I’m a begginer with Real Estate, actualy i haven’t made my first deal yet.
First i’ll describe my situation and then i’ll ask my question.
I’m currently unemployed i have 0 money to invest and very poor credit, a few months ago i went to a Foreclosure seminar and that same company is offering me a mentorship program for about 4,000.00. The mentorship will primarily be about Foreclosure or REO’s.
My question is.
What will be the best strategy for me to start, because i’ve been listening to some Tele-seminars and the investors talking said that for a begginer like me it would be very dificult to start in REO’s…
I truly apreciate your help, Thank you for your time.
Don’t spend the 4K. Start by reading all the forums here to figure out which method would serve you best and then come back and ask some questions. There are some courses on e-bay and a lot of courses from some of our members that don’t come close to 4K. Herbster
Knvalerio - it is good that you are trying to get ahead… However I would start by finding a job. If you trully like REI, than you can try to find a job in a related field - like construction, management company, etc… You will get paid to learn stuff that will help you in your REI career.
Few weeks ago fdjake started a very good thread that I would recommend you read
First, are you living alone and self dependent, or living with family?
If you have no bills or expenses, then I would suggest starting out as a Bird Dog, earning $500 - $1,000 on each good deal you find. You can War Drive the neighborhoods, and send out ads about your business to your friends and family via emails. Ask them to keep an eye out for you.
If you have expenses, then get a JOB! Pay your bills first. Do the Bird Dogging on your time off.
Now the good news…You can fix all of those things. You have already started by asking for help on this site. Everyone has to start somewhere, you are just starting at the bottom, but that is okay. Let us know how it goes in digging yourself out of that hole.
Ken, it appears that your only resource at this point is time. You may also have a lot of determination and desire. Here’s some ways you can put your resources to work.
Get as many jobs as you possibly can to earn as much as you can. Save 20 - 30% of your earnings each week for about a year.
Read as many REI books that you can during that time. Here some good ones.
“The Millionare Real Estate Investor” by Gary Keller.
“1 Minute to Rental Property Riches” by Mike Rossi (aka Propertymanager)
" The Millionare Next Door"
“The ABC’s of Real Estate Investing” by Ken MKelroy.
“Rich Dad Poor Dad”, by Robert Kiyosaki… Stay away from the expensive seminars.
Go On ebay and purchase the latest version of the Carleton Sheets course with the DVD and the “toolkit” CD. They have them for under $60. Its a good basic course at a good price. Keep reading the forums on this site and ask questions.
Work on repairing your credit by paying off your old debts and try get some new “good” debt. Do all these things within the next year. You may have to work on credit repair for a total of 2 - 3 yrs. While you’re doing this, you’ll see your resources starting to develop. After about a yr or so, you’ll have gained a good knowledge base, have money to invest, and may even learn a few “no money down” techniques to get started. You’ll need to have an REI education before investing ANY money. Welcome and good luck.
Thank you everyone that took time to read my post specialy to those ones that replied.
Thank you for the advice
J1DIAS i read the article and it makes alot of sence, i actualy save 30% of any income that comes to me 10% Tithe, 10% save and 10% to Invest. I just have to find a job and save as much as i can for a year…
knvalerio - the folks on this board are giving you good advice. I am glad you are open minded and is willing to take it. I believe you are making the right decision to work on improving your savings and credit. Organize your backyard first, then look at other backyards to invest… Goo luck! Keep us posted!