As the title says I am brand new at this and although I haven’t been able to formulate a conclusive decision I am quite interested in Real Estate Investing. I currently work as a contractor for a computer consulting firm and the pay is not steady enough for me to put very much money into REI. However, while the pay is not steady the hours aren’t either therefore I normally have more time available than the average worker. On another note I have absolutely no negotiating skills. I’m not saying I couldn’t learn I’m simply saying I’ve read books and how-to’s to no avail. I recently, in the last few months, purchased outright off eBay a piece of land that had been a part of a tax foreclosure (to the best of my knowledge) which piqued my interest. After quite a bit of searching on the internet I’ve surmised that either “tax lien certificates” or “tax deed’s” would be the best way for me to go. I don’t have a whole lot of information on which of these does what and I have no idea how any of this is handled in Texas. If this is not the best way for someone to go about obtaining real estate to resell please feel free to imput anything you may think is useful. I’d like to add that I’m 20 yrs old, would that cause any problembs such as not being taken seriously, etc.? I guess if I had to sum up what I’ve been trying to express it would be this:
I can see the potential of REI, I have simply been having a hard time finding the necissary steps to get started.
Thanks in advance for all the wonderfull replies!
P.S. - Don’t be afraid to critique any of my information or mindsets. And I’m NE Texas.
The best advice I have is to take your time, educate yourself, and don’t be in a hurry to do your first deal until you have the knowledge you need. You’re entering a world with a language all its own and its your job to learn that language. Read all the articles on this site and do your homework.
Some people will discount your efforts due to your age. Don’t let that stop you. You’ll just have to work a little harder to find your “team”. I bought my first rental property at 25. My wife bought her first rental property at 18. It can be done.
I’m curious why you purchased raw land off ebay. Where is the land and what do you plan on doing with it now?
If you want to learn more about tax deed investing then buy “Texas Houses For Pennies: Unlock the Secrets” by Darius Barazandeh. You can buy it through this site. Its a very good course.
Thanks for your informative reply, the Land was actually a gift but I handled the transfer and registering the deed etc. In such actions I was made aware of the lands history. I plan on building a house on it one day (perhaps an earth blanket structure) It’s one of the most wonderful looking places in Texas, there are mountains all the way around and you can even see the Guatalupe Peak (the highest point in Texas).
Chris,
I thought I’d chime in here as well to address some of your points.
It’s great that you have flexibility with work and still have decent income. That’s a good way to start REI.
Negotiating skills improve with practice. Mine are much better than they were years ago, but there’s still plenty of room for improvement. I highly recommend reading Roger Dawson’s articles. They can be found here…
I’m not able to answer you on the tax sales as I have limited knowledge in that area and haven’t pursued that angle much. Darius Barazandeh will be joining the board soon as a moderator of the Foreclosure Forum. I’d suggest thinking up some questions and posting them there so you can get an answer from someone very knowledgeable on the subject.
As far as being young, I don’t see that as a hindrance. It’s all about presentation and if you come across as confident in your abilities, all a motivated seller will see is someone who’s able to solve their problem.
From the description, I’m jealous of your land parcel.
Well Val, your defiantly headed in the right direction. What I did was soak up as much knowledge as possible before I took my first step. As far as the negotiating skills that are much need in REI, I surrounded myself with successful people. Try to work close with a guru and develop a interdependent relationship with them and you’ll be a clone in no time.
Hello everyone. Im 21 years old an am very interested in REI, alothough I am a little uncertain of where i want to begin. I currently have pretty good credit, considering my age, although not that strong. I work in a catering hall and make somewhere around 25k a year which is mostly unstated. I have read some books on real estate investing and am always doing research on REI. I live in New York City which Im sure everyone knows is a crazy market. I was thinking about beginning out of state because it may be cheaper but like I said am not to sure on where i want to begin. I was also trying to decide on weather i want to do a flip or possible hold a property for rent, but still am not too sure. If anyone has any advice I would appreciate it.