Posted by Smith on January 22, 2003 at 17:46:24:
I’m not sure why you posted this question, since you know the answer. Get a car. First things first.
No car? - Posted by Alex
Posted by Alex on January 22, 2003 at 15:29:25:
I’m a college student, which means I have all the time in the world for REI, but very limited funds, and as it happens, no car. Can anyone offer any suggestions for how I might be able to get involved in REI – specifically, wholesale flipping – without the use of a car? Sort of makes due diligence tough, not to mention even finding the deals in the first place. I’m in the middle of a large metro area (Boston) with a decent subway system, so if I really had to get somewhere to check out a screaming deal I could, but trekking all over kingdom come to look at scores of properties is really out of the question.
The only thing I can think of is to get in touch with an agent, put up a decent amount of earnest money in escrow, and hope that they can find me a high percentage of good deals. Still, without the ability to drive to tons of properties so I can be choosy in what I make offers on, this strategy seems over-reliant on an agent’s ability to hand me doable deals. Probably not too likely.
Any tips?
Re: No car? - Posted by GL(ON)
Posted by GL(ON) on January 24, 2003 at 10:01:49:
2 more ideas you never thought of:
You can borrow any kind of car, new or used, for an hour or 2. Go to a dealer and take a test drive. No kidding, I know a teenage boy who does this all the time. It’s his hobby. They give him brand new Mustangs Camaros etc, and he barely looks old enough to have a license.
Get a part time job driving a taxi. While you take care of business scope out the hoods. Check out all the deals. When you need a car you’ve got one.
Re: No car? - Posted by vern
Posted by vern on January 23, 2003 at 13:11:00:
Here it is:
1)Practice negotiations: Practice this by getting a fellow investor to give you rides to the monthly R.E.I meetings. Offer anything (gas money, food, knowledge)
2)Practice your partnering skills: Get a fellow college student to partner with you and ride with you to places that you need to go. Put up a flyer that says…Real Estate Investor needs a partner, cash and experience not needed, must be dedicated, willing to learn, and have transportation.
P.S. Utilize your resources and use those resources as a bargaining chip as you attempt to establish your self in real estate investing. Your resources include access to college students that can be birddogs, painters or handymen, flyer jockeys, etc.
Re: No car? - Posted by GL(ON)
Posted by GL(ON) on January 22, 2003 at 20:17:22:
I think you already know the answer. How do you get things done now? You can invest in real estate without a car. It doesn’t matter if you get it done by bus, subway bike or what as long as you get it done. I realize it takes a lot longer and is inconvenient. For this reason you should make people come to you. Advertise and do as much as possible over the phone.
If you do one or 2 deals you should make enough to buy a cheap car.
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