Posted by Ronald * Starr on June 24, 2001 at 10:42:56:
Ray---------------
Thanks for the kind words. I had this idea in rough form several years ago. Now, I am understanding it more clearly.
Good Investing and Good PostingRon Starr**********
how does one obtain SO MUCH credit? - Posted by Butch
Posted by Butch on June 20, 2001 at 19:05:40:
I’ve recently began researching REI, and I am very excited about the possibilities; however, one thing concerns me, How can one continue to get financed for multiple properties, it seems to me that after you are in debt for $70,000 that any one would be reluctant to loan you any more unless you had tons of collateral! Also is it just impossible to start investing with “Bad Credit” ?
How To Get Rich With Real Estate - Posted by Ronald * Starr
Posted by Ronald * Starr on June 20, 2001 at 21:08:16:
Butch-------
You’ve put your finger on it. You get more loans with other properties providing the collateral.
Is is impossible to start investing with “Bad Credit?” Not at all. But it limits the approaches that you can take to financing properties.
To invest in real estate, you do have to bring something to the table. Call these your resources. Different people may have a differ roster of resources. But you have to have several resources to be successful. Lack of resources equal failure.
Resources could include: cash, good credit, lines of credit, credit cards. Equity in property. Other assets such as cars, boats, planes, collections. A steady income. Time available to work at it. Knowledge. Experience. Skills. Creativity. Being bold. Being Cautious. Being analytical. Having good people skills. Having lots of contact with people who have resources you lack. Having lots of people who know and trust you. Havings lots of contacts who know about real estate.
All the different resources can substitute for each other. So, if you have a surplus of one of the resources, it can make up for a paucity of some other resource(s). BUT, you do have to have some pile of resources. You can’t invest in real estate without some resources.
The Three Most Important Resources, in my present opinion are:
Knowledge of real estate and how it works and the many techniques to solve the problems. This can be learned. THERE IS NO SINGLE COURSE THAT WILL TEACH IT. You have to study a lot and gain experience doing to to make this resource big and strong.
Persistence. This is the single most important factor in becoming a success at anything. It is the most important factor in becoming a successful investor. It is the factor that determines your success as a real estate investor.
Getting out and doing it. You can study for years and learn a lot. But, until you go and start doing it, there will be no success possible.
You have the energy to drive your wheels. You have the knowledge to guide you toward the point of success. You have the persistence to keep going toward the goal until you reach it.
There have several different years when I did not acquire any properties. I held what I had. If I had stayed in that state I would be a much less successful real estate investor. I have shaken off my lethargy and gotten back out in the marketplace. This is the persistence. I have made things happen. I have increased my net worth probably $150K in the past year with real estate. While holding down an (almost) full time job.
IT IS NOT EASY TO GET RICH. It is possible to do it. It is easier to do with real estate than with most other ways that people get rich in the USA. HOWEVER, IT IS NOT EASY TO GET RICH WITH REAL ESTATE. You have to put out a lot of activity to be successful. If you develop a method of investing that suits you, you will enjoy it while you do it. That allows you to persist. Expect it to take about 10-15 years to become financially independent with real estate. Figure out an investment program that you can do for that long. And do it.
Good Investing********Ron Starr*************
Re: How To Get Rich With Real Estate - Posted by Ray
Posted by Ray on June 23, 2001 at 23:11:31:
Seldom have I seen a better, or more complete explaination of what it takes to be successful in investing in real estate than that written by Mr. Star. All you new, would be, real estate investor should print it and read it over til you can quote it word for word…Then ask yourself…“What do I have to bring to the table?” Ray