Best Way To Start W/ Less Than A Shoestring?
Hello everybody I have been reading books and this web site and I am really eager to get started investing. I am 20 and in school (or i was but due to no $$$ I've been at home this year :-( ) I do not have the $$ for these expensive courses or I would probably use it to get back in school.
My biggest set back in my mind, other than the utter lack of support I'm recieving from my family , is that I cant seem to find a book with the forms and the step by step no fluff of it all. But then a few minutes ago while checkin out the bookstore online i read some mixed revies about a book on forclosures and I wondered if anyof you had read it : How to Make Money Buying Pre Foreclosure Properties Before They Hit the County Courthouse Steps: The Complete Guide to Finding and Buying Pre-Foreclosure Properties
I would appreciate any advice and responses this is my first post so I'm hoping I've done nothing wrong and also that I havent offended anyone by askin such a "newbie" question outside of the newbie forum...just seemed like a good place to start b/c this is proablably one of the more interesting investing topics I've started learning about.
Bless you all, and thanks in advance.
You are in Maryland. Steve Cook is the most "famous" and successful investor from that state, as far as I know, and I would contact him and look into his materials.
He is on this site. You should PM him Good luck
SIRREI,
Glad to meet you.
In your financial situation with little money you might find you will have to make up back payments on pre- foreclousures so I would suggest reading the book.
"How To Make More Money Buying Houses Just Before The Owner Goes Into Forerclosure." : "The Complete Guide To Finding Sellers Who Need Help Just Before Pre-Foreclosure Happens."
This way you can purchase the property with the change in your pocket.
John $Cash$ Locke
SIRREI,
I haven't read the book you mentioned. It looks like it was published in 1993, if that is the case, I would highly encourage other books. There's many newer books out there that might have better information.
I suggest to you read more, talk to more people in the business (realtors, loan brokers, title companies, recorder's office, other investors, real estate accountants and attorneys, etc.), and learn as much as you can. Many people will talk to you and give you invaluable information. There are many aspects of real estate and when you are new, it is difficult to do them all.
You want to get into foreclosures...great! However, you must REALLY understand real estate and local laws (and lender issues) to do so. Most great Realtors don't have the foggiest clue how to deal with a foreclosure. Why would it be easy for you to? It's not. (it's easy to learn, but not easy if you haven't learned)
So, learn all you can about real estate. I suggest finding a mentor to work with. The gurus out there will charge you A LOT for this, but it is probably worth the price. You just might be able to find a kind soul (in RE? haha) that will take you under his/her wing and let you kind of Intern with them and share some work and profit with you. Not very likely, but possible.
Since I'm not a Millionaire yet, and I like helping people, I'm actually willing to work with people to learn about real estate and make money. Too bad you don't live in Southern California.
Good luck. Learn Everything You Can! And remember that Real Estate is a LONG process, and NOT a Get Rich Quick scheme.
I've studyed RE for 8 years. Finally got off my butt 2 years ago and started buying houses. I now have earned 97K in real estate. And I close on 2 April with a foreclosure that I took over 2 months ago (27K profit...2 months of work....more like 10 hours of work).
Good Luck.[ Edited by sgtphilko on Date 03/30/2004 ]
First of all Thank You To Everyone For such quick responses!
Quick question:
Quote:
On 2004-03-30 19:53, JohnLocke wrote:
Glad to meet you.
In your financial situation with little money you might find you will have to make up back payments on pre- foreclousures so I would suggest reading the book.
"How To Make More Money Buying Houses Just Before The Owner Goes Into Forerclosure." : "The Complete Guide To Finding Sellers Who Need Help Just Before Pre-Foreclosure Happens."
This way you can purchase the property with the change in your pocket.
John $Cash$ Locke
Can you post who the authors of these books are...i did a quick yahoo search and came back w/ no results?
I will be back w/ a real thank you after I make dinner (dont want it to burn) folks get touchy when "you dont EVEN work and dinners not ready" yuck some days I cant wait to make one or two good deals so I can get out of this house and back to school and be independent again...But thanks again ttyal
sgtphilko,
Glad to meet you.
29 stumps I remember it well.
John $Cash$ Locke
SIRREI,
As soon as I write them you will be the first one to know.
Wait a minute I did write them only they have a different title.
John $Cash$ Locke
Quote:
On 2004-03-30 19:54, sgtphilko wrote:
SIRREI,
I haven't read the book you mentioned. It looks like it was published in 1993, if that is the case, I would highly encourage other books. There's many newer books out there that might have better information.
I suggest to you read more, talk to more people in the business (realtors, loan brokers, title companies, recorder's office, other investors, real estate accountants and attorneys, etc.), and learn as much as you can. Many people will talk to you and give you invaluable information. There are many aspects of real estate and when you are new, it is difficult to do them all.
You want to get into foreclosures...great! However, you must REALLY understand real estate and local laws (and lender issues) to do so. Most great Realtors don't have the foggiest clue how to deal with a foreclosure. Why would it be easy for you to? It's not. (it's easy to learn, but not easy if you haven't learned)
So, learn all you can about real estate. I suggest finding a mentor to work with. The gurus out there will charge you A LOT for this, but it is probably worth the price. You just might be able to find a kind soul (in RE? haha) that will take you under his/her wing and let you kind of Intern with them and share some work and profit with you. Not very likely, but possible.
Since I'm not a Millionaire yet, and I like helping people, I'm actually willing to work with people to learn about real estate and make money. Too bad you don't live in Southern California.
Good luck. Learn Everything You Can! And remember that Real Estate is a LONG process, and NOT a Get Rich Quick scheme.
I've studyed RE for 8 years. Finally got off my butt 2 years ago and started buying houses. I now have earned 97K in real estate. And I close on 2 April with a foreclosure that I took over 2 months ago (27K profit...2 months of work....more like 10 hours of work).
Good Luck.
<font size=-1>[ Edited by sgtphilko on Date 03/30/2004 ]</font>
Good post, it will encourage some people who have been doing more reading ,than doing, what it takes to make actual deals.
sirrei......... i have been reading this site for quite sometime now. if you are looking for a "guru", "foremost", "mentor", ect. he's aready talking to you. no, no not me. john locke. he's taking time to instruct you as to what you need to do next. i would listen to his every word. it's "golden wisdom." i have made many deals in the past and have considerable knowledge of realestate. but when john talks i stop and listen. ggod luck.... kenmax
I am unable to locate the book that John Locke recommends either on this site or at Amazon. Does anyone know who the author is and where it can be purchased? Thank you.
I believe the book doesn't exist, he was kidding around.
Yes, I've read the book. It's by Thomas J. Lucier who has written a number of books. There's a current edition which was published in 2002. As far as Pre-foreclosure books go, it's at best just average. My advice is to save your money. As JCL recommended, you should be dealing in transactions which don't require larger capital outlays.
sgtphilko,
Where in Southern California is the place called Twentynine Palms and what are you doing/ spacializing in this curious filed called CREI?
To find 29 Palms, simply open your window and follow the scent of Hawaiian Tropic mixed with Fixodent. Then look for a sea of bobbing white heads as the geriatrics wander of into their slightly lower priced desert paradise northeast of Palm Springs on Hwy 62.
sirrei,
great to see another young newbie out there like me. I myself am only 23. The advise I can lend as a newbie myself is to get out there and find some mentors. See if there is a local REI club. The people in these groups are gonna be able to give you some really good direction, since they probably have a good grasp on what your local real estate laws are. If you are looking for some pre-foreclosures, all you have to do is go to the courthouse (or online if they keep records online) and ask the county clerk for a "lis pendens" list. These are all the properties that have litigation pending on them, i.e. are getting ready to go through the foreclosure process. But like some others said on here, you will need some capital depending on your strategy. Have you thought about short sales? I think this may be a good way to go for you.
Just my two cents as a newbie. Hope this helps.
p.s. I'm also a mortgage broker, which has helped tremendously in understanding REI.
There is an obvious source of info that is being overlooked here. It's your local library. You'd be surprised at how many real estate books they have (I was). Best of all it fits anyone's budget...FREE.
Read all these free books and all the online sites before you spend $1 on any other bootcamps/courses/books etc. You'll be miles ahead of most newbie investors.
Rup,
AWESOME description of 29 Palms! But you forgot to mention the crackheads and parolees! haha
Despite all that, I love investing in this area, because NO BODY else wants to.
Phil [ Edited by sgtphilko on Date 03/31/2004 ]
I was in a similar situation when I first started investing. If you are interested in real estate investing and pre-foreclosures/foreclosures in particular then you really will want to educate yourself as much as possible. I had a mentor when I first started but unfortunately he could not hold my hand all of the time so I had to jump in to the fire if you will and learn from experience. I also read a few books that helped me out. If have not read the above mentioned book but anything that you can get you hands on should be helpful in the beginning. In addition to the book you are speaking of you may want to read Making Money with Short Sales and the Short Sale Primer. Good Luck and happy investing.
John Locke wrote:
"How To Make More Money Buying Houses Just Before The Owner Goes Into Forerclosure." : "The Complete Guide To Finding Sellers Who Need Help Just Before Pre-Foreclosure Happens."
To shorten the verbiage, what he stated would be equivalent to a birddog book/course as well as a sub2 book/course.
And as he already told you, he's authored both types of courses.....
just do a little research and you'll find what you're looking for.
Hope this helps.
[addsig]
Having described yourself as tap city, your family is non supportive, you are not now in school and in essence have hit a great flat spot in your career. The solution, very simple.
Hie yourself down to the nearest Real Estate Office and say to the Broker. "Hi thar exploiture of the poor and defranchised. I will work for you one month for free! I will sweep, clean and answer the phone. I will wear a suit and tie and learn to nod my head knowingly.
At the end of that period of time, if I have proved my value you will employe me at the usual cost of $5 an hour. (That ought to get him) you will impound those sums and buy me the Text Book to Pass the Real Estate License. You will instruct me in this massive intellectual pursuit and upon my passing the license you will employ me at the usual 20/80 split.
I will then function in that capacity until I make a commission or two at which time I shall probably ask for a more reasonable split. Like 50/50. I will work as your personal assistant, help run the office, sweep floors and entertain the children of clients.
Within a period of five years I will either buy you out or open my own company and begin the other side of the coin. Invest in Real Estate Opportunities.
This is what you are prepared and educated to do. Now do it. Do not pass go do not collect the $200.
Cheers Lucius Calif REB lic. 43498 8-)