I am new to real estate investing, I am 19 and have been learning about it since I was 16.
I am really lookingto jump into, but I don’t exactly know where to start. I have good credit, but no money. If there is anyone willing to share info here it would be greatly appreciated.
I am curious what you consider good credit. I am just looking at your age and figuring that it would be hard to establish ‘good’ credit, especially a payment history in less than 2 years.
Just wondering.
I have a credit score of 670. what I did was give the bank money to loan to me to establish credit
Excellent! Yes then 670 is very nice and you did it the right way too.
The biggest issue you have to overcome is your age. You will have to compensate by being an expert. Right or wrong, people assume age = knowledge. That is not always true, but it is a stereotype you will have to overcome. I know because I started young as well. People will think you are just a punk and don’t know what you are talking about. You will have to dazzle them with knowledge. It can be done, don’t get discouraged.
Me? I am a bit different… If I was young, whether I knew what I was talking about or not I would act dumb as dirt and let the other person explain it to me. If I know he is talking about something he knows nothign about I will pose questions to him or say, “Really? Gee! I thought it was like this…”
I like to play the Columbo routine and act dumb and make them feel like they are helping me find my way. MOST poeple want to help other people and will give you a good helping hand if you let them.
Act cocky or try and dazzle them with your book smarts and people with real life experience will not be so happy to see you coming, even if you DO know your stuff.
ARamirez,
did I read on another post earlier that you have done a good bit of MH investments?
Sorry can’t say that I have as my tag line still reads…
‘REI Noob - 0 Deals to Date’
But believe me I am working on that EVERYDAY!
Sorry ARamirez, but you need to read what I said without reading into it. I said you must dazzle them with knowledge, not bullsh1t.
If you want professionals to work with you, you’ve got to know what you’re doing. Acting dumb will work sometimes, but won’t earn you respect or someones willlingness to work long-term with you.
When I am selling properties, I am not there to provide the other guy an education. I am there to make money. I like to help others as well, but if they don’t know what they are doing, I don’t have time to educate them.
Different approaches will work for different situations. But, having been there, I believe acting dumb when one is young will not be beneficial. Acting like an ass won’t either So be smart, admit when you don’t know something, but do your homework so those times get less and less frequent.
When you want to talk someone into carrying a contract for you they will be much more likely to do so if they are comfortable that they are dealing with someone who knows what they are doing rather than someone who lacks knowledge and is hoping it will work.
I bought my first house when I was 23, bought a half-million dollar property on contract 3 years later. There is no way I would have put those deals together without building a relationship built on mutual respect and confidence. I’ve been doing deals since then for the last 10 years. I like to deal with other professionals, not guys who are quessing and hoping.
But, to each his own. I do believe that to be successful in RE investing you must use a whole toolbox full of tools. Just as hammer is not the best choice to drive a screw, different techniques will work at different times.
Reece
jackofall,
No I read it correctly and did not read into it. I do agree with you about you must make sure the other person knows you are knowledgeable, that is how I feel as well. What I meant abou the dazzle thing was when I walk out on a job site where I am 30, look like I am 25 and need to ask that electrician who has been an electircian for 30 years why my equipment doesn’t have power I don’t try to dazzle him with my knowledge of his field. Otherwise I might get viewed as being a punk kid even though I truly know what I am doing and perhaps even corrrect in the situation.
As you say different situations call for different actions. Me? I always start out like I don’t know too much that way if the other person doesn’t either I don’t go over their head and make them feel dumb and if they know what they are doing then I can begin speaking technical jargon cuz I know they speak the same language.
Let it be known I like your style of doing things as well… there is only ONE right way… the way that works for you. ;D
OK, I get you. It is so easy to misunderstand in this type of communication.
I agree with your approach the way you just explained it.
I also apreciate comments you hae made in other threads. What I love about this site is that we can all learn from each other.
Reece