If A Newbie Were To Start Tomorrow...
If a newbie were to start tomorrow, what would you recommend they do?
I've very little money, shoddy credit, but access to a vehicle, quite a bit of education in REI (to get to a point where I know where to find motivated sellers and weed out buyers), and access to two cities.
I want to deal mainly in wholesaling and could put up some earnest money on a deal if need be.
I hope this doesn't sound too outlandish. I'm just being honest.
thanks in advance.
-sml
[ Edited by sml on Date 03/22/2004 ]
I would start building your network. The people you know (investors, professionals, bird dogs, contractors, etc) will be the most important asset for your REI.
Also, contact some Hard money lenders, and find one that will work with you just in case you find a deal and need immediate access to money.
I don't know anyone. I guess that means I better start getting to know people like contractors, investor friendly lending companies and the like.
I'm not interested in doing rehabs yet. I"m still pretty green and need to get my first deal (before I chicken out again).
Should I try to find a target property or should I concentrate on trying getting a list of buyers?
There's so many ways to go about this, and only one way to do it.
Sorry if I seem like I don't have a clue.
As for the predicument that you seem to have,your not alone in here I've got the same problems compounded by a few others that have a hold on me.But I still check info. in alot of forums and you will attract a few if not more supporters and the info is real good with all the knowledge and minds around these www.forums.My credit is terrible and lenders are still on it to help me get www.motivating.I even have a broker working on partnering w/along with my request for refin. my present.
[ Edited by rdm on Date 03/25/2004 ][ Edited by rdm on Date 03/25/2004 ]
sml
Have you looked into rei clubs in your area?
They can be a great asset.
When I became interested in rei, I started attending the mettings and was amazed at how helpful some members were.
They can be a wealth of information.
Best of Luck
JohnNH
Hello i just turned 18, and i am still in h.s and i am very interested in rei as well as the stock market, however i am in the dark as to where to begin i do plan to take some courses but as it is, i have $45 to work with. any advice or comments would help, thank you
Cole,
Start out by reading the following two books both by Robert Kiyosaki:
1. Rich Dad Poor Dad
2. Cashflow Quadrant
After you have read those two books consider reading Retire Young Retire Rich also by Kiyosaki. When you are finished there you should have more of a direction in life and you'll know where you want to go!
GOOD LUCK
There are NO rei clubs here in Duluth.
In fact, anytime I've attempted to join a club in this state, they all wanted to get me to buy a house.
So outside of perusing the boards, and the occasional email from my mentor, I'm essentially doing this by myself.