Laid Off From Job Have 25,000 Cash How Should I Get Started
I have been laid off twice and i am fed up i have 25,000 dollars to start investing in real estate some one please give me some pointers to get started so i will not have to work a 9-5 again. :-?
I would advise you to start with a course. I started with the Carelton Sheets no down payment system but have heard that the Ron Legrand system is better.
Either way I highly recomend an all inclusive course on how to inveest in real estate creatively as a primer. From there you will learn, learn, learn but you'll have an idea of how to put deals together.
Also before all of that I recommend reading Rich Dad Poor Dad and Cashflow Quadrant both by Robert Kiyosaki.
GOOD LUCK
I have read all the motivational books and have wholesaled some I am looking for a homerun deal?
I have the perfect course for you. I am in the Cleveland area and I went to Tri-C. Take the course by Michael Dennis. He is far better than any course you can by like Carlton Sheets and others, not to mention far cheaper. I have the programs and wish I would have went there first.
Same situation I was in right after 9/11/01. Bastards laid me off the week before Christmas at 4:45 on Friday! My wife and I maxed all our credit cards and Home Equity loans and bought our 1st investor house cash ( a run down 1 br / 1ba tiny cottage on a screwy irregular lot) for $37,000. We rehabbed it for $7,000 and had it finished, sold and closed within 30 days! Made about $10,000 on that one and haven't looked back. There have been some very SCARY times, kinda like being "ALL IN" at high stakes poker! But it has all been worth it! You might try looking for a backer / partner. Like Robert Allen says, "...if you don't have the money, find someone that does." I've been working with a partner that buys the house and pays for all the rehab. I find the houses and manage/do the rehab and we split the back end profit 50/50. We made $60,000 EACH profit on our last one! I found it really helps to read books like "Rich dad, Poor Dad" , etc, to stay motivated and on track! Good luck!
one thing I did that helped me a lot was to take the course to become a real estate agent. I had no intention of becoming an agent but did it to learn later I became a referal agent which means I get a percentage of any leads I give them and any houses I buy or sell through them.
thanks for you guys response. I probaly will look for a partner to go on a equity split or half on a property. any other ideas?
My suggestion would be to learn all you can about marketing. Yes, Marketing! When your phone is ringing, good things happen. There will be some deals that you will be able to do as no-brainers at first, and as your experience grows, you'll be able to make more and more potential deals work. Find a local Real Estate Investors Association, and make as many contacts as you can. These are the people that will be willing to pay you for the deals that you can't or don't want to do yourself.
You may have all the knowledge in the world about how to put a deal together, but if you have no idea how to keep the properties coming in. It will be tough to make money consistently.
Good luck,
Jeff
Yes, don't get too desperate.. That makes for a bad move and lost money...
If your rehabbing buy the book by Kevin C Meyers. Also attend your RE meeting in your area and start networking. An advertiser here on the site has affiliate memberships fairly cheap (47$) includes web hosting and site and includes some good tools Jeffrey Adam, I see his banner a lot on the top of the page.
Hit the local library and read books by Bronchick, Peter Conti & David Finkel, John Locke has an excellent SUb To manual I like, etc. THis is not an overnighter, your best bet is to bird dog with an experienced investor and offer to put up som eof the money for a larger share. That way you won't have to reinvent the wheel
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I agree with myfrogger and inspectorq. I have read Robert Kiyosaki's books and got quite a bit out of it.
Jeff
Clinton, IA
Purchase Ron Legrands Wholesale Retail Course and start 'wholesaling' properties for $3k-$10k a piece. Have a goal to do one a month until you get the hang of it..
Best Regards,
Jeff Adam
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I want to follow your progress so I'll watch these posts I also pm'd (private messaged) you
Niceguy
thanks for you guys advice. i do not want to return to work for no one else. this is a moment of clarity for me. I get a job and then my time is taking away from me to invest properly. I have read rich dad poor dad think and grow rich og mandino and russ whitney plus peter conti and bronchick. I want to invest in subject 2 is john locke program a good way to get started and how do you find subject 2 deals.
If you've decided that Subject 2 is the method you want to use, John Locke's course will get you doing the right things faster than any I've seen. It's an excellent course!
Jeff
what about land contracts can i start that way.