Daily Grind is SUCKING THE LIFE OUTTA ME!

General Real Estate Investing
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1. Order the Carleton Sheets Course TODAY. Pay the extra for expedited shipping. Be sure to pay the full amount (not make payments) so that you’ll get all the free videos. The Carleton Sheets Course has a LOT of good info about rentals. Also, order “The Weekend Millionaire Real Estate Investing Program” by Mike Summey and Roger Dawson, which is a CD set to listen to in the car. Excellent and inexpensive. Immerse yourself in REI education.

Waste of money just teaches the basic’s you can learn all of that by being here and then some

2. Find out where and when your local REIA meets - do this TODAY! If there is more than one REIA within an hour’s drive - go to both. Make EVERY meeting - this must be a top priority.

Go there for the networking I agree with that!

3. Go to the bookstore and buy every REI book by Robert Allen, Robert Kyosaki, Dolf De Roos, and Mark Victor Hanson. The “One Minute Millionaire” is mandatory reading. Study like there is no tomorrow.

Why would he need these if you already made him buy the Carlton course? Kyosaki is more business I say that is a good idea.

4 Find a motivated realtor - someone who is brand new and very hungry would be perfect. Tell her to look for “desperate sellers”. Properties that have been on the market for a long time; people getting divorced; people who own two homes; REOs; discouraged landlords; etc make excellent candidates.

Spend $300.00 on Marketing and save your 6.3% that THE BUYER PAYS TO THE REALTOR!

[b]5. Start looking at a bunch of house for sale in your target area - IN PERSON. Call every FSBO; go to every open house; make seeing houses a priority. When you’ve seen 100 houses, you’re probably done with this step. This is a CRITICAL step so that you KNOW property values. REAL investors don’t need comps or appraisals - they can tell you the value of a house just by looking at it! If you’re motivated, you should accomplish this step by October 15th. This is a lot of work, but this step separates the winners from the losers. The losers are too lazy to do this step and while they’re waiting for comps, you’ll have already taken their deal![/b

look at deals not houses there is no reason to look at a house until you have a deal. I would love to move to OHIO and show you That this “looser” could take all of your deals. WHY IN THE WORLD WOULD ANYONE LOOK AT 100 houses I have just about that many and have not even seen them! THEY ARE ALL THE SAME! They all have the same things bedrooms, kitchens, Bathrooms etc. I LIVE IN A HOUSE JUST LIKE THAT! Submit and offer there are ways out of it if you do not like it why waste your time and the time of others looking at 100 houses to write offers and see if they get accepted write 100 offers and see from there what gets accepted and what does not! THEN GO LOOK AT THE ONE’S THAT GOT ACCEPTED !!!

time is $$$ LESS TIME IT TAKES THE MORE MONEY YOU MAKE!!


6. Line up enough cash or credit to buy your first house. CASH IS KING, so it’s best to have the money in a checking account or line of credit. Get as much as you can. Using a small, local bank is best. They have the lowest fees and can deliver what they promise. If you don’t know someone important at the bank, find out who that person is (from other investors at your REIA). Set up an appointment and go see them - IN PERSON. Personal contacts are key! Take a professional looking presentation with a cover letter, your business plan, your personal financial statement, 3 years worth of tax returns, etc. Have this DONE by October 15th!

Get loans lined up why use your cash with good credit. I lend out hard money at 13% and get loans at 6-7% So I borrow at 7% and lend at 13% lend your cash and get loans!

7. Put an ad in the classified section of the appropriate newspaper: “Facing Foreclosure? Need Cash Quickly? We Buy Houses!”. You’ll start slowly getting calls.

Be more creative and you will get calls fast!

8. Start looking at properties with your realtor. You’re looking to pay no more than 70% of market value and have a positive cash flow greater than 1/3 of mortgage payment.

Yeah do this for sure you should find at least 2 deals before you retire!

9. Buy appropriate property with your cash.

This is good. I would personally get loans off the bat the rates are low!

10. Immedtely refinance with your small local bank to get your money back (plus a little extra for fix-ups, living expenses, etc).
Get a HELOC from your local bank for the equity or pull cash at closing

11. Repeat steps 1-10 until you have the cash flow you need.

EVEN THIS ADVICE IS NO GOOD! WHAT WOULD YOU NEED TWO CARLTON SHEETS BOOKS FOR?

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Ok so let me get this straight.

You don’t think I need the Sheetes program, and you dont think I need any books.

Also what u mean 6.5% that the buyer pays a realtor? i thought the realtor makes money off the seller?

What do your remarks for comment 5 mean REOCONSULTANTS.

“I lend out hard money at 13% and get loans at 6-7% So I borrow at 7% and lend at 13% lend your cash and get loans!” - explain?

The advice given by #8 obviously you don’t like, what would you recommend instead?

Finally whats a HELOC?

Also everyone else who reads this feel free to respond to my original posts, the more opinions the better.

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Also what u mean 6.5% that the buyer pays a realtor? i thought the realtor makes money off the seller?

If you have an agent you have the pay the agent for helping you find the deal.

What do your remarks for comment 5 mean REOCONSULTANTS.

This is my take of what REO meant, while you’re out looking at other peoples deals you’re LOSING out on these same deals.

“I lend out hard money at 13% and get loans at 6-7% So I borrow at 7% and lend at 13% lend your cash and get loans!” - explain?

Again my take, REO lends his cash out as a HML or PM and charges 13%, at the same time when purchasing properties gets a loan for 7%, thereby making 6% interest.

Start looking at properties with your realtor. You’re looking to pay no more than 70% of market value and have a positive cash flow greater than 1/3 of mortgage payment.
The advice given by #8 obviously you don’t like, what would you recommend instead?

Personally I tried this for 1 month and had nothing TOTAL WASTE OF TIME, now I find my own deals, agents just try to pressure you into buying something you don’t want so they get paid.

Finally whats a HELOC?

A HELOC also known as a Home Equity Line of Credit uses the equity in a property as a line of credit, like a credit card

my $0.02

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<< “Ok so here it is. The 9-5 is killing me. I feel everyday that I sit in a cubicle and work for the man and not myself I am losing time.”

Aren’t you recently graduated from college and only 22? How could you possibly be having the life sucked from you? How could it already be the “daily grind”…what career work did you chose for yourself that is so wretched?

I spent 20 years in the Army and have over 25 years of active Federal Service and love going to work…!

Just asking…

Keith

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ok Robb…

so I’m getting closer to “considering” the purchase of your book… :slight_smile:

what island is that anyways?

oh, and do you have an affiliate program?

-Mike

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Mike (allagash),

The advantage to having cash is that you’ll get a better deal on a lot of properties if you can close immediately. You aren’t actually losing your cash, since you refinance right away.

REO,

As usual, we don’t agree on much. However, I do agree that you don’t need to keep buying the same books and courses over and over again. My mistake.

JP,

The reason that I recommend buying the Carleton Sheets course is precisely because it is a beginner’s course. I completely disagree that you can get the same information on this website or any website. On any website, you get fragments of information, which is not what you need if you’re a new investor. The Carleton Sheets course is an excellent basic course that is economical, well written, and has a lot of great information for landlords (primarily in the interviews with the students). I highly recommend it. The same is true for the books that I listed. They all contain the same basic information, but each with their own perspective - a must in my opinion if you are to get a complete education.

I couldn’t understand what REO was trying to say about #5 either, but if you don’t get to know the market value of houses in your area, how will you know when you’ve found a deal? So, again I say to look at 100 houses before you start to invest. It’s hard to just look at “deals” as REO suggests, when you don’t even know what a “deal” is!

I have personally gotten a lot of deals through my realtor, so I’m not sure what REO is talking about here either. When I started, I did my first 5 or 6 deals with houses my realtor found for me (and all at a deep discount) and have done several since. When you have a buyer’s agent working for you, the buyer’s agent get’s half the commission and the seller’s agent get’s half the commission. The entire commission is normally paid by the seller, so it doesn’t cost you anything! I doubt REO or amusedtwinkle have ever used a buyer’s agent, because they definitely don’t know how it works!

I believe that I laid out a coherent plan for reaching your goal. The important thing is that YOU come up with a plan to reach your goal and get started. If you didn’t do something constructive TODAY, then you’ve already delayed your freedom by one more day! You’ll never meet your goal by just typing messages on this board.

Mike

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jp stephens - back to your original post -

if you’ve got the cubicle blues, i suggest you rent the movie “office space” if you haven’t already seen it. it will give you some great techniques on coping with this problem.

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<<i suggest you rent the movie “office space”>>

Yup, cecsix…as my old friend from Vermont used to say, “That’s a good un…”

Keith

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GREAT FLICK!

but does anyone have any more advice as in the steps to take to be free!!!

please let me know what others beside reo and propertymanager think.

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are you married? not to get personal or anything, i just know from my own experience that answering to a wife can slow things down to varying degrees.

i’m in the same position you are pretty much, i am just getting started. i feel like i am doing well, but i know there are better deals out there i am missing because i have to work. i am about to take control of my 3rd and 4th properties (one by traditional financing and the other by either sub 2 or lease option). Now, i am going to focus on finding rehab and flip opportunities that are GREAT deals so I can generate more cash. Once I have $50000-$60000 in the bank, i will say hasta la vista to the 9-5. with my wife’s permission, of course. ;D

my plan is to buy or control properties that cash flow at least 20%-30% that i can sell for a minimum of $15000 in profit either traditionally or on lease options where i take 3 month’s lease payments up front for option money.
i want to pay no more than 5% down.
i prefer lease optioning to holding and renting, but i will do whatever it takes to make the deal profitable.

that’s my take.

“i don’t really like my job, and i don’t think i’m gonna go anymore”

“you mean you’re going to quit?”

“no, i’m just not gonna go anymore”

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Nah not married just 22, lookin to take over the world! haha

But yea I agree, we have similiar goals, I am thinking the college market though just cause I know college parents pay for the rent most of the time and I can raise the rent every year once they vacate.

Also I had a good lease in college, errr well my landlord did, basically made us responsible for EVERYTHING. I would jsut dupe it and reuse it.

But like I said I just need to start makign 40-50k a year, which is about 4k a month in positive cashflow a month and I’ll be ready to do the things I want to do. I am putting a timeframe of early summer for a goal such as this, if not sooner.

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Personally, I’d like to hear REO’s step by step plan. That should be interesting!

Mike

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Me too haha not cause of the rivalry you guys got goin on, rather just to hear more peoples opinions so I can lay out the steps I need to take.
Cause maybe the best road for me to take is to combine both your ideas.

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JP,

BTW, what DID you accomplish today???

Mike

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Robb…looks like you really know how to move your money around.

Any thoughts on www.emigrantdirect.com for the extremely liquid stuff?

This is the online presence of Emigrant Bank, (which has regional offices throughout the NYC area).

-Mike

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Hi,

I lived in CT my whole life and recently moved out of state. One area that has yet to be tapped in CT is Clinton, CT. I worked at Unilever in Clinton a large conglomerate. They run a large co-op program where they bring approx. 20 co-op students from various top schools to live/work in Clinton for 6 months every 6 months. Most students live in New Haven becasue they want to be close to the nightlife but cannot find short-term rentals in New Haven and the one apartment complex they have been using is unsafe and run down. These students come from small towns and are looking for a nice place to live that is close to stores and easy to get around. They look for rentals in Branford but again have a hard time finding rentals. They need places that are furnished also. The kicker is that the company provides them with an 1100.00 a month housing allowance. It is taxed at the bonus rate so they come home with about 625.00 a month plus there salary. You are guaranteed to receive the housing allowance from the student because the company gives it to them. Everything in that area of CT is old and not friendly to young people or college students. If you can get a 2 or 3 family house and update it. It would be super easy to get these students in. They come in in january to the end of June and the 2nd co-op begins in July through December. You should at least consider grabbing 1 or 2 homes in the area. Speak with the HR coordinator at the Clinton facility and they will most likely be more than happy to give the students the housing info. since housing is a huge problem for them. The company will not provide corporate housing nor will they sign leases.

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The one thing I have heard repeated over and over through out the boards and books is just do it. There are so many avenues to REI you have to develope your own game plan to meet your needs.

Spend an day or two reading through these board and take notes. Considering the amount of proffesional investors on here, there’s not a book or course around that has much quality information as you can find here, you just have to find it.

Follow thier advice and find an REI club. They are going to be an invaluable resource for finding the contacts you need in your area for financing, legal assistance, marketing, and managing.

And while I am not expert on landlording (or anything else for that matter) most posts I have read usually indicates that a positive cashflow of anykind is great in the long term, 100-200 ideal, and 500 may be a bit optimistic.

Good luck and welcome to the insanity!

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what island is that?

On http://www.MentorToLunch.com/ That’s the island nation of Mani-wana-laya, that Robb has a lease on.

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Lease with an option!!! LOL

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Hey Robb

Can I get an autographed copy?

JG 8)