I’m curious to know as to how someone might be able to figure out as to how much it would cost them to get started in Real Estate Investing and as to what kinds of things might a person need to pay attention to in order to get started with it.
I’ve read a few books on the subject of real estate investing and I’ve listened to people like Dolf DeRoos talk about it, but at the moment I’m not really sure as to what would be required and I’m hoping that someone might be able to point me in the right direction.
I’m curious because I’m currently in the middle of a lawsuit and I need to figure out as to what I would have needed in order to get started with it. I’ve heard Bruce Berman talk about Real Estate Investing and as to how one needs to have good credit for it and that is why I’m wondering.
I’m trying to get a handle on the total startup cost and profit potential of it all so that I can try to calculate things and get a better idea as to what I need to be doing to propel myself in that direction so that I can eventually get started with real estate investing.
Any positive advice or input that would help me to determine all of this would be greatly appreciated.
Real Estate Investing is a very broad subject. Saying you want to start REI without specifying which area is like saying you want to get into construction. Do you want to be a plumber, electrician, carpenter, painter, flooring installer, etc?
Some types of REI require good credit and money to get started. Others take virtually nothing buy action and a little education to get started. What is it that you want to do in the world of REI? Answer that and you’ll get better ideas.
How much of that $100,000 would a person have to have up front out of their own pocket? I’m just curious because I’ve heard that it’s possible for people to get started in real estate investing with nothing down. Others however say that you have to have good credit in order to get started in real estate investing and because of that I’ve been trying to get my credit cleared up by as much as possible, but due to extenuating circumstances I haven’t been able to do that.
If there is a way that I can get started in real estate investing by doing something like flipping or something else with no money down and poor credit, then I would like to know what it is and how to do it. Some of the people that I’ve studied from have been Robert Shemin, Dolf DeRoos, and Bruce Berman. Each one however tends to say different things about how to get started and what’s required to get started and as you can imagine that often tends to lead to a lot of confusion as they all have different opinions about what is and is not possible.
I’ve also attended a free informational sales seminar for the same people that have that show ‘Flip this house’ and they tend to say that what Robert Shemin, Robert Kiyosaki, Dolf DeRoos and all the others is outdated and no longer valid in todays economy. I’m not really sure as to who is right and who isn’t at the moment and that’s why I’m asking.
If there is a way that I can get started with it all by doing something like flipping, then that would be great. Dolf DeRoos says and suggests that the best way to make money in real estate investing is to buy properties and then hold on to them and rent them out and I have to admit that I do kind of like that idea, but whether we like it or not that all takes money as you’ll have to pay for things like the upkeep of the property and things like property taxes and then of course you’d have to find the right people to rent to that aren’t going to destroy the property at all and that you can be reasonably sure are going to pay the rent on time each month.
I’m also curious to know as to what kinds of documentation might a person want and need to have in order to effectively do real estate investing. I ask that because Robert Shemin’s Book ‘Secrets of Real Estate Investing’ discusses a number of things and shows some forms and agreements and I’ve recently seen a legal kit at Office Depot that is supposed to be related to Real Estate Investing. I can’t say as to how good the kit is or isn’t though because I’ve only seen it on the shelf at Office Depot and haven’t purchased it as of yet.
I’m looking at all different possibilities that I can and I’m trying to factor in all the costs that I can into my calculations so that I know as to how much everything might cost. It’s easier said than done thought especially when you have no experience doing real estate investing and have only studied what others have either said or written about the subject.
Are you referring to flipping as assigning contracts and wholesaling properties or are you referring to flipping like you see on the tv shows where they buy, rehab, and resell? Wholesaling can be done with very little of your own money. Buy, rehab, and resell takes lots of money. You’d have to find a partner with funds if you wanted to go the second route if you didn’t have money of your own.
I started out buying and holding them. “Land Lord” That takes a certain kind of personality. It’s a fine line between being a horses %%$$ and a nice guy.
Flipping as in buying and rehabbing for resale. This is what I’m doing now. This also takes a different type of personality. Dealing with workers, contractors, inspections etc.
Whole selling is what I used to do before all the financing got tightened up. By far the easiest to do in MHO. Every body and their brother wanted to flip house so getting rid of them was easy.
So to say which one is better than the other all depends on what you think you’re better suited to deal with.
They all take a great deal of effort to get started in, but is certainly obtainable if your desire is there.