OK GREAT REI'S.....S'PLAIN THIS TO ME. - Posted by Len

Posted by Bud on November 10, 2000 at 22:26:37:

How have you been doin darlin?



Posted by Len on November 10, 2000 at 21:41:46:

I have aquired some knowledge about REI,studied this site, learned every day, and am exiting a previously failed business, broke, no credit, in a total rebuild mode, and have a burning desire to make REI work for me on a very serious full time basis. Motivation, determination and will to succeed, will see me through this.

My question is this: Without question, what types of deals should I focus on immediately to put some cash in my pocket, and experience in the bank? I’m inclined to think, flipping , L/O…
what would you do if in a similar situation?

Thanks for your help and direction.

Some of my thoughts … - Posted by Merle

Posted by Merle on November 11, 2000 at 12:56:35:

Len ?
“How do I get started” has been asked by many others ? some phrase it a little bit different. Some have ?regular? jobs … some self-employed. Many different sets of circumstances.

No one of us can supply you the answer you seek. There are many possible responses. I have a few thoughts and perhaps others will respond as well.

Based on your post, we will all have to assume certain things in order to offer even the minimal advice. For example, when you say ?broke,? how broke is that? Do you need money for this week?s groceries? Do you have money for gasoline for the car? How about your rent? You see, if ?broke? means completely tapped out, you should, as someone suggested, get a job with a paycheck coming in.

On the other hand, if ?broke? means you are down to your last $50,000, then other opportunities are available to you. I will assume you are somewhere between these extremes. (If you are in the first position, you already have my recommendation).

If you can support yourself and family for a while, you might possibly be able to pursue this business full time. However, there are many other factors to consider. What do you know how to do? Can you sell ? successfully? Can you deal with people ? successfully? Can you manage money ? successfully? How hard will you work? Can you handle rejection? How much money do you need to earn to get by? To live? To enjoy life?

In my 39 years of business, I have hired and trained thousands of salespeople, factory workers, office personnel, etc. All that has shown me that some people simply cannot do everything. They need to specialize.

Try to really determine what you can do ? and what you like to do.

You do not mention the type of business you had. If it involved selling ? on any level ? and the business failed, I would wonder why. Should you have left the business earlier? Was it not the ?right? business for you?

Your business failure was a failure only if you fail to learn from it. Use it as a stepping stone for making the next venture successful.

Real Estate Investing. You mention that you have acquired ?some? knowledge about the business. Doesn?t sound like you are ready to make any major decisions about the business. Would you want to trust your life with a heart surgeon who has acquired ?some? knowledge about his profession? Would you want to trust your family?s future to your having ?some? knowledge about the business?

One might succeed with no education, but I recommend getting a doctorate in every area of the business. Read everything you can find on real estate investing. Buy every course. Listen to every tape many times. Continue reading every post here. Much of it will be repetitious ? but, you need to hear it all again and again ? and, it will require cash investment. Become a ?student of? the authors ? not a ?follower of.?
Listen to them, sort out the information ? then, put it all together with the knowledge of your experience and qualifications.

Now, have I talked you out of doing this, yet? Are you having doubts? Are you thinking that I am making too big of a deal of all this? If so, I urge you to get a job. I think of how many times I have heard someone say, ?If I can?t get a job by the end of the month, I will get a real estate license.? Seems many people think a sales type profession is easy. Just jump in and begin making money. It rarely works that way.

Am I trying to discourage you? No. But, I am hoping you will realize the need to read, study, and learn. Realize that a large percentage of the people who begin in this business do not succeed. Yes, many do ? and some from the most impossible circumstances. There are many stories in every business of the miracles.
But, the majority fail.

They fail to plan. They fail to research. They fail to think. They print letterheads, business cards, etc. ? then, sit back waiting for the business to come to them. Doesn?t work that way.

Just remember ? you rarely get out of any venture more than you put in to it. Most businesses offering the rewards enjoyed by the successful real estate investor require education, long hours, dedication, and sacrifice. Not often can those be omitted.

If this business is a ?fit? for you and your needs, the answers to your questions will emerge thru your study and conversations with others. How soon that happens depends entirely upon you. You started ? now grab every bit of knowledge you find laying around.

Keep my email address. Let me know of your progress.


What is one of them … - Posted by DAvid Alexander

Posted by DAvid Alexander on November 11, 2000 at 10:04:33:


A Job… some kinda foriegn Language, to foriegn for me to understand.

David Alexander

Please Re-Think this! - Posted by Bud

Posted by Bud on November 10, 2000 at 22:10:21:

I’d find a good paying job first. Then I would slowly intruduce myself to REI. You need to think about your needs for next Friday before you worry about your long term.

Cruel as it may seem, it’s reality


Re: Please Re-Think this! - Posted by Robert (SD)

Posted by Robert (SD) on November 10, 2000 at 22:36:40:

People get into real estate investing so they don’t have to have a good-paying J-O-B. I always had the impression that quick flips and L/O’s can bring you a fast monthly positive cash flow. So shouldn’t he start now, and be able to have a cash flow next month?

Re: Please Re-Think this! - Posted by CATHY CROWE

Posted by CATHY CROWE on November 10, 2000 at 22:16:19:

Listen to Mr. B. He is a very wise man and gives great advice!!! I’ve known him personally for 8 years and he is the best!!!

Re: Please Re-Think this! - Posted by Carey_PA

Posted by Carey_PA on November 12, 2000 at 06:06:21:

I don’t think BUD didn’t tell him NOT to start now, he just gave him some advice on getting a J-O-B to cover todays BILLS…there’s no need why he can’t start NOW, but when you are new YOU SCREW UP! and sometimes screw ups don’t necessarily put money in your pocket, so if HE wants to pay the bills on friday he needs a PLAN for when he screws up…because YOU WILL screw up, everybody does it’s only natural…Learn from your screw ups though!

good luck