newbie needs help - Posted by scott in va

Posted by Rob Aston (Rob PA) on January 16, 2002 at 20:04:06:

Start with Junker houses, they are easy to find. Well finding the owners will take a while to find on some, but they are easy to unload to rehabbers if your price is right.

After Repair Value x 70% - Repair cost = Max Offer

Of course you want to go lower than your MAX offer, increases the profit margin ;O)

Then turn around and sell…

Hope this helps,
Rob

newbie needs help - Posted by scott in va

Posted by scott in va on January 16, 2002 at 19:43:20:

well ive ben reading this site for about a year and want to get into the real esate investing community.My situation is im 39 yr old man who has a constantly procratinatesI work as a waiter and make good money have really good flexiblity and am looking to get started.I have really bad credit and very little money to start.Wwhat do you think is the best way to get started .L/o flipping or what i greatly respect and appreciate any response to help me get started.Also if anyone has every had a problem procrrastanating and has gotten over it i would appreciate their imput.Thanks for your time Scott

Re: newbie needs help - Posted by Kristine-CA

Posted by Kristine-CA on January 17, 2002 at 10:36:44:

Regarding procrastinating: find a friend or someone who doesn’t have a lot of issues about you making money in RE and who also has goals of their own and be a support team for each other. Someone that you can admit all your fears to. You can make commitments about your progress and they can check in with you and help keep you on track. And you can do the same for their goals.

Don’t pick a relative or a spouse or friend who may not have any space for this. You know, like a spouse who worries about money or a parent who thinks you should just save some money.

And don’t let it go. Meet and call your support person whenever you feel like watching tv or giving up or don’t know what step to take next. They don’t need to give you advice. They just need to be able to remind you where you want to go. And vice versa.

Good Luck. Sincerely, Kristine

Re: newbie needs help - Posted by JJJ - FL

Posted by JJJ - FL on January 17, 2002 at 10:30:07:

Well Scott, I’ll give you my advice. I’m 25. I made credit mistakes early (credit cards for poor student in college == bad!!). I made great money last year, but I spent a lot of it fixing my credit, and thats what I suggest you do as well. Call your creditors, and see if they can offer you a payment plan or a lump sum settlement, and pay it off. Make sure to get a zero-balance letter when you make your final payment :slight_smile: I’m telling you to do this b/c fixing your credit not only helps you in real estate investments, but in every other aspect of life (getting a car, house for yourself, credit cards, etc.). Its possible to succeed in RE with bad credit, but its a bit harder.

As for the real estate advice…I’m a beginning investor like yourself. I “discovered” RE around Thanksgiving, and I spent a month and a half just reading as much information as possible before starting to try to do deals. My advice…read EVERYTHING on this site, and maybe buy a few books and read those too. Get an idea of what “niche” you want to go into, then think about buying one of the courses in that niche. Then go out and try to do deals. Theres a lot of money to be made and lost in RE, so try to learn as much as you can before you jump in the pool. Sure you’ll make mistakes, but knowledge helps minimize the pain from those mistakes.

Just my $.02. Good luck!!!

JJJ - FL

Re: newbie needs help - Posted by Nate(DC)

Posted by Nate(DC) on January 16, 2002 at 23:18:29:

If you “make good money”, use some of that money to CLEAN UP YOUR CREDIT! More than anything else you could do it will make it a lot easier for you to buy real estate in the future.

NT

Re: newbie needs help - Posted by Jon R

Posted by Jon R on January 16, 2002 at 22:16:53:

Start by doing sandwich L/O’s or subject 2 on houses with little equity (and sell on a L/O) because they require less cash upfront and the option money from the t/b should put you in positive cash flow. Good luck!

Re: newbie needs help - Posted by GibH

Posted by GibH on January 16, 2002 at 20:06:46:

“Also if anyone has every had a problem procrrastanating and has gotten over it i would appreciate their imput.”

I’ll tell you tomorrow.
Sorry, just couldn’t pass it up.