Newbie needs direction - Posted by M. Mehta

Posted by Tron Woods on December 30, 2002 at 22:24:36:

Hey M&M My name is Tron I to am a pretty new investor. I have a little cash I need a little credit. I have bought one house the creative way. That is the house I am living in now. I would like to talk to you, I have a deal right now where I have been trying to find someone to help me get it done. It will flipping it and you make a quick 5,000 profit off of the deal in a matter of 2 weeks. I have the deal already set up I have been trying to find some investors to help me get it done. I live in Monroe Louisiana and I really hope you consider it because it will be helping both of us out by getting my deal closed and making you quick cash and getting the first deal your talking about. My cell phone# is 318-512-9330 I keep it on all the time and you will reach me at it for sure. Or you can give me yours on my regular e-mail and I can call you it is no problem for me at all. I hope to here from you soon.

Newbie needs direction - Posted by M. Mehta

Posted by M. Mehta on December 30, 2002 at 21:18:22:

Hello, I am just starting out. I have no money, OK credit and desire to learn about REal Estate. I spend over $4000 through telephone coaching but didn’t do any good. Of course it gave me some insight about the Real Estate market. I am still scared of jumping in due to not step by step guidance. Could you suggest me how should I proceed? I want to first start to make money through Flipping Properties. I live in Southern California (Orange County). This is one of the most expensive areas in the Nation. I have ordered “Flipping Properties” by W. Bronchik. I am still not feeling comfortable about going out and talkinig to owners. Any suggestion/guidance will be appreciated. I love CRE web site and really helps me stay motivated. Now I need to do some deals to get the feeling… Thanks for your help.


Re: Newbie needs direction - Posted by js-Indianapolis

Posted by js-Indianapolis on December 31, 2002 at 01:45:39:

First, let me tell you that I just started into REI 4 months ago. I too, was overwhelmed in the first few weeks, and didn’t know whether to scratch my watch, or wind my arse. The only thing you can do is just start in.

Now before everyone sends me 1000 emails about being irresponsible, I’m not talking about going out and writing up contracts tomorrow. I mean taking baby steps, and not throwing your cash, credit or good name all over town, until you know what you are doing. I know even though I was well schooled, I had no idea how things work outside of book/seminar land.

What you do is up to you, and depends largely on what area of investing you’re going to go into. First thing I did was call totally unmotivated sellers. Not to find a deal, but to get some good practice talking the talk. Called some landlords that were in town and asked if they would consider selling their rental outright. Called some FSBO sellers that were asking stupid money for their house, and asked if they would do a lease option. I figured I wouldn’t screw up any potential good deals, talking to these people. Guess what? They were the roughest calls I’ve ever made. It’s much easier when you finally graduate to actual motivated sellers.

Looking back, I don’t know why I was ever concerned about what sellers would say. Who cares? One tells you that you’re crazy, that doesn’t make you crazy. Simply thank them for their time, and call another. If someone from your unmotivated pool actually gives you a chance, go ahead and write an offer. Make it 50% of FMV. If you flub the details, and they agree, I’m sure you can work something out, and eek out a profit at 50% FMV.

One other thing, don’t worry about how high end your area is. I’m smack in the middle of the conservative Midwest, and live in the 6th most affluent county in the country. I know which “Millionaires” are getting foreclosed on, and whose “mansion” will be up for sale, like everyone else’s, every Thursday. It’s just numbers. Think of this, you don’t have $100K cash to purchase a $100K house, just the same as you don’t have $900K cash to purchase a $900K house. So what’s the hang up?