Hey everyone hope all is doing well. The question I have is, I have been doing a lot of research on investing because I to want to jump into the real estate investing arena. I have noticed hundreds upon hundreds of so called gurus, teachers, mentors and the such claiming to have the knowledge and know how to real estate success, how does a beginner such as myself decipher the good from the bad. I know education and networking is the key to this game but I am not willing to give the shirt off of my back to learn this stuff
I however am willing to make an sensible investment into my education. Any suggestions ?
For starters, I think you need to narrow down your choices regarding what strategy you want to use to begin investing. You can’t know everything from day one, and I think that’s a mistake that many new investors make. Trying to know everything before taking action. That’s impossible.
The only way to learn is by doing.
That said, look at wholesaling or lease options as your starting point. I think the latter is the best way to start, based on my own experiences. Claude Diamond is the grand poobah of lease options. You may want to check him out. You can also try Michael Carbonare at The Naked Investor.
Good luck!
I am looking into doing wholesailing, have a program and a couple of books on the subject, and have been communicating on other boards and that has been a suggestion that has been a recurring theme. I don’t have much money, credit is decent, just don’t won’t to get caught up trying to learn and learn to where no action happens, because it is really easy to get bogged down with so much information and there is a whole lot of info out there. Not sure of a time frame on how much and how long to study and when to go on out and get deals going and if I need to get a company setup any suggestions ???
Thanks peezy80 for asking this question. By asking it, you’re definitely on the right track because you’re right there is a TON of stuff out there from a wide range of people.
What I might suggest to you first is take advantage of the tons of free and very low cost information first. This forum for example is loaded with great information. Try also your local library. I was at my library today and I am always in awe at just how much information is available there for free.
There are also some great books you can get from Amazon and your local booksellers.
Sure there are courses that have some “proprietary” and secret stuff, but from someone that has a HUGE library of materials in my house you might be surprised at how much of the information from the expensive courses can be found in a $20 book. You do get some of the personal stories and personal application of those strategies from the courses which is helpful, but the ideas are largely available.
The best eduction you’re going to get is to start taking action.
If you’ve got a particular question, let me (or others on the forum) know.
My only issue with wholesaling is it can prove to be quite difficult for a new investor to have the know how and backbone to negotiate the homeowner down to selling for .35 on the dollar.
Not an easy task. When I was starting out it was much easier to do lease options. Easier to understand and easier to get homeowners to say yes to my offers.
Thank you both for the information, I figured for now I will learn as much as I can about wholesailing and get my feet wet with that particular strategy. Question how do you know when your ready to go out and start pounding the pavement and looking for deals, after all the reading and studying and googling, lol when do you take that step to move forward, and do I need to setup an LLC or Inc in the process ?
Great question! In my opinion you want to talk to sellers today. You will learn more and get a lot more out of what you learn when reading and studying if you have experience to go along with it in my opinion.
As for the LLC or corporation… I do not know your personal financial situation and the answer to that question is really dependent on that. I would call your attorney (or get PPL if you don’t have an attorney… you’ll need access to an attorney for other questions anyway) and explain to them your personal situation and get real legal advice (not advice on a forum for something like that).
I am excited to see you do your first few deals. Keep us in the loop on how you’re doing!
Thanks so much for the advice !!! I will keep everyone informed on how everything goes.
You are very, very welcome. I am happy to be able to help.