me… too!.. just started last week… im 51…and want a change also… so i put a deal together and here is how it went… betty owns a house next to my moms… vacant 8 yrs … garage is falling down… needs major roofing and siding windows… doors… it’s a wreck… but the neighborehood is in the 80k to 120k range… i said … betty if you will sign a contract with me to repair your home and sell it i will give you 40k contingent upon the sale of the home… it will take 20k to fix up… i will sell it @ 85k … pay betty her 40k and keep what is left after all is paid…$25,000.00 less final expenses…nice deal huh…?? I took this to a friend of mine that is a broker here in oklahoma … he thought i needed money… was interested and i said I don’t need your $ …I just wanted to bounce this idea off you…i’m not needing a partner… and he laughed and I think that is what swayed him to want to be partners with me… so now I am like a blood hound running here and there looking for fixer uppers and wants me to offer a 1 week turn around for there money… this is a God send for me as I am at the moment a computer tech … 29k per yr… you do the math… i now have a partner with clout… and my life is on the up and up and up and up … I woke up the next day and for the first time in my life… i felt secure about my future … can you say that… it is a wonderfull life. good luck … and remember … there are only 2 types of humans … the wishers and the wanters… what is it that you want…
I am totally new to the field. I want to know if I should find a real estate attorney in my area and introduce myself as a real estate investor (beginner), then go out and and try to find a property that can work for me. That way, if from the little I have learnt, I can make an offer, I will already have a professional who knows what I am doing and that can lead me through the rest of the process.
Re: Still not sure how to proceed.(Newbie) - Posted by gary thompson
Posted by gary thompson on February 27, 2003 at 22:58:54:
How you can get started in real estate investing in the next 28 days!
In order for you to get started in real estate investing, you definitely need a plan. Here, I have laid out a 28 day plan, that if you will follow, you too will be on your way to becoming a profitable real estate investor! For more information check out www.leaseoption.50megs.com. This is just a blueprint.
There is enough real estate information out there to sink a battleship. You need to focus all this information and turn it into action. You need persistent continuous action for your own personal wealth. Hang in there and follow the plan.
Days 1 to 7
Learn the mechanics of real estate deals. You want to be able to ?pencil out? a deal that is profitable to you! Learn what to say to people when you talk to them. You want to be able to convey all the benefits for working with YOU. This part is going to take a considerable amount of study. Get a good course that will lay down the ground work for your study. There?s nothing better than an organized way to learn something. You either need the discipline to do this yourself, or purchase it.
Days 8 - 14
After you?ve learned a few techniques of how to profit in real estate investing you must get down to the nitty-gritty contracts. Don?t be afraid of them because they?re called ?contracts?. Always refer to them as ?paperwork? or ?agreements? or ?forms?. There is a psychological advantage to this. You should practice filling out all the agreements that you plan to use.
Days 15 - 21
Step up your marketing. If you?re on a budget, you?ll need to be creative. Use fliers and signs to get the word out. Major newspapers (which will give you a great return) will have to wait, because they tend to be VERY expensive. If you can find your local thrifty paper, you?ll need to put your ad in that, and keep it there. When you use newspaper ads people, you will get plenty of calls.
Days 22 - 28
Start following up with the motivated sellers that call you! One of these motivated seller is going to like what you have to say. Congratulations! Your FIRST deal! You are now a real estate investor!
I have three posts of mine that I think are helpful. I found two of them. The missing one was about a month ago and was titled something like ?why it might take months ? It is about the sorts of things you mind find useful to know before you start.
Here are the other two:
General ideas on how to think about real estate investing, where to get education