where do i start so i can decide where to start? - Posted by elena

Posted by Anne_ND on August 05, 2002 at 18:34:12:

Elena,

No offense, but your question is unanswerable in one post. Instead, you have this rich banquet of info before you (FOR FREE!!) in the form of the archives.
Your questions have been asked many times before, and there are some great answers hiding out there. I suggest you take about 6 weeks to wade through the info, then come back and ask some specific questions.

One reason I say this is that everyone’s market is different. What works in my city won’t work in yours. And the kind of investing that really excites me may not be the same that excites you.

So read the archives, start researching your market (i.e., go to open houses, talk to realtors, sellers and buyers, go to local REI groups) and then come back with some questions. The more specific the question, the more likely you are to get a number of good answers.

Good luck!

Anne

where do i start so i can decide where to start? - Posted by elena

Posted by elena on August 05, 2002 at 17:47:58:

OK all you gurus - I keep hearing that I need to “choose a strategy and master that” before going to another strategy. Is there anyone who has an overview of the various strategies, their pros and cons, and perhaps a hint of how and when to use them? When I go to an ice cream parlor with 21 flavors, I usually look at all 21 before I choose the one I want to buy. (I’m funny that way). Unfortunately, I haven’t seen that type of presentation in real estate so I can’t decide the best place for me to start given the type of market I’m in. (Hint to all you RE authors - I think this type of primer would be a good book!)I’ve purchased or borrowed 4-5 courses which are either too general or too specific and do not give me the guidance I need to get started. I also have an internet mentor (through a course) and don’t know emough to formulate intelligent questions. For example - I just discovered that people write series of letters to people facing foreclosure! Why, in all the courses I’ve done has that simple fact never been revealed?! How do you know which courses to buy? That’s my beef and my question all rolled into one. Thanks to whoever is willing to answer. I don’t think it’s a quick reply.

Start with yourself - Posted by Buck_GA

Posted by Buck_GA on August 06, 2002 at 07:49:08:

Elena,

You have received some excellent advice. Without taking from that advise, I would like to add something for you to also think about.

The first place you should probably look is at YOU. What do you want from REI? What do you NEED from REI to get what you WANT from REI?

What is your current situation?:
Are you employed?
How much cash reserve do you have?
How much credit?
How much are you earning?
How much are you receiving in benefits? – (health insurance from work,etc.)

Where do you want to be in 5-8 years?:
Do you want to replace your job income and benefits?
Do you plan to have a baby?
Do you sant to send baby to college?
How much time do you want to spend working real estate?

What steps do I need to get me there?:
How much Ready Reserve Cash do I need to accumulate?
How much time do I want to spend building it?
How much time do I want to take building up cash flow?
How much time do I have to spend on doing this?

These are just off-the-top-of-my-head questions. You will have to figure out what questions you need to ask yourself. Layout your plans for the future and list the timeframes you expect for each. Think about life’s little surprises and how they might effect things. (Two of my three little ones were surprises).

Now start comparing strategies against your list.

Does this strategy build cash reserve?
Does it build cash flow?
How much will it interfere with or help with my plans for baby?
Plans for work?
Available time I have to work it?
Money I have available?
Does the course fit my needs and my budget?

Now, which course is best for you to start with based on your resourses, your immediate needs and your future needs.

How long will you need to use it before adding a strategy or replacing it altogether?

You may wind up with a similar strategy to what I have:

  1. Build cash reserve
  2. Build cash flow
  3. Build long-term growth

Because of my resourses and education, I start with hybrid mix of strategies to build cash reserve and to start generating cash flow. Once my cash reserve is met, I will use my budget to begin buying additional investment courses. Also, after i have the cash reserve in place I will focus more of my investing towards generating monthly cash flow. As that reaches my goal, I move my focus to longer term investment gains. Eventually I will retire.

Hopefully, that will give you some guidelines by which YOU must judge the strategy(ies) you choose, what order you choose them and which course for which strategy to buy at what time.

Good luck

Buck

Thank you! - Posted by Elena

Posted by Elena on August 06, 2002 at 05:37:56:

You guys are great! I feel like I have some focus and can begin moving in some direction. There is so much information out there, it’s overwhelming and difficult to know where to begin. Thanks again.

Re: where do i start . - Posted by Scott

Posted by Scott on August 06, 2002 at 24:14:29:

Elena,
Read everything you can find here on these pages and just “DO IT”! Then, go and teach your best friend how to “DO IT”, for free. And when they come back and say “Thank You, thank you very much!!”, you will be so happy.
Scott (sj0305@bellsouth.net)

Ben Franklin Can Help! - Posted by $Cash$

Posted by $Cash$ on August 05, 2002 at 23:16:43:

Elena,

Glad to meet you.

So you can’t decide, sounds like you have a great curiosity about things, after checking them out, then decide what you want.

Well maybe my old friend Ben Franklin can help. In sales there is what they call the Ben Franklin Close or how to find out what you really interested in.

Here is how it works. Take a yellow pad and at the top of the pad write down one specific area of real estate investing. You will need to work through all the different types of investing, which you will be able to find on this board.

Let’s say you start out with Subject To’s. Write this down at the top of the yellow pad. Then draw a line down the middle of the pad. On one side of the pad write “Yes” on the other “No”. Now as you read what Subject To’s are all about write in either yes or no on what appeals or does not appeal to you. If there are more No’s than Yes’s go to the next area of investing such as Foreclosures, do the same thing again until you will reach a point were you sell yourself on what’s best for you.

Actually you are the only one that can decide what is right for you.

Since I have stock in yellow pads I thought this was a great idea to beef up the stock price.

$Cash$

Re: where do i start , - Posted by Al - So Cal

Posted by Al - So Cal on August 05, 2002 at 22:14:46:

You forget about all the flavors and go with Vanilla!
That means get into reality and look to yourself.
Its all - all - all about BUY LOW AND SELL HIGH! Learn your area and find a good deal-that means low- below market. If you cant figure it out from there youve got to get a job and be somebodys employee. Gosh I sound
obnoxious!

Re: where do i start - Posted by tony jackett

Posted by tony jackett on August 05, 2002 at 21:04:22:

It’s true. Start somewhere. Start now. Call a realtor and look for properties - just to get used to taling with people in the business. Do something NOW. It all comes down to taking action. You want to get into real estate with little money and little risk? Well, then you’ve got to do a LOT of leg work if you don’t have Capital! Lease Options and Legwork are a very good combination. Find a good lease option course and learn the whole process of lease option transactions. Everything thing else will fall into place.

Jackel

some ideas - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on August 05, 2002 at 20:26:31:

Elenea–(??)-----------------

I think you are progressing perfectly right. There are a few books that sort of survey the types of properties that one can buy for investing, but probably none that talks about all the different ways of doing real estate investing. There are way too many. You may, thus, have to read a lot of different books. As you do, try to imagine yourself doing what they recommend. Does it fit you? It use your talents? Do you think it might work where you live?

If you can, I suggest that you make a decision about long-term hold or quick-resale transaction investing as your main approach. Now, you can do both, but if you want to do one or the other, you can ignore the other approach for the time being. That cuts down a lot what you need to learn now, delaying it for the future.

I’d suggest that you take community college classes intended for those who plan to take the state real estate sales license exam. You don’t need to take the exam. I have a lot of other suggestions in my post for beginners which can be found at “beginners success” on this main bulletinboard of CREONLINE.COM or on the board2-Carleton Sheets forum.

Good InvestingRon Starr**

here ya go - Posted by waynepdx

Posted by waynepdx on August 05, 2002 at 19:29:51:

wooohoooo…that is quite a question…

Well there are tons of ways to acquire property.

CFD (contract for deed)

L/O (lease option)

Straight option

traditional purchase agreement

Subject 2 existing financing.

Rehabbing

Wholesale/Retail

begging

There are more but that is the gist of it.

Now go do a search on each one and find out the pros and cons of each one.

KEEP in mind that all of the cons of each one can be undone with an additional clause in the contract.

Now as for which courses to buy…

I support Ron Legrands course but not his forms…to use the correct forms you use Louis Browns forms.

Now keep in mind that people that say subject 2 provides anynimity is bs.

There is a fella in our RE group that is a whiz at subject 2’s and I have discussed in great detail with him about the protection they are supposed to provide.

Now the attorney’s have a asset database that when he went and did a couple of various searches, his business names popped up on every deal that he has done.

So Yes trusts do provide protection so as far as the lenders really havent caught on to them for the most part yet…but they do not provide as much anynimity as people think.

Does this mean I will never do a subject 2 deal…heck no…subject 2’s are where the money is at…and also risk…

I am in the process of working on count em 5 deals to take subject 2…

I wont take them all…I will flip 4 of them to other investors for say 5k as I am still learning about them.

And no I didnt buy any gurus material about subject 2’s…It only took me two years to learn all of the stuff that I could have learned in 1 day since I didnt want to pay 2-3k to someone to learn their info.

What an idiot I was…I could have been rolling in so much cash by now …(hold on I am kicking myself)