Getting Started
Hello....My partner and I are getting started in Real Estate. We are reading a few books and I am reading all I can on this site.
What i want to do is ask this question....Looking back, tell me what you wish someone would have told you when you were going into this business.
This is ALL new to me. I am really interested in getting into a niche that would allow us to build some cash in the bank with little or no money out of our own pockets. I guess that is why subject to seems so appealing to me.
Thanks in advance for any input.
John
Well, people told me this all the time when I was getting started, but I didn't really take it to heart until a while later. This is a numbers game. You have to work the numbers to be successfull. As my local REI guru always says, there are only two things you have to do to be successfull in this business: see alot of houses and make alot of offers.
Well since you posted this in the Sub2 section I take it you are interested in Sub2.
Well I wish 20 years ago there had been John Lockes traning programs. It would have saved me a lot of time and mistakes.
Mike
Looks like you are in the middle of nowhere. Do they have houses there in Thicket with runing water and indoor toilets. Just trying to be funny. The best advice I can offer is to find sellers who need to sell and are willing to sell at a discount. Any one almost can buy at retail and hope it goes up in value. Make a great deal buying and you can hardly go wrong. Buy when times are bad and prices are cheap. One lady asked me why are you buying houses when they are giving them away. That was the reason because I was buying with 0 down and taking over their loans sub 2. I bought 40 that way but bought too early and had to hold over 5 years and could not keep them finally. Timing is the key too, I am available as a mentor too if you need help getting started.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Your early career in RE is the most vulnerable since risks are spread over 1 or 2 properties. I would say that you should be sure your purchases give you positive cash flow and when you structure them, be sure that they are structured so you can very likely hold them indefinitely. You don't want any notes at 13% with two year balloon, etc.
Thanks all for your insight. I guess it is just that unknown of getting a good deal on a property and not being able to rent it that scares me. I do not have a lot of free cash to throw around right now. I just know that I want to make this work so I can turn it into full time and get out of a dead end job.
Thanks again and keep the ideas coming.
John