If you want to get out of where you are and make money with real estate, good for you. Just realize that it will take a while to get there. This is not some over-night sort of thing.
You are thinking in one direction that is good, getting others with building skills to work on run down properties. There is a tremendous amount of money to be made with fixer-upper properties.
I suggest you read my post for beginners. You can find it by putting “beginners success” into the search function on the top of this Carleton Sheets board2 of CREONLINE.COM or on the top of the main news group forum.
Nobody is born knowing how to make money with real estate. It takes patience and understanding. Figure that with your work schedule it make take you over a year to just get some basic understanding and are ready to buy a property. But it can be done.
It just will not be easy. To work on a full time job and then have a one-half time job with real estate is not easy. You have to give up some other activities, perhaps. You may find yourself with somewhat less time with your family. Unless you can get them to come over to the property on which you are working while you are there. Many people give up because it is not easy. Those who succeed can make very good money with real estate. How would you like to make two or three times as much money as your salary pays you, for fewer hours of work? It can come. But you have have to get over the hump of the beginning before you can start making that kind of money.
Recently I bought the Carleton Sheets No Money Down Course. I read the first few chapters and I’ve been listening to the tapes. What I’m finding is that I don’t understand a lot of the terminology, and the parts that I do, I’m dubious about. “Get the seller to take back a mortgage?”…come on, what does this mean? Find a “motivated seller” and “take cash out at closing?” Where ARE these people?
Please understand, I’m VERY new to this. I’ve never done anything other than rent. I’m working a dead-end, 12 hour, swing-shift job and my credit is terrible. I’m not living paycheck-to-paycheck because my paychecks never make it that far. I’m married, have two kids, and I don’t want them to grow up never seeing their father.
I see other people on my job who I think feel the same way I do. I hear them talk about some of the expertise that they have (HVAC, carpentry, etc.) and I think about approaching them. But I feel as if I have nothing concrete to offer them. All I have is some tapes and a book, and you know what most people say about “those late-night infomercials are just a scam anyway.”
Despite the tone of this message, I’m not discouraged, believe it or not. Bewildered, confused, and having no idea where to start is more like it.
Scott had great comments about associate with others doing this.
Another suggestion that helped me: start small but start. Pick a property whose numbers will fit the criteria for success as defined in the course, no matter how small, then do it.
People on this website will tell you that you really don’t learn until you get out on the street and do it. Use the techniques you can and start small, but start, then don’t look back. I really believe your goal with the first one isn’t so much to make money as to learn how to make money. It’s the 2nd and the 3rd and so on where you start the making money. Good luck.
Mike,
I found, one thing that helped me in the beginning was to associate myself w/like minded people. Find a Real Estate Investigators Club. Become a member. “Nay-sayers” and just negative persons in general, will kill your drive, enthusiasum, motivation, etc., in a very short time!
You don’t have to start this business Right Now. Schedule you time to allow yourself to learn something about this business, everyday or every other day. Just do it. Zero in on a couple of aspects of REI and dicuss it here or on the other board. All the answers are here if you look. You don’t really need to purchase anything. Although, it helps to build a “library” of information you can have at you fingertips. Print some of these articles and read them and understand them. Look at the sucess stories. There is one by a child of 10 or 11 yrs. Amazing story. Stated they were the only kid in their school to own a house!!! And guess what the last line of their story says???, “If I can do it, so can you!”
Good Luck,
Scott (sj0305@bellsouth.net)
Hey, Mike! Your not alone! I had to look at your posting and make sure I hadn’t posted it! I am also a “newbie”, although I have been a “lurker” for almost a year. You are right, it helps to network with others. As for the shift work, and time with the family, I feel you! I work a 2-2-4 shift of 12 hrs each. Ihave my own Locksmithing business every other hour of the day, a wife, three daughters, and FOUR grandkids! Hang in there! We’ll all make it!