Can anyone give me any advise on the best way to make money fast in this business? I don't have alot of cash to start; around 2-3k. Is this enough to get going?? If so, in what area??
There is no way to make quick cash anywhere...at least in legal ways. However some are quicker than others. You must change your way of thinking before you approach REI. If you are only seeing $$ you will soon miss something and lose your shirt. Study as much as you can and figure out what seems to fit you specifically.
Some years ago I bought a house on a double lot. The two lots were legal lots side by side. The house was on one of the lots and the other lot was used to store odd and interesting items which some people might describe as junk.
The neighbors on either side of the property did not speak to the owner in view of this rather interesting junk accumulation. He suffered from an afliction that can only be described as a bad attack of "Sanford and Sons."
I bought the property and had four large containers remove all of the junk. Yes it was a pretty sight when everything was gone and once more the lovely brown earth laid there fully exposed to view. Some of the neighbors even smiled at me as the last of the containers left.
My next move was to sell the house and by clever painting and fixing up. A new Chimney to replace the iron stack that used to raise like a hand up to heaven. The front door was new and a delightful color of new pine with a slight glazed effect. The broken windows were replaced and the house began to smile.
I was able to sell the house for what I paid for it and, the best part. I deducted the lot. I kept the lot. Yes I am attracted to simple brown dirt.
After a period of six months I then sold the lot and made a very nice profit. Of course I lost the profit in the stock market invested in some company known as www.World.com. I was attracted by the name. Seem'd to have a good solid sound.
I see this question, or something along the same vein, all the time on this website. No matter what the context of the question, it drips with the "get rich quick "attitude: "I don't want to invest the time, I just want the answer and I want it now."
So if you HAD invested the time already, you would already know there are several options available that involve very little money. I am not going to list them here. Instead I think you should spend 1 to 2 hours a day for 30 days reading the old threads on this website.
Find an owner willing to sell below FMV, have him/her sign a contract giving you the option to buy the home and sell it. All you do then is put an ad in the paper for $299/month and sell the home at FMV. simply enough and you can make a pretty penny. easy no?
edit: just wanted to make sure you structure the deal legally...if you do it wrong and try to sell the home you will be construed as a realor (you cannot sell a home you do not own). the purpose of the option is to allow you to do a double closing. you buy from seller at low price, you sell to buyer at higher price, you walk away from closing with difference. [ Edited by riot8ap on Date 03/17/2004 ]
Thanks riot8ap and Bruce for your feedback. I've been reading alot of the threads here, and there is so much great info. I guess I just have to choose my niche market. All I was asking was for feedback of RE investors already in a certain niche, like forclosures, flipping, etc. Some believe in a certain areas than others, just wanted to have some direction, that's all.
Alvinpapa, you just have to find what you like by searching through the forums and finding out more about everything.
After I've gone through everything and studied as much as I can on here and in other places I've found that Lease/Optioning is for me.
So I purchased Ron Legrand's course and I'm learning more and more, and it gets more amazing everyday. If you think you need a lot of money you don't, but you definitely will not "make money fast". It takes work. It's building a business.
I hope this guides you into the right direction.
Search through the forums, learn about all of your options and see what interests you. I recommend you take a look at Lease/Options. There's almost no risk, very little money needed (you'll need to advertise and generate leads), and great potential rewards.
There is no way to make quick cash anywhere...at least in legal ways. However some are quicker than others. You must change your way of thinking before you approach REI. If you are only seeing $$ you will soon miss something and lose your shirt. Study as much as you can and figure out what seems to fit you specifically.
Yes, I know there's no get rich quick in anything. But I know once I've found my niche in REI, as with anything, I will grow quickly.
Do you have any suggestions on where to start, besides reading and posting through all the forums? Such as additional books or courses to take?
Thanks for your feedback,
Alvin
Some years ago I bought a house on a double lot. The two lots were legal lots side by side. The house was on one of the lots and the other lot was used to store odd and interesting items which some people might describe as junk.
The neighbors on either side of the property did not speak to the owner in view of this rather interesting junk accumulation. He suffered from an afliction that can only be described as a bad attack of "Sanford and Sons."
I bought the property and had four large containers remove all of the junk. Yes it was a pretty sight when everything was gone and once more the lovely brown earth laid there fully exposed to view. Some of the neighbors even smiled at me as the last of the containers left.
My next move was to sell the house and by clever painting and fixing up. A new Chimney to replace the iron stack that used to raise like a hand up to heaven. The front door was new and a delightful color of new pine with a slight glazed effect. The broken windows were replaced and the house began to smile.
I was able to sell the house for what I paid for it and, the best part. I deducted the lot. I kept the lot. Yes I am attracted to simple brown dirt.
After a period of six months I then sold the lot and made a very nice profit. Of course I lost the profit in the stock market invested in some company known as www.World.com. I was attracted by the name. Seem'd to have a good solid sound.
Lucius
Hey,
I see this question, or something along the same vein, all the time on this website. No matter what the context of the question, it drips with the "get rich quick "attitude: "I don't want to invest the time, I just want the answer and I want it now."
So if you HAD invested the time already, you would already know there are several options available that involve very little money. I am not going to list them here. Instead I think you should spend 1 to 2 hours a day for 30 days reading the old threads on this website.
Is that TOO MUCH to ask to make yourself rich????
Find an owner willing to sell below FMV, have him/her sign a contract giving you the option to buy the home and sell it. All you do then is put an ad in the paper for $299/month and sell the home at FMV. simply enough and you can make a pretty penny. easy no?
edit: just wanted to make sure you structure the deal legally...if you do it wrong and try to sell the home you will be construed as a realor (you cannot sell a home you do not own). the purpose of the option is to allow you to do a double closing. you buy from seller at low price, you sell to buyer at higher price, you walk away from closing with difference. [ Edited by riot8ap on Date 03/17/2004 ]
Thanks riot8ap and Bruce for your feedback. I've been reading alot of the threads here, and there is so much great info. I guess I just have to choose my niche market. All I was asking was for feedback of RE investors already in a certain niche, like forclosures, flipping, etc. Some believe in a certain areas than others, just wanted to have some direction, that's all.
Alvinpapa, you just have to find what you like by searching through the forums and finding out more about everything.
After I've gone through everything and studied as much as I can on here and in other places I've found that Lease/Optioning is for me.
So I purchased Ron Legrand's course and I'm learning more and more, and it gets more amazing everyday. If you think you need a lot of money you don't, but you definitely will not "make money fast". It takes work. It's building a business.
I hope this guides you into the right direction.
Search through the forums, learn about all of your options and see what interests you. I recommend you take a look at Lease/Options. There's almost no risk, very little money needed (you'll need to advertise and generate leads), and great potential rewards.
Good luck.
One more thing that'll make a HUGE difference for you...
If you're interested in making money, you need to change your outlook on everything.
Read Robert Kiyosaki's Rich Dad, Poor Dad if you already haven't. That should actually be your first step.