Why I am afraid - Posted by Sam

Posted by anonymous on June 01, 2001 at 15:21:24:

If your fear comes from lack of knowledge in a certain area, educate yourself. Fear exists for a purpose, to keep you from getting hurt. Paralyzing, unreasoning fear serves no purpose at all, and should be done away with, but plunging ahead recklessly can get you hurt worse than even your worst nightmare. It’s not the good things in life that you miss that hurt you, it’s the bad ones you get hold of.

Why I am afraid - Posted by Sam

Posted by Sam on May 31, 2001 at 19:04:01:

I am afraid to go into the REI business simply because I have some worries. Can anyone give me soem advice. Here are some of my worries.

  1. What if I buy a property and resell it, but no one buys it and I am stuck with the mortgage and the property for a long time? I am low on money and can’t afford this scenerio to happen to me. Do houses get bought fast as soon as they are listed?

  2. I only have $2,000, what do you suggest I do first?

  3. I have no credit, how can I build some fast?

  • Sam

Re: Why I am afraid - Posted by Rhonda

Posted by Rhonda on June 01, 2001 at 16:02:34:

Hi Sam
I understand your concern (fear)completely.I’m a “newbie” at REI and about to do my first Lease Option on my personal residence. I believe that knowledge is power…think about it, it really is!Here’s my two cents worth:
Buy a Real Estate Investing book or course and study it.Make notes, jot down questions and then ask them on boards like this one. I bought a C. Sheets course and it is a good basic course to use as a starting point. If you can’t afford a course, buy a book. There is so much information on the internet and much of it is free. I am disabled so I spend hours a day on the internet doing research. If you are interested, I can send you the links to some websites dealing with real estate investing. Just e-mail me personally. I have 7-8 real estate investing chats and discussion boards I go to. I hope this helps. Educate yourself, ask questions, and use the people on this board. They have a lot of knowledge and they don’t mind helping. Good luck to you.

Re: What to do - Posted by Pam WA

Posted by Pam WA on May 31, 2001 at 23:39:37:

I haven’t done a lot of this but see if this makes sense.

  1. Network with investors in your area. If you absolutely can not afford to hold property, look for rehab property to sell to other investors rather than holding yourself. This is called “bird-dogging”. Get the control, not the ownership. Yes, some of the courses will explain how to write a contract to give you the right to resell and make a profit without closing yourself.
    No, houses do not always resell immediately even if they are at a reasonable prices, you offer terms, etc. You could consider Lonnie deals but you still may have to hold for a while.
  2. If you want credibility (my opinion) you had better be prepared to make an ernest money deposit. $2000 is more than you need for that. Remember you are looking to resell before you close, or simultaneous closing.
  3. Check archives for advice on improving credit.

Remember, maybe only one of 20, 30, 40 or 50 deals will be one you can make money on. Do the homework, find a mentor if you can (locally), and ask more questions here when you get more specifics on deals.
Good luck!
Pam WA

Re: Why I am afraid - Posted by dust

Posted by dust on May 31, 2001 at 19:43:49:

Buy a course, follow the plan & you will be on your way!!!

Re: Why I am afraid - Posted by kris

Posted by kris on June 20, 2001 at 20:05:30:

Rhonda, can you please email me the real estate investment websites you visit? I would interested in visiting them myself! Thanks!