Posted by Andres on August 01, 2001 at 02:43:57:
Thank you Ron, ill keep that in mind…
How to Start ? with no money down… - Posted by Andres
Posted by Andres on July 29, 2001 at 21:57:41:
Hello,
My name is Andres, I am very interested in moving to Miami, FL to make money with Real State but I dont know how to get a good loan with no downpayment, or how to get second mortgage. Im newbie and I would be very glad to hear from you guys telling me how to start.
Is Miami good RE place? What type of properties should i look for? How does second mortgage works? if im new in RE and i want to get loan is it good advice to associate with other person who has good line of credit?
Getting a course, No down payment of Carl something. Is it good? Which one to choose?
How can I use these knowlege to buy buildings or bigger RE properties?
What is the aprox time that I have to wait for selling house? 2 or 3 years?
Thank you very much for helping me, I will be waiting for your answear…
How to Start ? with no money down… - Posted by Jon Richards
Posted by Jon Richards on July 30, 2001 at 20:26:58:
Andres,
To get started in real estate you will need to do several things:
- Take some classes. Many community colleges offer real estate investing courses. I have found that in real estate, the more expensive the class the worse it is. You should pay no more than $500 for a good class, and there are many for less.
- Go to conventions, like the CRE one in March.
- Find a local investing group. There are many in Florida and become an active member.
- Read some books on RE investing. There are many in the library.
- Read your local newspaper real estate section every Sunday.
- Read the real estate postings on this site, esp about Carlton Sheets.
In short, Andres, your question is too broad to answer. You will need to expose yourself to real estate, investors and others by meeting them personally. And you will need to read to become better educated.
I wish you the best of luck. It is a great profession, and the most lucrative in the country.
Jon Richards
NoteWorthy Newsletter
Re: How to Start ? with no money down… - Posted by Andres
Posted by Andres on July 30, 2001 at 22:07:22:
Thank you very much for your help Jon.
Re: How to Start ? with no money down… - Posted by Ronald * Starr
Posted by Ronald * Starr on July 31, 2001 at 22:10:34:
Andres---------
Jon Richards has given you good advice. It almost looks like he stole it from an earlier post that I made. But I know he didn’t do that. Just that great minds (his and mine) run in the same channels.
I would like to make a couple of other suggestions.
Not all local newspapers have good real estate sections. If yours does, fine. If not, you might want to search around for some other newspaper that has a good Sunday real estate section and subscribe to the Sunday issue. One close to you and in your state is better. You want one which has one or two of the good nationally-syndicated writers such as Edith Lank, Bob Bruss, or Kenneth Harney–and there are a few others. Here in CA, there are three good papers I know of: S.F. Chronicle, S.Rosa Press-Democrat, L.A. Times. Sacramento Bee is so-so.
Also, start getting out and looking at properties in your area that are for sale. Get to know the neighborhoods, get to know the values. When you start specializing in a certain area or type of property in which to invest, study that more intensely.
Clean up your finances. Have any bad credit? Start cleaning it up. Spending more money than you have to? Start trimming your spending and start your saving. My advice: Never Buy a New Car, Only Good Used Ones. Saves tremendous amount of money.
Depending upon where you live, owning your own home may be a good thing or a bad idea. If you want to live in a $250 K or more expensive house, you might be better off renting and investing in loweer-cost properties for the rent and future appreciation, plus the tax benefits. Then buy your house later, when you have more money than you need. I know several real estate millionaires and multimillionaires that have never owned their own homes.
Good InvestingRon Starr***