FLIPPING AND LONG-TERM INVESTMENT PROPERTY FAQ'S
There are so many courses out and so many books etc. on flipping and investing in properties such as apartments and some of them can be very expensive... some in the thousands of dollars. In addition, it seems as if most of these systems have a lot of information but often leave a lot out such as contracts, asset protection, etc. Has anyone had success with anything in particular. Any suggestions??
You can be sucessful in anything you do well. Start first with your education. I recommend reading all of Robert Kiyosaki's books and those in his advisor series. Start first with Rich Dad Poor Dad and Cashflow Quadrant. Robert does a good job to help expand your reality and modivate you. There is not a lot of specific techniques in his books. That is not the purpose. His purpose is to give you general education and ideas befefitial to everyone. You can then take this and start learning your niche. Then just take action, make mistakes, then learn from them!
GOOD LUCK
I have read all the rich dad series including the advisor series multiple times. In fact I have them all on CD so that I can listen while driving, lunch, breaks etc… I am now to the point I need to establish the niche. And while there is an abundance of information out there ( which is great) it can be a little overwhelming, I was just hoping that someone might have some experiences they may want to share for guidance. Thanks
What are your goals? Are you looking for something you can do day-to day to create cash? Are you looking for long term montly cash flow? Do you like the idea of dealing with tenants? Do you have skills to repair/fix things?
Hi!
What do you have the stomach for. Can you handle being a landlord and getting calls about the garage doors that they broke from stupidity? (Because I just finished fixing one) Do you like to rehab? Are you well connected in the Home Depot arena?
Do you want to do foreclosures and "help" people ...the same people who by the way are mad at the world .( You success there depends on your timing and finesse.
Do you want to buy preconstruction luxury condos and sell the option before you ever take possession.
There must be something inside that tells you,"Hey, I could do that" and then go for it. It may take some steps doing less risky investments before you find the courage and the right connections to find a great deal.
Hope that helps...I am currently a landlord who is closing on my first rehab (Yikes). Step by step...
To give you a background on myself, I have been focusing primarily on SFD Residential properties. I have targeted properties in which the landlords have had problems getting tenants. I them pitch them the lease option, and during the term of the lease I find a buyer to sell to. Then I would go forward with the double closing.
I have found that it may be just as easy to acquire multiple housing units, using similar methods. I have just had experiences where most of the courses available skim over the most important parts (contracts, escrow, processes) whether it pertains to multiple or single family homes.
Rich Dad no doubt that must be one good book just about every investor ive talked to started with that book
It is a great book I highly recommend it.
BethE: "buy preconstruction luxury condos and sell the option before you ever take possession" sound like my kind of thing. If you have the time, would love a private e-mail about your methods for getting into that niche and making it work.
most new investors i know personally have started by wholesaling (matching seller and buyer and taking money from the middle of the transaction). before i got into that, i got a call from a lady who wanted my help, she's being foreclosed on very soon, so i switched my M.O. to short sale man. i guess i'll have to wear many hats in the beginning - i feel better that way anyway. i've always been more of a jack of all trades (master of NONE).
the reason i mentioned that is because you may start to advertise for 1 thing and find another thing - in other words, business my select your niche for you.[ Edited by jackman on Date 11/12/2003 ]
Why hasn't anyone mentioned LeGrand? Your lease option way of investing is parallel to his lease option module, so you would probably understand his wholesale module immediately. The cash flow systems by Ron have been our blueprint for success and have worked wonderfully...
There are many good courses out there, it just sounds like this is a good fit for you...
hope this helps,
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