Re: Is it True?? - Posted by Jim
Posted by Jim on July 24, 2001 at 03:24:18:
4 1/2 yrs ago, I, too, was asking these same questions. I purchased books and courses from as many “gurus” as I could find (mostly from used book stores and garage sales…). I read and read and tried to absorb every lick of information I could, but still couldn’t get it to the point to really start. In all that material they didn’t show me how to ‘get started’.
In '97 I attended a workshop from a New “guru” (at least one I hadn’t heard of before) and for almost 6 hours he hit me with all kinds of ways to buy and sell real estate I’d never heard of before, with details. It was like standing in a wind tunnel of information. Of course, this workshop was just enough info to get you to buy the full course(s) with all the training, material, marketing and forms you would need. And of course, I didn’t have the kind of money he wanted (much more then Carleton).
But I did buy his book and restarted my education on a different approach to REI. I remembered him saying that there are sellers who would just ‘deed you the house and walk’. So, thus began my search. Who would do that? Are there really people that would deed ME the house? What circumstance(s) would cause anyone to concider this?
I came up with a couple of scenarios and developed some simple marketing material to offer the owner a way out of their problem house by just deeding it to me and letting me handle it. Took out small ads and let it run. Changed my ads a couple of times… …and then… got a call. The seller just wanted to know what I could do for them. He didn’t take my offer, BUT he called! So I let it run. Calls came in again and again. And a week later a seller said “YES!”
Leased Optioned that house out for $5,500 non-refundable deposit and began to collect rent. 14 months later she bought that house and I got just over $21,000 in CASH at closing.
After taking control of that first house I worked to get this guru’s course and as many other as I could find. Everyone contributes something to my arsonal of buying and selling POWER.
Five months after that house I had enough cash income from my rentals and L/Os to quit my job and I haven’t looked back, except to say I drove a cab.
To answer your questions,
This is a business! Approach it as such. Dabble in it, if you want, BUT be serious in your committments to educate yourself and in dealing with buyers and sellers. Remember, how much education do you need and what does it cost to become a (say) accountant or CPA, RN, Legal Secretary, OR (how about) Doctor or Lawyer? A serious Real Estate Investor can make more then all of them put together.