Posted by RogerN(TX) on February 25, 2006 at 22:58:49:
Every job I ever had required initial training and on the job mentorship. Why should real estate be any different? Get some training so you can understand what your mentor will be telling you. He will keep your feet out of the fire and have you making more money is less time. Had I found my current mentor before I bought 3 houses I’d have $12K more in my pocket and not be staring at financial ruin.
You’ll be years and dollars ahead of what you could do yourself. I talked to a couple today that took my mentor’s training class and have 3 potential deals already. The class was 4 weeks ago.
I myself haven’t done any because of other time constraints like a full time job and then some but it’s nice to know he’s there with the money, the lawyers, title companies, rehabbers, and anything I need to make it happen. He was on the phone today helping people with their deals from all over the country.
Everyone will have their own opinion on what worked for them but I don’t like making big financial mistakes. I didn’t think I was making a mistake but I did. You either choose to pay, or pay for what you chose. Your mileage may vary.
I’m just getting started in investing and haven’t done any deals yet, but am looking to so in the near future. The challenge I’m wrestling with is the fact that I work full time and don’t have a lot of time available to devote to this venture at least for now…maybe 10-15 hrs/week. I also don’t have any significant experience in buying/selling property other than my home 25 years ago. I realize there are opportunities out there but not sure which direction to go given the time constraints. I’m looking for advice from anyone else that may be already investing and working full time or if you were previously in the same boat as I am now. Things I’m considering are lease options, rehabs (hire contractor), and possibly rental property… but open to other suggestions. Any advice would be appreciated !!
Re: Just starting out - but work full time - Posted by JC in Seattle
Posted by JC in Seattle on February 26, 2006 at 23:05:25:
It took me 8 months to make my first money in RE investing. My first deal was a wholesale flip which netted me 5K. I was also working full time when I did it. I did a 40K flip this past year, doing REI part time.
My advice would be to study some courses, possibly attend a boot camp or seminar. I started out with Ron LeGrand, who I like. By all means, find and join your local Real Estate Investors club. Go to meetings. Introduuce yourself to people. Ask for help. That’s what I did. It wasn’t easy. But it isn’t easy to sit in a cubicle 40 hours a week either.