story of how he took 5 people from the unemployment line in St. Louis and taught them how to make money in real estate. It took one week to teach them. In a month or so they had completed their first deals, netting $5000 on one deal. This book was also reprinted as The Road To Wealth. Same book.
If you can’t get it from the library you can get it directly from Robert Allen’s web site for $7.
JohnBoy and the others are RIGHT!! Usually when you want to start a new career where you can make 50-100K per year, you have to go to college for 4 years. Then you graduate with massive student loans, and then you have to look for a job.
Welcome to the world or real estate. 95% of your education needed will be FREE!! The only cost to you is time and effort! There are several books you should check out of the Library tomorrow…“Think and Grow Rich” by Napolean Hill is the best starter book. “Nothing Down” by Robert Allen is good. “How to Create a Money Making Machine” by Wade Cook is good. “Rich Dad, Poor Dad” by Robert Kyosaki is a must, as well as his last 2 books.
See what I mean? A FREE education. Get to know the property values in your area, scour the professionals in your area for a hard money partner. Seek out all the free articles on this site and ask questions from more experienced investors. As you can see, we are willing to meet you half way…we will help you if YOU will help you!! Happy reading.
You can make money in real estate starting with zip.
Many people have actually purchased house with zero cash, but not everyone can pull that off to start with.
However there is one technique that is available anyone with a few spare hours, a bit of knowledge, and a few spare hours. That is becoming a “bird dog”.
That means that you will find deals, and then “sell” the deal to another investor.
There are many methods on this site that lend themselves to being used by a hard worker with no cash.
If you really want to start, but aren’t too sure of the details, find a local investor you can trust and have her pay you a finders fee for every deal you bring them that closes. That way you don’t even need to sign any contracts, just bring the deal and the details to the investor, and let them take it from there.
Try to work out a deal where you’ll be able to shadow the investor through the deal and you’ll have free on the job training.
Posted by JohnBoy on February 22, 2002 at 16:55:46:
There is no such thing as a dumb question other than the one you never ask!
Can you do this? You bet you can!!! ANYONE can do this if they put their mind to it and refuse to take no for answer! Only YOU can know if you can do this or not. But if you really, really, really, really want to make this work and you are willing to do whatever it takes to succeed at it, then YES! Even YOU can do this!
Can you read?
Can you sign your name?
Can you do some simple math, even with a calculator?
Can you be persistent?
Then YOU can do it!!!
The first step is to educate yourself! Good news! You can get a TON of education right from this site and from lots of books at your local library! Pretty cool, huh? All you have to do is be willing to take the time to educate yourself and start reading! Then go out there and make a few bucks so you can buy some courses to further educate yourself and be able to do more deals.
Will it be easy? No. But it is possible and it can be done if you’re able and willing!
Start with reading this link on getting started and read it a few times over first. Then do what it says. Once you have done that you should have a pretty good idea on what direction you need to focus on. Then get out there and just DO IT!
After you have finished with all this then come back and ask more questions. And don’t be afraid to ask any questions you think are dumb! There is no such thing. The ONLY dumb questions are the ones you never ask!
Posted by Noelle on February 23, 2002 at 11:46:54:
Wow! I am really impressed by everyone’s friendliness and willingness to help! Just before I posted I thought to myself “What are you doing Noelle? These money people are going to run you out on a rail!” but I was wrong! Thank you all so very much! I am going to take all of your advice and work hard toward this. I think my biggest obsticle is I’m afraid I won’t be able to pull it off when confronted with professional’s questions, my ex had this Carrie thing going on over me all my life, you know, “They’re all gonna laugh at you.” and he was right too many times. I guess I’ll just have to get the heck over that junk won’t I?!
Ok, here’s a few more questions I hope you don’t mind answering…
Has anyone here actually pulled off deals without having to prove a single bit of their money worth, without anyone knowing if they did or did not have a dime to their name or an ounce of credit? Of all the lesson packages sold on this site, which is most informative and less pep talk? I’m on webtv and can’t print out forms from a cd so a program with printed information would be better for me. Would anyone here be willing to give there’s (program) up cheep or allow an old hobo like me to make payments for one? And books also, which “teach” and not just hype? (I will read every single solitary book/article you guys have already suggested Would going to real estate school be a waste of my time? Should I be focussing my sights elsewhere? I suppose that’s enough bombardment for now.
Again I thank you all very much for your time and effort to help me along.
Posted by Jesse (CO) on February 22, 2002 at 18:46:58:
I remember hearing those same encouraging words from you when I showed up in Atlanta last year! I think you answered a lot of my dumb questions (ok, inexperienced, newbie questions lol). I look forward to seeing you and Lynn there this year!
You might want to go to the "How To’ section of this site and read about hard money lenders. They lend based on value of the house rather than your credit history.
Also, if you can pull enough funds together (usually about $10 -$15 per meeting), you might try a local real estate club - great place to talk with people and to meet title people, hard money lenders, other investors, etc.
There is a link on this site, also, of creative real estate clubs. Check out your area.
Posted by GL(ON) on February 23, 2002 at 13:23:20:
I have done deals in which I did not put up a penny of my own money. But I had a proven track record. I have even borrowed MORE than what I was paying for the property, but I had done the financial analysis which convinced my financial backers that the property was a bargain worth much more than they were lending me. The extra money was for repairs to the property.
I still think the Challenge or Road to Wealth book will answer your questions, at least get you started.
Are there any investors in your area? You will be surprised how willing people are to share their experience. We all love to talk about ourselves, and our achievements! Don’t be afraid to approach people, no matter how successful. Many times I have been helped the way you are being helped here. The secret is to be sensible about it. We have all met people who want to know the secret of making a million with no work or effort, in 10 words or less. We become weary of those types. But someone who is willing to listen, and to put forth an effort is a different matter. The best way to approach someone is to have a specific question in mind such as you had here.
If there are any investors in your town I am sure they would be happy to help you. Where abouts are you by the way?