PA Newbie Needs Help
I'm the newest of the new. I recently purchased Carleton Sheets program, but it seems like I just can't understand some of the R.E. stuff. And I work at a LFC, isn't that sad. Any advise for a first start? I am currently buying my primary residence so I will have no capital to make even earnest money let alone any kind of downpayment. I know there's probably not a risk free property out there that'll be perfect for me, but anything close would help until I'm able to get and understand the more complex deals. Drop me a line, I'm drowning before I dive in the pool. Thanks.
The possibilities are endless for you. Ask your questions here, and they will be answered. We are not allowed to help find a property on this post, but we can try and help you every step of the way. The biggest thing is just to do it. What do you have for an advertising budget?
The first thing to do is change your attitude. Seriously. If you think you'll drown, then you'll drown. Put a smile on your face and jump in!! We all have times when we think we failed, but you shouldn't dwell on it. The right property will come along when you least expect it! Ask a lot of questions here and read as much as you can, both here and in books. I found a lot of resources in the public library. That way you can check out some material before you waste your money on it. I've paid for mentors, which help, but they can't do it for you. It took me a year before I closed on my first deal. The market in PA is tough right now. Where I live, houses sell in less than 4 weeks at full or over market value. The right one will come along. Just keep your eyes open!! Good luck!
I have maybe 30 bucks to throw an ad in the local newspaper. The reason I worry is that I have a child to support. With my schedule it doesn't leave me much time to learn and there is SO much I don't understand though I have worked in the real estate field for about five years. The properties that I've been interested in either had too low rents so I wouldn't even be breaking even, or they wanted only cash option or new mortgage. Although I've spent hours gonig over the course I bought, I know people can tell I'm new and just take advantage of that. The prop I really want was 99,900 and it was two duplexes, one rented, the other one available to rent with very minor repair. It had been purchased on article and I can tell from what the realtor was telling me, that the owner is an investor himself. I'd like to speak to him personally, but you know how realtors must be, I won't be able to get that info. Maybe I'm just having issues about taking a huge risk, which I know makes or breaks the game. I just don't want sued or to end up with a property that's going to cost me my son's future.
If that is how you feel, you shouldn't get into REI at this time. set up a business plan, set up a savings plan for your son, set up a plan to get your life in order. Start with a 3 month plan. See if you were able to stick to it. If so, do another one for 6 months.
For under a $100.00 you can join the ACRE Meeting and LEARN from successful investors in your area. It is held at the GreenTree Radisson. The first Tuesday of the Month.
You probably could find a risk free property there!!!!!!!
But if you think you are going to fail you probably will. And not just at REI.
Good Luck
Lori
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Welcome fellow PA Member. Stick around here the wealth of knowledge you have at your finger tips seems endless just read, learn, ask and set goals as CS preachs you will find deals.
Good Luck God Bless amd Happy investing
Brian
I would suggest that you link up with a partner. But even before you do that, I would suggest that you change your way of thinking. No one will want to partner up with you if they feel you are not going to be benefical in the partnership. Take control of your destiny and life and things will find a way to work itself out. In the very very begginning of my real estate investment career, I met up with a female who had a full time job and she also had a baby as well. I was broke and ahe knew this. She was broke and I knew this. What made her want to partner with me was my beliefs and my vision that my situation was temporary. I felt very strongly that something good was going to happen with this real estate stuff. After months and months of struggling to make a deal stick, I found something and made my first deal happen. When she seen my progress, she started to understand that it was possible. After months and months of hard work and just believing that a change would occur, she found a great deal all on her own and recieved a check for $28,000. Your mind is the ruler of all things around you. Your present circumsstance is just an illusion to blind you from seeing your true options and possibilities. You will need support from people who are doing what you are doing or trying to do. Surround yourself with positive like minded individuals and believe in yourself. See yourself doing what it is you want to do. Once you see it , do it. Do not procrastinate or make excuses. This will only stop you from producing great results.
Mimi
Quote:
On 2004-05-12 18:51, krissimazon wrote:
I'm the newest of the new. I recently purchased Carleton Sheets program, but it seems like I just can't understand some of the R.E. stuff. And I work at a LFC, isn't that sad. Any advise for a first start? I am currently buying my primary residence so I will have no capital to make even earnest money let alone any kind of downpayment. I know there's probably not a risk free property out there that'll be perfect for me, but anything close would help until I'm able to get and understand the more complex deals. Drop me a line, I'm drowning before I dive in the pool. Thanks.
There were so many great speakers in Pgh this weekend. Did you go to any? Wendy Patton is speaking Sun 05/16/2004. Her specialty is NO MONEY
I just left Justin Ryan, he was good.
And at the Convention Center was "rich dad poor dad" seminar person.
Lori
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real estate investor since 1988. I like to find creative solutions for my real estate headaches before they become problems. Most importantly, MOVEMENT DOES NOT EQUAL PRODUCTIVITY[ Edited by tinman1755 on Date 05/15/2004 ]
I wasn't able to go. We're in the middle of closing on our home so life's been so hectic I can barely think. I didn't meant o come across as negative as I apparently did judging from the posts I received. I am frustrated with only how confusing it all seems as far as the loan type stuff goes. I already know I'll eventually makes heads of something and it'll click, I'm just not real patient with myself. I got to work on that mostly. As far as the future thing, I do have things secured probably better than I give myself credit. But I am mostly around negative influences all the time and that makes it a little difficult to not be an excessive worrier. I read all the posts and I agree with what's been said. And I did come to a conclusion, first I need to chill out and just finish this closing first, do all that happy moving in stuff and get organized from there. I kinda thought that would be procrastinating, but I figured, if I don't have my focus a little better adjusted, I coul dplay a real fool. I am too eager. I must learn to first pace myself then i won't worry as much cause I'll be more confident that I'm taking the time to follow the right steps. Someone had suggested being a bird dog first. I like that idea, learning from someone who is "doing" rather than from a manual where I can't ask questions. Anyone think there is a need for this in Washington county PA? Well I guess the only thing left to do really is find locals and call them. It doesn't hurt. I understand enough to be doing that until I get a few more things under my belt. So, tell me, is this a good idea or am I doing it out of fear? There's such a thin line sometimes and I don't want to fool myself. You guys all seem very honest and that is appreciated. :-D
In order to be a bird dog. You will need to market yourself to a big crowd. Start by attending the ACRE Meeting on the first Tuesday of the month at the radisson hotel in greentree. Hopefully the parkway will be completely. They are many people from Washington County that attend. Doors open at 6:00 pm
Lori
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I'm doubting that they have a morning meeting. I could call off sick from work to go, but ... hmm I will think of something by then. Thank you guys so much!!