Posted by arlanj on June 22, 2005 at 07:42:52:
I know it is not free but it gives me valuable info on the properties location. I have taken advantage of the 7 day trial a couple of times. Either way, if I need properties to buy, $10.00 a week may be cheap.
I have never bought a preforeclosure. All mine have been foreclosures or people advertising that they want out.
I have a couple of RE agents that know I buy houses and they help me in any way possible to find properties.
Help me get started “I’m Motivated” - Posted by Todd Dhillon
Posted by Todd Dhillon on May 23, 2005 at 21:05:51:
I have recently lost my job, I want to do Real Estate as a Business, We have couple of houses with equity one of which is a rental …My credit score 750 we have no debt except for 20k in credit card!
I would like to get started, but don’t quite know which direction or how? …I’m actually overwhelmed with all these options like …Tax Lien/Deed, Foreclosure, Pre-foreclosure, rentals, Flippers, single family, Multi-units and so on … I have only one question where do I start???
Thanks guys
Todd
Re: Help me get started “I’m Motivated” - Posted by John
Posted by John on May 28, 2005 at 09:27:52:
Todd, I read the thread. You are off to a good start. Protect the credit score, you will need it. My advise is to find another job. You sound like you need to spend time learning the ropes before you can jump full time. I jumped to soon and had to go back to a job to get the loan terms where I could get the best rates. Don’t make the same mistake of going full time too early.
Get a job. Read and study everything here on this site. Buy a course or two and reasearch your market. Get to the point where you make more from REI than the job each month, then make the jump.
Re: Help me get started “I’m Motivated” - Posted by arlanj
Posted by arlanj on May 25, 2005 at 08:29:50:
foreclosurefreesearch
Find properties and buy them
Re: Help me get started “I’m Motivated” - Posted by Todd Dhillon
Posted by Todd Dhillon on June 02, 2005 at 20:56:24:
John,
Thank you for your inspiration and kind comments
Todd
Re: Help me get started “I’m Motivated” - Posted by Todd Dhillon
Posted by Todd Dhillon on May 28, 2005 at 12:16:00:
John,
Thank you for your advice. You are absolutely right, I have a job opportunity which I will take.
As a matter of fact I have been studying books and going to these Real Estate seminars! ? They do confuse you whole lot more because they tell you that you can make money in 39 different ways and yet they are not specific in any one! ?
Therefore, At this point in time, I’m just trying to sort out or rather eliminate certain area of the Real Estate market and figure out where I should concentrate, thus educating myself and subsequently focusing …doing it! … any suggestion?
It?s very hard to keep going back and forth on something that makes sense one day and not another ?for example if Multi-Units are too expensive ?I should be able to move on !.. PERIOD !..
Todd
Re: Help me get started - Posted by Todd Dhillon
Posted by Todd Dhillon on May 25, 2005 at 16:40:04:
Thank you, Could you perhaps elaborate some more … afterall I’m new at this … sorry!
Todd
Re: Help me get started “I’m Motivated” - Posted by Popsicorn
Posted by Popsicorn on May 29, 2005 at 03:36:57:
If I were just starting out again, I would take a balanced approach to learning how to invest in real estate.
First, know that if you want to replace your income with RE investing, that it is a CAREER. You will have to put much time and effort into learning the business.
Second, most of your transactions with CREATIVE FINANCING is going to be a sales presentation. A really good book on basic sales that will get you up to speed really FAST is SELLING by Tom Hopkins.
Third, learn the basic of investing. You need to learn all the mechanics of a transation. These will be the “tools” of the trade. This includes different strategies as well as using the contracts needed to close a deal.
There are TONS of free information out here. This site is a great place to start. You can find good information on fastcashcourse.com with the eCourse there too.
One good way to learn is to take a class at your local junior college or at a real estate firm. Classes FORCE you to learn and it presents material in an organized way so that you can learn things in the right “order”. Hope this helps!
-P
Re: Help me get started - Posted by arlanj
Posted by arlanj on May 26, 2005 at 08:08:32:
http://www.foreclosurefreesearch.com/
Go to this website. Get a list of distressed, REO’s, go and look at them, find a hungry RE Agent to show you some. Find one that fits a formula of ARV - selling cost-repair cost * 65%. Buy it, FIx it, Sell it. You will make money.
A good start is the book “Buy iT, Fix it, Sell it”.
Re: Help me get started - Posted by Todd Dhillon
Posted by Todd Dhillon on May 26, 2005 at 11:59:13:
Thank you, I really appreciate your advice and I will look into what you mentioned. Incidently what is ARV?
Now is the norm in the Real Estate industry that people find something (one thing maybe) and stick to it such as dealing with Multi Units, single family, Fixers or Tax Lien? ?.Rather than being all over the place!!! I mean how do they deside which area to go for?
Todd
Re: Help me get started - Posted by arlanj
Posted by arlanj on May 26, 2005 at 13:20:49:
ARV - After Repair Value (What the unit can be sold for)
My philosophy is that if there is money in it, and you want to do it, then go after it.
I have a history in construction so buying distressed properties, fixing them, and either renting or selling them is what I like right now. I would buy a multi-unit in the right situation. I also want to build some Self-Storage units. I also am getting my financing ready to build 3 spec houses.
One house I bought, I immediately advertised it for sale and in a couple of months made $11,000. The only thing I did was get the gas hooked up. The only reason I bought it was that it was priced really low and I thought I could flip it. It worked.
The last 2 houses I bought are strictly cheap rentals. I bought them to make $200.00/month cash flow each.
Multiple income streams seems to be my goal.
Today, I also still have a JOB.
I have to make a living and want REI to be a major part.
Re: Help me get started - Posted by Todd Dhillon
Posted by Todd Dhillon on June 02, 2005 at 20:39:33:
Hi,
Thank you for your help and advice. I attended Robert Allen Wealth building free seminar, (however I did not sign up for the 3 day Training program, at the cost of $3,000 Dollars)…All they talked about was Pre-foreclosures, Funding (as in no money down!) and flipping. What really stood was the fact ?If you miss out on the Pre-foreclosure, your out of luck.
Taking into consideration all the advice and various suggestion from all you guys, I believe with the right education, I can probably do something in Tax Liens/Deed and perhaps couple of single family units per year …To start with! … I would stay away from Multi units or rentals and I don’t know anything about Mobile units.
The bottom line is I need to START!!! Having said that please feel free to express any opinion?
Todd
Re: Help me get started - Posted by Todd Dhillon
Posted by Todd Dhillon on May 27, 2005 at 13:43:57:
Congratulation! Sounds like you?re good. I was thinking I like the idea of Tax lien and I could probably do something there at some point, Multi Units would probably be too expensive, Condos are out? I really don?t know anything about Mobile homes at all therefore my best bet may be Single family to start with anyway! After all I do own 2 I could probably do 1031 on one of them because it?s out of the area.
What do you think about Pre-construction houses? ? And are they easy to qualify for?
Incidentally which state do you live in ?I happen to be in California
Todd
Re: Help me get started - Posted by arlanj
Posted by arlanj on June 03, 2005 at 07:43:38:
I would go to the foreclosurefreesearch site or sites and find local foreclosures. That is the easiest way to find distressed(value priced) properties.
Re: Help me get started - Posted by Bob in NJ
Posted by Bob in NJ on May 27, 2005 at 22:29:57:
By pre-construction I assume you mean buying a new home in a development. If my assumption is correct then you might have a problem. I do not know of any builders (at least in my area which is New Jersey) that will allow you to assign the contract. There might be some Builders in an area that is depressed and houses are not selling, but I do not know of any in the tri-state area. Therefore, you will have to close on any home you purchase at pre-construction, then resell it hopefully for a profit. That can be costly and tie up your money for up to a year or more. This might not be the way for you to start out. Stick with something a bit easier which will not at first yield you as much profit. I suggest working as a bird dog for an expirenced investor. That way you can gain some knowledge, then go on your own. You might also want to try options. With options you can tie up a property for a period of time with little out of pocket expense.
Just my 2cents.
Good luck,
Bob
Re: Help me get started - Posted by Pumpkin Eater
Posted by Pumpkin Eater on June 21, 2005 at 16:28:28:
www.foreclosurefreesearch.com is not free. They require users to register before they will provide details.
Do you agree that if you do not grab a property in the pre-foreclosure stage, then you have missed the boat?
Are some agents eager to show you pre-foreclosure properties, while some agents are not so enthusiastic?
Thanks for your help!
Re: Help me get started - Posted by Todd Dhillon
Posted by Todd Dhillon on June 02, 2005 at 21:05:15:
Bob,
Thank you for your advice …Now Bird dog I understand, however Options in Real Estate I am not familiar? …But it sounds interesting Could you elaborate little perhaps!! ?
Todd
Re: Help me get started - Posted by Todd Dhillon
Posted by Todd Dhillon on May 28, 2005 at 12:01:21:
Bob,
Thank you for your advice. At this point in time, I’m just trying to sort out or rather eliminate certain area of the Real Estate market and figure out where I should concentrate, thus educating myself and subsequently focusing …doing it! …
It?s very hard to keep going back and forth on something that makes sense one day and not another ?for example if Multi-Units are too expensive ?I should be able to move on !.. PERIOD !..
Todd