Posted by PN_Texas on June 17, 2003 at 08:53:21:
Ron,
You’ve been kind enough to provide good advice, once again, to another novice here on this board. Thanks for taking the time to answer this. I’m not sure how much capital is needed (I do have a few thousand), but you’ve also confirmed that i need to educate myself before I “jump in”.
Thanks for the advice.
Paul
Getting Started - Posted by PN_Texas
Posted by PN_Texas on June 16, 2003 at 09:18:05:
I am very impressed with the support and insights that many of you pass along to new investors like myself.
My question is basic:
What is the best way for someone like myself, with limited funds, to get started in real estate investing? I have very limited knowledge about the real estate industry, but I agree with all of you that knowledge is power. What are the best resources, or books, for this essential knowledge? (Before I shell out hundreds of dollars to Carlton Sheets, or someone similar, I’d just like to know that I’m going in the right direction.)
---- Paul -----
Re: Getting Started - Posted by Ron Curiel
Posted by Ron Curiel on June 16, 2003 at 14:33:08:
Paul, I would start with the Suzanne Thomas book, “Rental Houses for the Successful Small Investor.” The second book to read is, “Financial Independence Through Buying and Investing in SIngle Family Homes,” by David Grzesiek. The second book is actually my favorite but the Thomas book is better written.
Next, I would tell you that RE is a business. It doesn’t take a lot of money to begin but it does take some. Even if your credit is such that you can get a no-down loan, you might not want to as this could mean you are dangerously stretched out, financially.
Also, you should have operating capital. Houses need to be cared for and that costs money. If you don’t have it that could lead to deferred maintenance and your house will become an eyesore.
So, if you have the capital to fund your enterprise good, if not, take the time to save up. Real estate is only a bummer when you are undercapitalized. When you are sufficiently capitalized you can ride out the rough patches, which there are bound to be.
If you are presently renting, your first investment should be a home of your own. Go and talk with a lender to determine exactly how much home you can qualify for. Then take the time to learn your local market; where can you afford to buy?
If your present job is not great, consider going into real estate sales; you will learn a lot and it can be a great job. For one thing, you’ll need to get licensed. To do so, you will need to pass an exam (CA) and that means you will need to acquire the fundamental knowledge of RE to do so and that will do you good.
All that being said, RE is a great investment; the opportunity of a lifetime, really! But it is a business, write your business plan and a mission and vision statement for your new enterprise. And, always, strive for excellence.
Good luck. R/
Re: Getting Started - Posted by Maxx(TX)
Posted by Maxx(TX) on June 16, 2003 at 12:30:21:
Which part of TX are you in? You can get tremendous support from your local REI clubs. And yes, you can start with limited funds. I like to say, that will be a good strategy because it makes you think outside the box, for creative strategies to find properties and funding for them.
Here’s some list of clubs that you can go to (posted all in TEXAS because I dont know which part you’re from). P.s: I got this from http://www.texasrealestateclub.com/clubs/texas.html:
Alamo Investors Association
Linda Zeigler
210-979-2626 (O)
210-493-1447 (F)
Airport Hilton
San Antonio, Texas 78213
First Thursday
www.alamoinvestors.com
info@alamoinvestors.com
Association of Independent Real Estate Owners (AIREO)
Bill Woodall
214-745-8900 (O)
1824 Sylvan Avenue
Dallas, Texas 75208
2nd Thursday, 6:30 networking, 7:30 p.m. meeting
www.aireo.com
Association of Independent Real Estate Owners (AIREO) (more details)
Bob Nance
972-733-8815 (O)
972-686-7482 (F)
Doubletree Hotel at Campbell Center
Dallas, Texas 75231
2nd Thursday, 6:30 p.m.
www.aireo.org
info@aireo.org
Austin Real Estate Networking Club (more details)
Angelique Naylor
512-498-9029 (O)
3rd Thursday 7:00 p.m.
anaylor@antexgroup.com
B&L Investment Club
Brian Simpson
817-975-6433 (O)
682-286-9570 (F)
3805 Malibu Sun Drive
Fort Worth, Texas 76137
Every Thursday 6:30 p.m. to 8:30 p.m.
bsimp120274@yahoo.com
Dallas Ft. Worth Real Estate Investor Network (DFWREIN)
Cathy Crowe
Dallas, Texas 75081
214-644-9885 (O)
214-644-9886 (F)
1st Thursday each month
Brazos Valley REIA
Alexander Rubio
979-693-7883 (O)
P.O. Box 5923
Bryan, Texas 77805-5923
Lifestyles Unlimited
Dale Womsley
713-978-6565 (O)
2909 Hillcroft, Suite 580
Houston, Texas 77065-4410
Real Estate Investment Club of Austin LLC (more details)
Bob Guest
512-671-8828 (O)
512-671-8829 (F)
Omni-Southpark - SE Corner of IH35 & Ben White
Austin, Texas 78744
1st Tuesday 6:50 p.m.
Bob@BobGuest.com
www.YourREICA.com
Realty Investment Club of Houston (RICH)
James Robert Smith
713-297-8826 (O)
713-681-2871 (F)
P.O. Box 980216
Houston, Texas 77098-0216
San Antonio Real Estate Investors Association (SAREIA)
Orlando Rodriguez
210-666-4742 (O)
1st Tuesday each month 6 p.m.
Omni Hotel, 9821 Colonnade Boulevard
San Antonio, Texas 78230
www.sareia.com
South Texas Real Estate Investors Association
Mark Pantak
361-438-0345 O
5403 Everhart Rd, #1134
Corpus Christi, Texas 78411
Last Wednesday 7 p.m.
MarkPantak@hotmail.com
Texas Real Estate Club
Tim Randle
512-255-1669 (O)
512-255-4049 (F)
402A W. Palm Valley Blvd. #192
Round Rock, Texas 78664
www.TexasRealEstateClub.com
info@TexasRealEstateClub.com
Re: Getting Started - HERE! - Posted by Terry Vaughan
Posted by Terry Vaughan on June 16, 2003 at 11:21:54:
Paul:
The best advice is under your nose . . . .
Go to the link above for the “Archives” section. Put in the words “getting started” and watch the magic happen!
You will get 595 matches for this section alone.
The top selection by “John Boy” will be the best one of all. Here’s the direct link:
http://www.creonline.com/wwwboard/messages/arc_2002/arc_05/5344.html
It will take three things for you to succeed, as others have:
Determination - (no matter what happens you cannot lose sight of your goal!)
Perseverience - (many obsticals will block your path - you must MOVE PAST THEM!)
Knowledge - (you must educate yourself and learn to think as dealmakers think!)
You have started down the path, there is no going back, now you must continue to make mistakes until you get it right. Your lives will be improved beyond your wildest imagination, if you will not be turned from the journey you have begun.
I would also look at doing “mobile home” or "lonnie deals for the quickest cash.
Use all the links on this web site for an education that would cost you thousands and thousands of dollars if you had to get it in courses and books.
Right here, under your nose, for FREE.
Re: Getting Started - Posted by Sarah
Posted by Sarah on June 16, 2003 at 10:03:16:
Hi Paul, I am also just starting to study about real estate investing. I started my studies with Carleton Sheets’s course. I bought it on ebay for just $50. It is a great course that I am very happy with, however, I have purchased a couple of other books recently that I feel cover a lot of what Carleton covers for a lot less. They are both written by Russ Whitney. One is called “Building Wealth:From Rags to Riches With Real Estate”, the other is Millionare Real Estate Mentor:The Secrets of Financial Freedom through Real Estate Investing". I got them from amazon.com at a discount for belonging to Russ Whitneys online club, which you might also be interested in. That address is www.russwhitney.com. The 2 books were a total of $26.57 which included free shipping for buying them both. I am getting a lot out of them and feel they are easy to follow. Hope this helps you, and happy investing! Sarah