I was hoping that I could get some good feedback from this email. Let me start off by saying I am very new to this game.I started with doing preconstruction after watching and listening to a friend that does really well in buying and selling land and also pre construction. So when I refinaced my house I decided wht the heck why not take a chance at making some money like a lot of others are doing. The problem is my only investing experience has been with doing preconstruction condos,which doesnt require much more than getting the mortage and downpayment. All the work is basically done for you. The properies are still in building process so I havent seen any dividends off of them yet, but it is looking very promising where I bought. Someone I knew made 30,000 off of thiers so hopfully mine will generate the same.
Any way I need some direction. I have attended a few seminars and have done some reading. I think my directions that I would like to head is with pre foreclosures and rehabbing. I would like to buy the house and renovate my self at first or with the help of a few friends to start. I have a realestate agent looking for some leads into investment properties, But eventually I know I will have to find these on my own. I know thier are people bird dogging which sounds wonderful , but I would like learn to locate the deals and purchase the property myself. I dont know if this seems to selfish. I figure if I want to make the most money I would have to do most of the leg work which I dont mind and also compensate people for helpling me along the way.
So basically I really need a starting point…a plan of attack. Some information whether it be a book, course that can tell me step by step that would give me the most information to start from: like finding leads, what to do when somene calls, finding lenders that will finance the loans, Paper work, how to resell the house, biulding a team, :-\ things of that nature. I went to a few seminars that had some good info ,but I only extract bits and pieces . I lot of what is said is not a teaching seminar it was more about how much money they make or the deals they do. I want to learn from start to finish.
I know this is a huge email and belive me I could have made it bigger:) but could anyone share thier thoughts to where I can start from - courses or books that I could read or maybe personal information that could help me fit all these pieces of the puzzle together. ???
Thanks Tom
Tom,
When I first started investing, I asked the same question of a very seasoned investor that I knew and trusted. To my surprise, he suggested that I buy the Carleton Sheets Course. I did and was very happy with it. It is a comprehensive, start to finish, step by step course that is excellent for the new investor. So, that’s my recommendation - buy the Carleton Sheets Course and thoroughly study it. It will answer all the questions that you asked in your post.
Good Luck,
Mike
Amen, to Carelton Sheets course. At the very least it is an organized, step by step approach to REI.
Thank you guys for the advice on the carleton sheets course. I believe what u guys r telling me but it seems like thier are others out thier that believe his techniques are out dated. Do you belive this? And also is the course updated or is it the same course he first came out with.
Thanks Tom
Some of the Sheets techniques are not easy to implement, but I have personally used about 7 different techniques to buy about 16 properties.
It’s not just about techniques, though. It’s about putting yourself in a position to buy. It addresses credit, personal finances, prequalification, financial resources, neighborhoods, cash flow, estimating repairs. all the key ingredients for successful investing.
People who say the course is outdated either failed at it, didn’t apply it properly or never even tried it.
Jeff
Sounds to me like the book definatly covers all the bases. I guess ill have to try and locate that course. Thanks for the info jeff.
Tom
and don’t forget to read the posts on this site too!
…and don’t pay retail for Sheets…I got mine on e-bay for $40.
Keith
Thanks. I will check out ebay. That should save me some bucks:)
Tom
Tom,
If you want to concentrate on pre-foreclosures and rehabbing…you should check out Alexis McGee at Foreclosures.com. Her approach is very ethical and honest. Her CD’s give you the step-by-step instructions on how to find the leads, weed them and then get the deals. She’s very into helping people and not screwing them and she has a lot of intregity and information on her site that is free and very helpful.
Check her out!
kvelez
Recently i signed a buy/sale for 32,500. The house can be turned into a duplex,by doing that i need to rehabb the basment. The bank wants me to put down 6,000 down payment i have credit cards to do that, but i dont want to use credit cards. I looked for grants and I’m confused on those. Can anyone give me advice on this buy/sell???
I’m new too, but I got a lot of direction with The Millionaire Real Estate Investor by Gary Keller. It helped me to analyze my game plan.[i][/i][i][/i]
I read, “The complete guide to investing in foreclosures”. I thought it did a good job of laying out the process. It also talks about the pros and cons. I thought it was also more realistic. It didn’t have the whole it’s easy and anyone can be rich approach.
the carleton sheets course is what introduced me to realestate. i think its pretty thurough on some things, but lacking on others. dont go for the coaching, its too expensive. i learned that the hard way 