New Beginner With Cash Need Advice On Getting Started
Hello, I'm new on the REI stuff and all I know is from books and tapes, I'm 32 years old, married with 2 kids with $80k dlls cash, fixing mi credit right now.
I have a job in a car wash in Phoenix, az, as a window tint salesman making about $650 weekly.
Can you guys help me with some advice, I have cash but I don't know where to start, I like real estate, I think is fun and exciting but I don't really know where to start. thanks
I am not joking when I say:
READ, READ, READ.
Somewhere here there is a running list of most helpful books that people have read. 2 hours a morning should bring you to the point where you cannot read anymore but take action.
Welcome, I am new here too, and have already learned SO MUCH
Hey, if you want to put your cash to work while you learn the ropes, consider being a hard money lender make 15-18% interest secured by property. You'd nopt onle make sone good money, you'd learn about real estate and differenc tways to use $ and property to make $... Just a thought
READ READ READ...
Sam
Samedwin:
I think that's a good option, I thought about that.
Thanks
Hi mark, welcome.
I am also new at doing deals, but have been reading for two years. In the last two months, i have jumped to a new level as a REI. One deal done, two in the works.
This is mainly due to several events.
1) Joining my local REI club. Have been able to network and two of my three deals are associated with people from the club. Join, talk, take courses there, and listen and learn.
2) this site. It is a great instrument for my confidence. I know if i run into an aspect of a deal i don't understand, i can come here to get answers.
So my advice is to put your money somewhere (money market) you can get some interest, and leave it alone. eductate yourself and start networking. It will become clear when a deal has profit written all over it. But, before doing anything, run it by the gurus on this site!
Good luck and keep us posted
john [ Edited by rainforrester on Date 03/05/2004 ]
Hang on to that cash and keep it in a very safe place. Pretend it is not there. Then go out and learn how to get real estate without touching that money.
On the other hand, when you get to the point where you are making good money, still have that cash in the bank, and your credit score is over 680, then you might be ready for one avenue that I'm working. I work directly with a developer and get NEW houses at 80-85% LTV. Properties are managed for you with Lease Option tenants who cash you out 12-24 months.
Ho...[ Edited by HoGiHung on Date 03/05/2004 ]
I'm new also !!
I have red a lot since November'03 but now it is time for action. I learned a lot from this site also.
Is anybody knows about mentoring program at REII. Is this a good idea?
I do not know the market where you are located. I do not know your skill level in construction. If you are handy you may want to try a rehab deal, maybe something not too big. I like the low end stuff because the payments are only $300 to $400 per month. You may want to use a hard money lender yourself but with that cash why pay 6 to 10 points and 15 to 18 % interest while you earn only 3% in the bank. You have some hard decisions to make there. I am paying 15 % to HML because I have no choice as I have not cash at this time. I am starting over. I would pick a price range you are comfortable with and pay cash for a house and fix and sell. Look at many to get to be able to know the market. You are looking for a super deal and you need to be able to spot it. Find motovated sellers either REO, preforeclosure or estates etc. Folks that need to sell. If you are not ready you may want to loan half the money out short term as a HML. Best to find someone in your area where you can get to learn the deal as it unfolds. Do not be too big a pest amd get in the way but ask questions and get the rehabber to mintor you as part of the deal. I would have no problem doing this for you if you were near Austin. I believe other rehabbers would work with you too.
Good LUCK and Thank You
Hope this helps some
Ted Jr
Thank you so much for your offer. I'm sorry I have been on vacation and now I check out this site again.
Too bad that nobody from WI answer to me.
I'm still looking for a good deal and can't make the first
baby step.