HI my name is Rico Smith and im from memphis tennessee. im 19 years old and im currently enrolled in the university of memphis. Every since i was 14 years old ive had a passion for creating wealth through real estate investing. I have read over 43 books on wealth creation and real estate investing. I have come to a period in my life where I feel like it is time for me to implement the information that i have learned. Sometimes i feel confused and dnt kno where to begin or where to start. My family tells me that I should hang my real estate dreams up and contiue my education but i have an inner voice that is pushin me to start pursuing my true desires. Can anyone help me come up with an ACTION plan to start. thank u dearly
What is your proposed major? Are you planning to pursue a degree that will contribute toward realizing your real estate dream?
yes i am gettin a degree in bus economics with a minor in real estate development
I think you have already started. Completing your education is just one of the initial steps in your action plan. Saving money and building your credit score can be done while you are still in school.
An action plan starts with a long range goal. Goals are specific, measurable, and have a timetable. Tell us your goal. What is it that you want to achieve, how will you know when to declare success?
Do “both”. Do not give up on your education & continue to learn about building a business.
Chris
why not get your feet wet in the real world while you are going to school and do a sandwhich lease option deal???
you need no credit and it sticks good cash in your pocket…
so dont be a scaredy cat and do it…
Matthew,
so dont be a scaredy cat and do it...
What’s next…“I double dog dare you”? Operating a rental property business is a serious endeavor with the real risk of losing money. A sandwich lease option is one of the riskiest type of rental investments you can make and can easily result in the investor being in two lawsuits. I would definitely NOT recommend a sandwich lease option as a first investment - in fact I won’t do sandwith lease options at all! And, no, I’m not a “scaredy cat”.
Mike
You have probably read too much. Some of the info you have read probably flies right in the face of other info you have read. :banghead Decide what type of investing you’d like to do. For a beginner, the least costly is Wholesaling. I will use this as an example for the rest of the reply.
Write an outline of the steps you need to be a successful wholesaler. You need to find motivated sellers. Go through the Marketing forum and read everything you can on low cost/no cost ways of getting motivated sellers to contact you. Without marketing, you don’t have a business.
You will need contract and assignment of contract forms. This website has links to forms. You might be able to get forms from your local REI group.
With your action plan, you need to ACT!!! Start doing the marketing and the other steps will follow. If you don’t get the results you want analyze what you’re doing and tweak things if you need to. Be persistent - don’t give up!
Ignore people who tell you what to do with your life, especially those who will dash your dreams. It’s tough when these people are loved ones or close friends. If you follow the crowd, you’ll end up like the crowd. Keep your dreams to yourself, if you can, until you’re successful. If you must listen to others tell you that you’ll never be good at something, let this be your motivation to succeed. Once you succeed, make sure they know it.
Good luck!
Mr 3474 Postings… you are an old school landlord… and yes you are a scairedy pussy cat…lololol
Just kidding you Brother…
So if you have both parties sign a waiver agreement and a CYA form, whats the worst that can happen…???
We need to be educated before doing any business in any field…
so Mr 3474 postings … How many Lease option Purchase sandwhiches have you done…???
or has ILA just told you its a bad Idea??? And realy they have know Idea…
As Mike already said, the worst that can happen is that Rico has to defend himself against two lawsuits. Some signed forms in his hand won’t stop a couple of breach of contract lawsuits nor pay the costs to defend against them. Sandwich lease option deals are not the best first investment for a college student with no cash reserves who has never done a deal.
I think the responsible advice we should give Rico would be to define his long range goal, develop an investment plan to achieve his goal, and then define the action steps he needs to take to implement his plan. Let’s not tell Rico to just jump into the deep end of the pool with no training, no resources, and no idea of what he is doing.
Let's not tell Rico to just jump into the deep end of the pool with no training, no resources, and no idea of what he is doing.
AMEN!
So if you have both parties sign a waiver agreement and a CYA form, whats the worst that can happen....????
Signed waivers are next to worthless in court. You can’t sign your legal rights away. If you understood sandwich lease deals, you would understand that you can easily become involved in TWO lawsuits (as Dave said). I do lease options. I rent out properties that I have “bought” on a lease option. I do not do sandwich lease options, as the risk of lawsuits is too high. I have dealt with the aftermath of several sandwich lease options (buying the property, renting to the tenant who was the buyer in a sandwich lease option after it fell apart, etc), that have gone bad and therefore have experience with the downside of this type of deal.
Mike
YES i HAVE TO AGREE WITH YOU GUYS… jumping in the deep end with a newbie is alittle harsh…
I have to agree that whole-saling would be the most profitable with the Least risk…
Hey PM… What happen to your deal where you got in trouble, I am interested to know what happened and the terms of the lease purchase for the front title holder to the T/B…
No pun intended towards you I am truely interested in the out come…
Hey PM.... What happen to your deal where you got in trouble, I am interested to know what happened and the terms of the lease purchase for the front title holder to the T/B...
I have never gotten into trouble with a lease option. We weren’t even talking about lease options - we’re talking about sandwich lease options. I have posted numerous times about the sandwich lease options that I have seen crash - they weren’t mine because I won’t do them. If you want to understand this issue, use the search tab at the top of the page and read the old posts about it.
Mike