Where To Begin?
Frustrated Newbie here looking for a comprehensive and specific, easy to understand "How to," book: How to network, get financing, handle the legal details, find the under-market properties, etc. I have found that most of the literature I read is very general, very motivating but doesn't lay out a specific plan to get to the first deal. Would greatly appreciate any suggestions for the pros.
Firstly no 2 deals are the same. Thats why they overwhelm you with the information. If you are just starting out you may want to Bird dog to another investor and learn the ropes. There are a lot of ways to find the properties, most are covered in the free articles, and posts here. Once you find an area or range of property you would like to get going with, then you should find a person in your area that will pay a bird dog fee to you , and/or walk you through the closing. As far as which book, it really depends on what exactly you would like to do. Try reading about "Subject To" , "Foreclosures" ,or "Wholesaling" "Bird Dog" in the articles section.
You can do the search for those words in the search bar at the top of this page. Get a sampling of the authors style, if you like it, go to the shopping tab and buy his/her books. Once you get a good grip on which field you would like to prosper in, and you feel like you need more info, try going to one of the conventions or seminars.
Hope that helps,
Kyle
Purchase Ron Legrands course on this
site: Go to "shop" and then "Consignment"
Dont worry right now about the legal ramifications such as a LLC, S-Corp, etc.
Too many newbies get caught up in all that stuff. Worry about finding your first
deal first. I have a friend of mine who has literally bought and sold over 1000
houses. He never set up a corporation or anything like that. He uses a one page trust agreement and buys every property in the name of his trust using himself as the trustee and beneficiary.
The trustee by the way is located at a
P.O. Box out of state. I am not saying to
operate like this, but for sake of arguement concentrate first on learning
about real-estate and finding that first deal. Remember the 5 things when
buying a house to buy and sell:
-Purchase price
-Acquistion cost
-Rehab Cost
-Carrying cost x 6 mos
-Sales Cost x 9-10%.
My other advice for you is to read read read every day on this site for an hour.
Best Riches,
Jeffrey Adam
[addsig]