I had never been interested in REI until I just recently watched a couple of infomercials on how easy it is to make money by investing in Real Estate with no money down! which is where I would be. They make it seem so easy and achievable that it really interested me. I know I would need to learn a lot before I start but that is my question, where do I start?? Do I take a class? Is there a list of books or videos anyone recommends in a specific order? Please give me any good advice you can think of. It sounds like many of you are very knowledgable and are willing to share that knowledge so thank you in advance for your advice.
Best thing I would suggest is DON’T BUY ANYTHING… Yet!
Look at EVERYTHING you can find on the internet and forums such as these. EVEN the get rich quick stuff and the infomercials you have seen. They will get you excited about the opportunities and also give you broad ideas as to what RE investors are able to accomplish when wheeling and dealing.
Read, read, read!
I agree with Abel, spend a lot of time here and at other rei forums and just read, all you can and ask questions. I am new to this as well I have seen some of the infomercials as well but I must say they make it sound just to good IMO, but I know it can be done the key to no money down is that you don’t want to use your money but you are still using money it just someone elses.
Bank, buyer, etc.
Thank you both for your advice, seems like I have lots of homework to do…I was hoping someone would give me a straight plan of attack, such as specific books you have read and recommend and so forth, I don’t want to spend time reading junk if you know what I mean. I know there’s a lot of people trying to make a buck and it wouldn’t surprise me if the info provided by programs offered by the infomercials turns out to be junk or outdated… Thanks again and God bless your endeavors
Hi Luna and welcome!
Infomercials and how easy REI is!
Be careful my friend it is not as easy as they like to imply if so than no one would need to work.
I will tell you with a lot of study, research and hard work real estate investing will pay off and pay off big.
You will find ton’s of books, guides, courses and taps out their that will teach you REI some are good and some no so good.
From the sounds of things, you should focus on locating real estate for other investors or learning how to get property under contract and resale for a profit.
Your first step would be to locate a basic getting started guide in real estate investing and go from there.
Do seek out a book, guide or program that will provide some coaching with your purchase.
im juct getting started also but ive read 2 great books thus far.1) quick cash in forclosures
2)buy it, fix it, flip it, sell it
Immerse and expose yourself with lots of reading materials for FREE …where?? the Library! Thats really a bargain there when it comes to learning a lot about real estate. Just browse around the forum and see what’s hot in real estate books and look for that book in the library.
Forums like this one is superb! Its a lot of nuts and bolts in the pains and glory of real estate investing.
To play the game you got to know the rules. I agree with exposing yourself to the business by reading. I myself have read multiple books and I aquired them at the library for free. I usally go to the book store, see what new book is out, then go over to the library and check it out. Its way better to pay a $2.00 over due fee then to pay 20-$35 for a book that you probably will not like. I also have posted in the past here and read many of the post. But when is enough, exactly enough. Ive been reading material for a year now, and everytime I think I got it down, I still read some more and I get confused lol since everyone has there own way of doing things. Ill read one book that says to do onething a certain way and then read another and it tells me differently. Should I just stop now and try my first deal, or should I continue to read. I think Im just a little scared on trying to accomplish my first deal. I really dont want to get into something I cant get out of. GOD BLESS YOU ALL
They have a free book on “lease options” and “subject to” which is pretty good for the beginner. These programs are based on little or no money down.
I think a year of reading is sometimes referred to as procrastinating. You will ALWAYS be learning new things and new ideas. Right now you need to find a niche that you are comfrotable with. If you are worried about commitments financially then start tryinig to wholesale properties.
TRULY the hardest thing to do in this business is FINDING properties. If you can find deals then figuring out how to work them is easy. Unless you are reading RE marekting books AND applying what is in them then you are stalling trying to read anymore after a year of it.
Start applying what you have read. Just remember until you actually have to sign and initial a sales contract you aren’t obligated to anything.
From what Ive seen, even signing a contract doesn’t obligate you to anything with all the subject to language (weasel clause).
That is absolutely correct, however I think it was bj who was coming from a very common position of most new investors that when they see a contract they are signing they worry that if it is not done right that they can screw themselves. Which they CAN!
So I was saying for bj to get out there and start putting what he/she has read into action and not to worry till the point a contract is needing to get signed. Everything else before that can be done kow without fear.
Luna: in 1995 I got divorced, just left him and the house and decided there had to be a better life… so, I needed a place to live; not the crappy duplex I was renting and I started looking, in CA, for a home. I told the realtor my price range and he said he doubted there were any houses… long story short. He did find 5 fixers in my range, I picked the crappiest house in the best neighborhood. By crappy, I mean it looked terrible, but had GOOD BONES!!! The estate wanted $95,000 I offered $75,000 and my sister and boyfriend said “are you going to live in that?” I painted and fixed after working all day, put a total of $2,000 in it and sold it for $106,000. after having a house to live in for 2 years. Now, I have cash to play with and a husband and sister that listen to me. So, decide what is the worst that can happen and then dive in, the water is great!!
I have done that 5 times in the past 10 years, nothing that would break the bank, but a darn good living.
Luna, You have received some great advice here. First things first…where are you located? When you are new the best thing to do is try to find a mentor. Its one thing to read a lot of books and study and …its another to take action. It can be a scary thing; however, if done correctly I believe it will be the most financially rewarding thing you will do for yourself. Its true, this will be a life-long learning process, but it is easy enough to get going now with the right mentors and the right mindset. Start doing research on your local Real Estate Investment clubs. See if there is someone there you can relate to. Learn from them and as Real Escape said, “Jump in”. Now, be smart about it. I’m not saying just go out and start doing STUFF blindly. I am saying find someone who will help you while you are learning. The books will make more sense and your learning curve will be faster! When you find a mentor the very first thing you guys should do is figure out what your goals are and develop a strategy on how to reach them. This will save you from going at everything and anything. He who chases two rabbits catches none! So be focused and I will meet you at the top. Good luck!
that is your best route, if you still need help or want to learn as you go contact me and i will help you!! without coming out of your pocket. but you must be willing to take action!! NOW