Re: Need Advice on 1st NOO loan - Posted by SteveS(CPA)
Posted by SteveS(CPA) on June 18, 2001 at 12:41:31:
It’s amazing the damage that a few people with a little money and credit can do. Here’s the best advice I can give you. If you have money and credit (which you do) pretend like you have neither.
K, if you really want to be successful in real estate investing, your money and credit should ALWAYS be the very last option when doing a real estate deals.
If you keep using your money and your credit you will find yourself quickly running out of both.
Right now, it looks like to me that you both are in the preparatory stages. And that’s what you should be doing.
Right now, you should be developing a business plan, learning your market area, gathering information, putting together your team of attorneys, accountants, real estate agents, contractors, other investors and a developing a strategy.
Preparing for investing in real estate is a lot like preparing for war;
Taking over a property (or a country) using none of your own resources is by far the best way to go
Taking over a property (or a country) using someone else’s resources is then next
Taking over a property using your own resources is last
I hope you can see the wisdom in that.
There is a lie that has infected the real estate investing community that says it takes money to make money. Unfortunately a lie will go around the world 100 times before the truth catches up to it.
You do not need money to buy real estate, spend money on your plan, spend money to gain knowledge and information and spend money on your marketing then you will be successful.
Preserve your wealth at all cost.
I know it may be harder to do it this way, but you will be rewarded far more for your efforts and time.
By the way, I’m in Los Angeles, CA
I hope this helps. Good luck and best wishes.