My "REI Noob" story...

General Real Estate Investing
1

To all,

I am happy to have found these forums as I like this tye of REAL forums rather than the kind I have seen with long webpages of junk. I also EXTREMELY like the attitudes of the more experienced investors here. They genuinely want to offer information and insight to newer investors. KUDOS!

My story is that I am a noob myself. I have yet to make a single deal, I have no prior experience in real estate other than what I have read for FREE on the internet, late night TV infomercials or some get rich quick seminar selling $1,000 books which I never bought.

I do seem to have a knack at explaining things to those that aren’t as knowledgeable as myself in certain things and I hope that I can use this forum to not only increase my own knowledge of REI, but help others as well. I hope to put up a website at some point with an easy way for noobs to find links to sites with tons of good, valid, NON get-rich-quick information.

In the meantime I am looking for deals and just put out my first offer on a house in my life! I plan to rehab single family homes (SFH) and then sell for fair market value (FMV) or maybe rent to section 8 depending on the location of the property and the numbers.

I am no means a know it all tho my posts sometimes may READ like I have an attitude, but I just ask alot of questions and play devil’s advocate alot to see if the other person has atleast considered all the angles. I mean most new peeps like me can’t afford to make a mistake so I try to consider the worst case scenario and make sure I have an out or I can swallow the mistake without hurting myself. LOL

Good luck to all and I hope to contribute and receive more great information like what I have read in the last few days!

2

You really know your stuff for a “NOOB” :smiley:
Good Luck with your first deal & keep posting! ;D

3

Hi there,
I found this list on another web site. Since I don’t think I can post the site here, I am just going to post the list. It is a Weekly 15 Hour Investor Schedule by John Michael

Monday - Mail, Fax, or email Advertisement at least 15 letters to lenders and at the end of the 1st month you will have contacted 60 lenders. You will then start getting lenders to send you their lists before Anybody else. (takes about 30 minutes)

Mail, Fax, or email at least 10 letters to Realtors, Contractors, Real Estate Attorneys, etc and at the end of the 1 St. month you will have contacted 40 Leads producing sources. You will then start getting Leads & business contacts. (‘takes about 30 minutes)

Search Internet sources for Leads (‘take about 1 hour) Study real estate related educational material (take about 1 hour) This I still do!

Tuesday - Spend day networking with realtors, bankers, credit unions, mortgage companies and all others you come into contact with (spend about 2 to 3 hours)

Wednesday - Go through newspaper for homes for rent, FSBO, Homes For Sale, Legal paper listings and searching neighborhoods and drive by. (‘spend about 2 to 3 hours)

Thursday - Court House Research. (‘spend about 2 hours)

Friday - OFF - My Family Day - Wife day

Saturday - Inspecting Properties & Make Offers (‘spend about 2 hours)

Sunday - Inspecting Properties & Make Offers (‘spend about 2 hours)

“Working smarter, not harder = Financial security”

Hope it helps. Good Luck

4

Reime

I like that schedule, very good! :dance:

5

something else John posted. ( I wished I knew if I could just post the link)

STEP 1 - Buy a piece of real estate under the most favorable terms and conditions possible with as much leverage (OPM–other people’s money) as you can.

Step 2 - Fix it up or improve it in some way. This step could be anything from paint and elbow grease to converting to condo’s.

Ste 3- Sell or finace the real este in some way to be able to compound profits and find more real este. Follow steps 1 and 2 again.

6

From experience I know the last 3 steps are important and if followed will work like a charm.

7

ok what does noob mean?

8

Howdy Qdiesel:

Noob is a word that ARamirez made up or read somewhere that means a new real estate investor.

LOL

9

Well * I * can’t take credit for a term that has been used for over 20 years that I know of…

Noob
Noobie
Nub
Newbie
Newb

I have heard and used this term in all kinds of things… Paintball, Online Games, Work/Jobs, Computers, etc.

10

For us internet game people… you may also see n00b

Just means… a person new at something. Usually its used as an insult to call someone a newbie.

11

Ahh yes I knew there were a few more I was leaving out…

guess you could say I got owned… or pnwed

Now can you explain to me why peeps use the ‘P’ tho? I never understood THAT one.

12

Hah,

I dunno bout the P (I guess could the loop in it can be a o).

I would say 0wn3d or something stupid like that (notice the zero, not a capital O).

Not to get to far off topic (although I’m not sure what the OT is), I am happy too that I was referred by word of mouth to this place. I was discussing REI with a coworker at HR Block and he told me about this place. The people here are so helpful.

I haven’t figured out yet what aspect of REI interests me most… I think I’d love to rehab and make junky houses look nice again. I’m only 20 and a student in school.

What subjects do you guys think studying at a University would be most helpful in my goals to be a full time REI… working for “the man” doesn’t seem for me.