I sincerely hope you don't take this as offensive as it isn't meant to be. However, if this is truely a passion of yours, why would you not take recomendations on books to read? When I am passionate about things, I want any and all material related to that subject in my posession.
As a computer programmer, I take advice on books constantly and read articles all the time about how to be a good programmer. Because of that passion for programming, I'm ranked in the top 1% of all developers in the world.
I am just starting in the real-estate market. It _IS_ easy to do, but takes some careful decision making and some solid research (reading books, articles, websites etc) to make you a GREAT REI.
I would highly recommend you take an REI course and look at some of the learning items for sale in the shop here. You can gain advice from people here on specific topics if you need help, but you'll rarely find someone who will walk you through a step-by-step instruction on how to get started and succeed -- mostly because there are plenty of books that do this already and rather effectively.
I hope this wasn't taken poorly. I do not mean to belittle you at all. Everyone who gets started int his business get's excited because they hear of the profits to be made. But with all the profits to be made, there is a lot to be learned on how to maximize profits and how to avoid mistakes that a lot of folks here have made already.
Hang in there. Read a lot, study a lot. Then come ask some specific questions here and I'm sure you'll get some answers you are looking for.
I'm going to build on the previous post and say what TTitus was too polite to say. You want to get started in REI but you want someone to take your hand and show you every little step to do? I think you'll be looking for the next 50 years for that person. Frankly it doesn't sound like you have anything to offer some investor who has "infinite wisdom". People always hear stories how somebody got rich real estate investing. It's funny how you never hear how hard that person had to work to build that fortune. There's one element common to all real estate investors. It's called determination. If you want someone to just "tell you what to do" you're not going to get very far at all. Pick up some books and learn, or pay for a course and learn. Take your pick. Sorry to rant, but you're not going to get anywhere if you aren't willing to put in the time and effort it takes to be a successful REI.
In response to RJS9352's response, I am not looking for someone to take my hand. I have read up on this, and I have even attended a few workshops and seminars. But everybody wants to sell you something in the end. And that is not what I am looking for. I am looking for knowledge. That's it. I am not trying to make them richer. I know that there are people who can offer me some good insight on how to get started in REI. Apparently, you aren't one those people. You are willing to call yourself, "get me straight," but there was no beneficial information in your post. You didn't answer any of my questions, nor did you address any of my concerns. So again, I pose the same question, if there is anyone reading this whom has some positive information to share, I would love to hear from you. Thanks.
I think you missed Titus and rjs's point. Investors help each other out because the relationship is mutually beneficial. It is highly unlikely that you will find a mentor without bringing something to the table. They suggested you read up on the forum and study some RE books, which is very sound advice.
In response to your original post, the local courthouse will have foreclosure listings that you can review for free. You can also check out web sites like http://www.realtytrec.com or http://www.foreclosure.com. Both charge a monthly fee but may save you a lot of time looking through records.
Yes, there are many private investors out there that make a living off loaning money to investors. Typically, you can find funding through a hard money loan. They typically offer you up to 65% of the after repair value, and charge 4-8 points and 18% interest. It is the most expensive money you can obtain, but their funding requirements are minimal.
Your biggest problem will be a lack of money. I've typically found that foreclosures require more money invested than other CREI methods. At the very least, you will new a few dollars to pay for repairs until they are reimbursed from escrow. You will also need enough cash to pay the interest only payments on the hard money loan if you take one. I dumped about 17K into the foreclosure I purchased and rehabbed.
Oh, you have the right to ignore everything I've said above, considering I'm not rich and all. If you ask John Locke, I'm sure he can provide you with Carleton Sheet's personal cell number. They are very close friends and have the utmost respect for each other! He should be able to provide some rich people advice.
-Chris
_________________
Live long and be profitable!
[ Edited by c-brainard on Date 03/02/2004 ][ Edited by c-brainard on Date 03/02/2004 ]
Mrs. Jones:
Don't get caught up in just the prefore-
closures. There is a goldmine in your backyard. You could go after the "absentee" owners in your area and land some great deals.
I would recommend you round up a couple hundred bucks and buy the Ron
Legrand program on this site. Go to "shop" and click on "consignment".
This course use to retail for $12k. It is at
a liquidated price. This will give you a good foundation.
If you wanted to be a dentist, you would go to school, right? Well the same goes for real-estate investing. Most investors I know make 2-3 times more than my dentist!
Be realistic no one is going to hand you a plate of money. I and most of the investors on this board have worked hard to get where we are. REI is not a get rich quick proposition many of the guru's aspouse. Get involved with your local REI club you can find other investors/hml's there who lend money to other investors. Start by birddogging for other investors to get some start up money.
as a newbie myself it is tough, my response is start small and get more complicated as you go. be careful, do your research and you cant go wrong. like yourself when i first started i wasnt wanting all the answers handed to me... just a few select ones. it all depends on what your looking for and where your looking. me my primary interst lies in tax liens and in the slow steady (but nice) intrest it can provide with the possiblilty of snagging a property along the way. my advice is to figure out exactly what you want is and become an expert in it then after your more then compitent in it.... expanding into other fields and areas. with me... ohio tax liens first... then after months/years...some other state.
fljones,
You may not need as much knowledge as you think. Your husband already has contractor knowledge so you might offer to partner with someone who has money but doesn't do rehab work and split profits. My preference would be bank owned properties rather than chasing foreclosures. Most of these are represented by real estate agents and there are many that need rehab work. Doing a few of these might get you started and give you cash to do other things.
Quote:
On 2004-03-02 15:46, fljones wrote:
I am 30 years old ,and I want to invest in foreclosure homes. I would like to purchase the homes and resell the houses at market value. I also would like to purchase "fixer uppers." My husbancd is a contractor, so that would not be alot of out of pocket money for repairs. Where do you find foreclosed properties, free? I do not know where to start. As I stated I have no money to start. I have seen ads in my local newspaper where investors are advertising that you can start investing with their money. It just sounds too good to be true. I do not know who to trust. This is a great passion of mine and my husband. We have two small children that we would like to be able to put through college one day with no struggle. We are young and know that this is the best time to get started. Would someone please offer me some insight on the real estate game? Not a book that I need to read, or a website. I want some real advice. I know that their are some rich people who have all of the know how. Please just share it with someone else. Let's be rich together. There is more than enough money to go around. Help, please?
If the main problem is money, then start there. Try to get a Home Equity Line of Credit on your home. Try to get an unsecured line of credit. Apply for a hard money loan.
These are the things that everyone with a dream of becoming a REI had to do.
You can find foreclosures free on the HUD website.
If you see ads, why didn't you call?
The RICH PEOPLE had to do the same things. There are books, seminars, RE clubs, REI meetings, ect. unless you get out and network with people. There is enough money but I don't just go outside and through it away to every person that SAYS they want to be a REI.
This is a very time consuming business and people get paid a lot of money to teach this business.
I have seen seven people who were in the "market" to do this business beginning 01/01/2004. They all went back to their old jobs. There is not an answer to your question. Every area has a different market. You can get "pieces" of information from people on this site, then you need to decide what to do with them. There is no get rich scheme in any job. If there is I'll bet it's illegal
You are lucky, you get to start with an edge. Your husband, no no not just a good husband but the magic status. A Contractor ! Do you know how great that is?
Now the variables. Is he a General Contractor? Is he licensed? Does he hold multiple licenses. You know, like Plumber, Electrician or the ever popular Carpenter? Obviously from your young age of 30 he must also be young and how experienced is he and what type of contracting has he done? Can he take a set of plans and get a permit? Can he design a small standard building that real humans can live in without bumping sholders every time you walk down a hall? Has he a real feel for his work and, here it comes, does he enjoy it?
Ok thats the first part. now the second part.
Are you, the wife and mother, also capable of going out on a job site and lending a hand? No no not necessary to know a 8 penny from a 10 penny. But can you run for materials? Can you handle an idiot architect who tries to design and fails to create habitation? Can you help with the records and time lines. Can you smile when some bitchy no nothing client demands you change a chimny from one side of the house to the other.Yes, of course it has been finished for about a week. In other words can you smile when every instinct tells you to shoot?
Next part. Where in the world are you? What is the real estate market doing? Estimate to me the increase in market price of your average single family housie, no not the True Market Price but the top of the little spurt that has (I hope) just ended? What do you hear among those who want houses? Are they grumbling cause everything has gone so high that to buy a house they would have to spend half of their monthly income just making the payments? Can you "feel the market?"
Answer all of the above and Private Message me. No do not post it cause you will be deluged with comments all of them excellent and timly, but you are embarking on a quest for the holy grail. Also your private life and inner thoughts will be exposed to many that have gone thru it, Lori who is massaging Hud will give you one story. But it is only applicable to her. Jeff will give you the true scoop but his approach is right on and fast. Ed, oh god he knows a good investment and sites on it direct. Me, I am curious to see if your dedication can survice the many slings and arrows to which you will be subject.
With this information and the Weedge Board, my secret dice without which I make no property selections. I will try to select something in the field of real estate investing that you can begin and finish. In spite of the children who demand and deserve your attention. In spite of the lack of capital.
Can it be done? Of course. Are the times ripe? No, they never are. Will it be fun? Well if you like to laugh and cry, yes. And, a Biggy, if you can see the humor in the many situations that will occur and not cry when you make a booboo. Like the one I made yesterday and the correction of which will take me at least a weeks work.
I master leased 22 lots a day ago and guess what the Preliminary Title Report did not pick up a small little lien, yeah small. like $800,000 IRS. The funny thing is that the property owner did not know it either. Do you think he was just not telling me? Ah well. Now I have to play withthe IRS. I have to start an Offer In Compromise, and follow that up with a bargaining to release a lot on small payment, then another lot on small payment. Etc. etc. really a drag, I mean you have to be pretty dumb to get caught on this one. Well I did. Lets see I have been playing in the dirt since 1954.
Remember I told you that it is important to be able to have a sense of humor?
Grrrrrrr. Ah Noh Baca (aka Stupid) Lucius
<IMG SRC="images/forum/smilies/icon_cool.gif"> <IMG SRC="images/forum/smilies/icon_cool.gif"> <IMG SRC="images/forum/smilies/icon_cool.gif"> <IMG SRC="images/forum/smilies/icon_cool.gif"> <IMG SRC="images/forum/smilies/icon_cool.gif"> [ Edited by Lufos on Date 03/06/2004 ]
I would also suggest looking for a real estate investors club in your area. By going there, you will find just about all the conections you will need in your area. You may even find a mentor willing to work with you for a fraction of the price the guru's are asking. Good luck to you.
Quote:
On 2004-03-06 09:51, kimmyjack wrote:
I would also suggest looking for a real estate investors club in your area. By going there, you will find just about all the conections you will need in your area. You may even find a mentor willing to work with you for a fraction of the price the guru's are asking. Good luck to you.
hi, im ferdinand a newbee and first timer to this forum. ive been reading through this forum for the past three hours and this is the best input and advise ive ever seen so far, thanks for pointing me to the right direction and to your unselfish advise.
"can anybody tell me how to find a REI Club in the San Diego, California area please" again, thank you for any input.
This site has a great resource to help you find an investor group in your area.
Go to the Groups section and click on California to find a listing of REI groups that service your area (I skimmed the list and noticed at least two for your area).
I sincerely hope you don't take this as offensive as it isn't meant to be. However, if this is truely a passion of yours, why would you not take recomendations on books to read? When I am passionate about things, I want any and all material related to that subject in my posession.
As a computer programmer, I take advice on books constantly and read articles all the time about how to be a good programmer. Because of that passion for programming, I'm ranked in the top 1% of all developers in the world.
I am just starting in the real-estate market. It _IS_ easy to do, but takes some careful decision making and some solid research (reading books, articles, websites etc) to make you a GREAT REI.
I would highly recommend you take an REI course and look at some of the learning items for sale in the shop here. You can gain advice from people here on specific topics if you need help, but you'll rarely find someone who will walk you through a step-by-step instruction on how to get started and succeed -- mostly because there are plenty of books that do this already and rather effectively.
I hope this wasn't taken poorly. I do not mean to belittle you at all. Everyone who gets started int his business get's excited because they hear of the profits to be made. But with all the profits to be made, there is a lot to be learned on how to maximize profits and how to avoid mistakes that a lot of folks here have made already.
Hang in there. Read a lot, study a lot. Then come ask some specific questions here and I'm sure you'll get some answers you are looking for.
I'm going to build on the previous post and say what TTitus was too polite to say. You want to get started in REI but you want someone to take your hand and show you every little step to do? I think you'll be looking for the next 50 years for that person. Frankly it doesn't sound like you have anything to offer some investor who has "infinite wisdom". People always hear stories how somebody got rich real estate investing. It's funny how you never hear how hard that person had to work to build that fortune. There's one element common to all real estate investors. It's called determination. If you want someone to just "tell you what to do" you're not going to get very far at all. Pick up some books and learn, or pay for a course and learn. Take your pick. Sorry to rant, but you're not going to get anywhere if you aren't willing to put in the time and effort it takes to be a successful REI.
Ryan J. Schnabel
In response to RJS9352's response, I am not looking for someone to take my hand. I have read up on this, and I have even attended a few workshops and seminars. But everybody wants to sell you something in the end. And that is not what I am looking for. I am looking for knowledge. That's it. I am not trying to make them richer. I know that there are people who can offer me some good insight on how to get started in REI. Apparently, you aren't one those people. You are willing to call yourself, "get me straight," but there was no beneficial information in your post. You didn't answer any of my questions, nor did you address any of my concerns. So again, I pose the same question, if there is anyone reading this whom has some positive information to share, I would love to hear from you. Thanks.
I think you missed Titus and rjs's point. Investors help each other out because the relationship is mutually beneficial. It is highly unlikely that you will find a mentor without bringing something to the table. They suggested you read up on the forum and study some RE books, which is very sound advice.
In response to your original post, the local courthouse will have foreclosure listings that you can review for free. You can also check out web sites like http://www.realtytrec.com or http://www.foreclosure.com. Both charge a monthly fee but may save you a lot of time looking through records.
Yes, there are many private investors out there that make a living off loaning money to investors. Typically, you can find funding through a hard money loan. They typically offer you up to 65% of the after repair value, and charge 4-8 points and 18% interest. It is the most expensive money you can obtain, but their funding requirements are minimal.
Your biggest problem will be a lack of money. I've typically found that foreclosures require more money invested than other CREI methods. At the very least, you will new a few dollars to pay for repairs until they are reimbursed from escrow. You will also need enough cash to pay the interest only payments on the hard money loan if you take one. I dumped about 17K into the foreclosure I purchased and rehabbed.
Oh, you have the right to ignore everything I've said above, considering I'm not rich and all. If you ask John Locke, I'm sure he can provide you with Carleton Sheet's personal cell number. They are very close friends and have the utmost respect for each other! He should be able to provide some rich people advice.
-Chris
_________________
Live long and be profitable!
[ Edited by c-brainard on Date 03/02/2004 ][ Edited by c-brainard on Date 03/02/2004 ]
Mrs. Jones:
Don't get caught up in just the prefore-
closures. There is a goldmine in your backyard. You could go after the "absentee" owners in your area and
land some great deals.
I would recommend you round up a couple hundred bucks and buy the Ron
Legrand program on this site. Go to "shop" and click on "consignment".
This course use to retail for $12k. It is at
a liquidated price. This will give you a good foundation.
If you wanted to be a dentist, you would go to school, right? Well the same goes for real-estate investing. Most investors I know make 2-3 times more than my dentist!
Best Riches,
Jeffrey Adam
[addsig]
Be realistic no one is going to hand you a plate of money. I and most of the investors on this board have worked hard to get where we are. REI is not a get rich quick proposition many of the guru's aspouse. Get involved with your local REI club you can find other investors/hml's there who lend money to other investors. Start by birddogging for other investors to get some start up money.
as a newbie myself it is tough, my response is start small and get more complicated as you go. be careful, do your research and you cant go wrong. like yourself when i first started i wasnt wanting all the answers handed to me... just a few select ones. it all depends on what your looking for and where your looking. me my primary interst lies in tax liens and in the slow steady (but nice) intrest it can provide with the possiblilty of snagging a property along the way. my advice is to figure out exactly what you want is and become an expert in it then after your more then compitent in it.... expanding into other fields and areas. with me... ohio tax liens first... then after months/years...some other state.
slow and steady wins the race...
take care,
be well,
and don't give up
pucx
fljones,
You may not need as much knowledge as you think. Your husband already has contractor knowledge so you might offer to partner with someone who has money but doesn't do rehab work and split profits. My preference would be bank owned properties rather than chasing foreclosures. Most of these are represented by real estate agents and there are many that need rehab work. Doing a few of these might get you started and give you cash to do other things.
I hope this is of help.
Regards,
Ed
Quote:
On 2004-03-02 15:46, fljones wrote:
I am 30 years old ,and I want to invest in foreclosure homes. I would like to purchase the homes and resell the houses at market value. I also would like to purchase "fixer uppers." My husbancd is a contractor, so that would not be alot of out of pocket money for repairs. Where do you find foreclosed properties, free? I do not know where to start. As I stated I have no money to start. I have seen ads in my local newspaper where investors are advertising that you can start investing with their money. It just sounds too good to be true. I do not know who to trust. This is a great passion of mine and my husband. We have two small children that we would like to be able to put through college one day with no struggle. We are young and know that this is the best time to get started. Would someone please offer me some insight on the real estate game? Not a book that I need to read, or a website. I want some real advice. I know that their are some rich people who have all of the know how. Please just share it with someone else. Let's be rich together. There is more than enough money to go around. Help, please?
If the main problem is money, then start there. Try to get a Home Equity Line of Credit on your home. Try to get an unsecured line of credit. Apply for a hard money loan.
These are the things that everyone with a dream of becoming a REI had to do.
You can find foreclosures free on the HUD website.
If you see ads, why didn't you call?
The RICH PEOPLE had to do the same things. There are books, seminars, RE clubs, REI meetings, ect. unless you get out and network with people. There is enough money but I don't just go outside and through it away to every person that SAYS they want to be a REI.
This is a very time consuming business and people get paid a lot of money to teach this business.
I have seen seven people who were in the "market" to do this business beginning 01/01/2004. They all went back to their old jobs. There is not an answer to your question. Every area has a different market. You can get "pieces" of information from people on this site, then you need to decide what to do with them. There is no get rich scheme in any job. If there is I'll bet it's illegal
Good Luck
Lori
[addsig]
fijones,
Dear Madam,
You are lucky, you get to start with an edge. Your husband, no no not just a good husband but the magic status. A Contractor ! Do you know how great that is?
Now the variables. Is he a General Contractor? Is he licensed? Does he hold multiple licenses. You know, like Plumber, Electrician or the ever popular Carpenter? Obviously from your young age of 30 he must also be young and how experienced is he and what type of contracting has he done? Can he take a set of plans and get a permit? Can he design a small standard building that real humans can live in without bumping sholders every time you walk down a hall? Has he a real feel for his work and, here it comes, does he enjoy it?
Ok thats the first part. now the second part.
Are you, the wife and mother, also capable of going out on a job site and lending a hand? No no not necessary to know a 8 penny from a 10 penny. But can you run for materials? Can you handle an idiot architect who tries to design and fails to create habitation? Can you help with the records and time lines. Can you smile when some bitchy no nothing client demands you change a chimny from one side of the house to the other.Yes, of course it has been finished for about a week. In other words can you smile when every instinct tells you to shoot?
Next part. Where in the world are you? What is the real estate market doing? Estimate to me the increase in market price of your average single family housie, no not the True Market Price but the top of the little spurt that has (I hope) just ended? What do you hear among those who want houses? Are they grumbling cause everything has gone so high that to buy a house they would have to spend half of their monthly income just making the payments? Can you "feel the market?"
Answer all of the above and Private Message me. No do not post it cause you will be deluged with comments all of them excellent and timly, but you are embarking on a quest for the holy grail. Also your private life and inner thoughts will be exposed to many that have gone thru it, Lori who is massaging Hud will give you one story. But it is only applicable to her. Jeff will give you the true scoop but his approach is right on and fast. Ed, oh god he knows a good investment and sites on it direct. Me, I am curious to see if your dedication can survice the many slings and arrows to which you will be subject.
With this information and the Weedge Board, my secret dice without which I make no property selections. I will try to select something in the field of real estate investing that you can begin and finish. In spite of the children who demand and deserve your attention. In spite of the lack of capital.
Can it be done? Of course. Are the times ripe? No, they never are. Will it be fun? Well if you like to laugh and cry, yes. And, a Biggy, if you can see the humor in the many situations that will occur and not cry when you make a booboo. Like the one I made yesterday and the correction of which will take me at least a weeks work.
I master leased 22 lots a day ago and guess what the Preliminary Title Report did not pick up a small little lien, yeah small. like $800,000 IRS. The funny thing is that the property owner did not know it either. Do you think he was just not telling me? Ah well. Now I have to play withthe IRS. I have to start an Offer In Compromise, and follow that up with a bargaining to release a lot on small payment, then another lot on small payment. Etc. etc. really a drag, I mean you have to be pretty dumb to get caught on this one. Well I did. Lets see I have been playing in the dirt since 1954.
Remember I told you that it is important to be able to have a sense of humor?
Grrrrrrr. Ah Noh Baca (aka Stupid) Lucius
<IMG SRC="images/forum/smilies/icon_cool.gif"> <IMG SRC="images/forum/smilies/icon_cool.gif"> <IMG SRC="images/forum/smilies/icon_cool.gif"> <IMG SRC="images/forum/smilies/icon_cool.gif"> <IMG SRC="images/forum/smilies/icon_cool.gif"> [ Edited by Lufos on Date 03/06/2004 ]
I would also suggest looking for a real estate investors club in your area. By going there, you will find just about all the conections you will need in your area. You may even find a mentor willing to work with you for a fraction of the price the guru's are asking. Good luck to you.
Quote:
On 2004-03-06 09:51, kimmyjack wrote:
I would also suggest looking for a real estate investors club in your area. By going there, you will find just about all the conections you will need in your area. You may even find a mentor willing to work with you for a fraction of the price the guru's are asking. Good luck to you.
hi, im ferdinand a newbee and first timer to this forum. ive been reading through this forum for the past three hours and this is the best input and advise ive ever seen so far, thanks for pointing me to the right direction and to your unselfish advise.
"can anybody tell me how to find a REI Club in the San Diego, California area please" again, thank you for any input.
Hello fkuls,
This site has a great resource to help you find an investor group in your area.
Go to the Groups section and click on California to find a listing of REI groups that service your area (I skimmed the list and noticed at least two for your area).
Hope this helps.
-cheers