Newbie Needing Help On Starting REI???
I've done the Carlton Sheets and etc. I have a general idea of what to do. The thing is, I don't have deep pockets ONLY a 730 tri-merge score. I'm wondering in my situation, what is the easiest for me to do since I'm just starting out in REI? I would love for you guys to tell me its simple and you can make a killing if you do this.......LOL.. but I know it's not that simple. I just really need as much help as I can get. I don't mind starting off small and moving up. Or, if there is another way, please let me know.
Thanks
PS. Sorry if the typing isn't correct. I have pink eye and I can't wear contacts 
Makemerich:
Start out wholesaling and build up some capital. Get a credit line against your primary residence. Call your credit card
companies and have your credit limit increased. I would recommend you start by retailing one house at a time and wholesale the rest! After that capital is
increased, you can start keeping the good ones for the long haul.
Best Riches,
Jeffrey Adam
[addsig]
Thanks Jeffery for your reply!
Could you be more specific please?
Start wholesaling properties. What this means is you find deals and sell them to other investors using none of your own money. For example, you find a house worth 100K for 60K. You have a signed contract to buy it for 60k. You then sell it or "wholesale" it to another investor for
$67k making a profit of 7k. You try to do
1-2 deals like this a mos until you build some capital....
Once you build some capital, you now have money to fix-up and sell a couple
houses for full-price on the retail market.
You could also keep a couple as rentals, because you now have some capital to
maintain them when they are vacant, need repair, etc...
The key to to not just rent out, but take care of todays cash flow needs today!
You can do that by wholesaling and retailing. Take care of tommorows cash flow needs by keeping some houses along the way.
You should take some seminars and courses and learn more about the business.
Good Luck
Jeffrey Adam
_________________
"The only place success comes before work
is in the dictionary."[ Edited by JeffreyAdam on Date 01/22/2004 ]
Can you suggest any seminars?
What about the one coming to FL?
The best place to start learning is this website! There's information on any topic you are looking for.
I've learned a lot from Rich Dad's Real Estate Loopholes and Real Estate Riches... they've helped my confidence in seeing many of the benefits of REInvesting.
Also, the wholesaling idea is a good place to start, but if you can find these sensational deals, wouldn't you rather be the one to benefit from them? Do you have any family or friends willing to take a small risk for a nice profit? You can do a lot with 5% down... good luck!!!
Read everything you can get your hands on! Educate yourself until your are comfortable with the terms used on this site. Read all of the articles and past forum posts. No, you won't get paid for your time but the results will be priceless.
Also educate yourself on ways to buy with no money down. You didn't mention your income, but your credit is very good, so that will help you. It's important in this business to start networking and building relationships in all areas of the business. What JeffreyAdam mentioned was a good way to start too, wholesaling for smaller quick profits. Good luck!