Hi Guys, I can seem from most of you that post here that i am in good hands. And i see the opportunity to make alot of money with your help, so that perhaps someday i can help you!
Let me tell you a little bit about myself and my financial standings.
I am 21 years old, i have $7,900 of debt and i make around 2,000 a month. Mostly acheived through greenpeace, richdad And one of my close friends who has read every financial book known to man. In less than a year i will be completely debt free. However i have no passive income, i only have active. Now that i have triumphed over the worthless debt obstacle. I have goals to obtain passive income and get out of the rat race.
I live in the Albany area right now, I have little to no understanding of real estate, but i learn quickly. I was hoping someone would be able to help me and give me guidence on where to start.
I dont claim to be a GURU but i will give my 2 cents none the less.The first thing that i would suggest doing is to go to the free investing books section of this site (upper left) and download everything you can get your hands on! Im serious!
This also includes the mp3 files that Tim has saved here which are very informative for the "Newbie Investor" like myself. Read it, listen to it, and surround yourself with information......but dont let all of this information discourage you.
We all know that anything that we want to achieve in life always requires sacrifice and work; however…once the ball is rolling because of your inital efforts, it does get easier.
Hope this helps ;)
Study and research two or three strategies of real estate investing
Study and research your market area
Set up your business structure
Order business cards
Network with real estate agents/brokers, bankers, title companies, real estate attorneys, and other real estate professionals
Mail, fax or email letters of introduction and follow up with personal visits or telephone calls
Network with lenders
Locate private lenders
Join a local REI Club in your area
Search out investment property leads
Learn how to research a properties title
Evaluate equity position of property
Drive by properties of interest
Contact property owners
Negotiate with property owner
Get properties under contract
Sell properties under contract
Close on the deals and repeat over and over again one property at a time.
Welcome aboard, and you’ve come to the right place to live and learn the art of real estate investing, I am also fairly new to this forum, and I do know that it is full of knowledgable people who are and have learned by doing.
You’re working in the right direction, and by exploring this site, you will learn faster and easier than some of us, who learn the hard way by doing, failing and re-doing.
With this forum, you can learn from other’s mistakes, and successes, which is sometimes, better than the courses you can purchase. Some of these people are just good motivators, not really investors!
You need to own your own place to live in. This is paramount. You should probably ask for your parents help on this. Or get a job at a mortgage co. processing loans. There you will find out how easy it is to puchase property and the experience you will gain will be priceless not to mention the $ you will save on your first purchase.