Hello!
I’m new to the scene of REI… In the past coiple of months I bought via eBay several REI courses… among them Carlton Sheets and Ron LeGrand… They are previous version… But If I were to choose, which one should I start with? LrGrand or CS? I even bought books on Robert Allen… I’m confident in my abilities, but so many info out-there don’t know which method to use… Can anyone please help me? Just to guide me to the right path… Thaks to all!!!
Silver Moon
<<…among them Carlton Sheets and Ron LeGrand… They are previous version… But If I were to choose, which one should I start with? LrGrand or CS?>>
Go with the Sheets course…but if you’re not going to engage…don’t bother. The Sheets course will give you a lot of the basics. None of the courses will work unless yopu apply them.
<<I’m confident in my abilities, but so many info out-there don’t know which method to use… Can anyone please help me? Just to guide me to the right path… >>
You need to do a little research and find out what interests you…REI is a huge field! Figure out what you like and then go with it. If you don’t like it, you can alter course. I buy, refurb, and hold as rentals…some people “bird dog”, some wholesale, some fix and flip…etc., etc., etc.
And read this site – all of it. There is more information here as there is in any course you can buy!
Above all…welcome and have fun!
Keith
My Friend Keith!
I thank you for taking time to read my post/question and giving a straight answer… I will defenetively will start reading CS course. You are right about this site… there is more information here than any course… great site! Are you a CS student?
Blessings!
Silver Moon
I bought the Sheets course some years ago from e-Bay for like $40…
I wouldn’t say I’m a disciple but some of his methods work. More than that, you get a place to start – a groundwork.
Keith
Like kdhastedt said. You need to first decide what your goals are. Real Estate is a business. You need to know what you are in business to do. Basically there are two businesses that people call real estate. They are separate and distinct. Buy hold and rent, and buy fix up and sell. They are different and the properties you look for each the financing and the total philosophies are different for them.
In general buy fix up and sell is and seen by the IRS as active income and you are taxed as such. It will require you to buy and sell many houses in a year. You need to buy the kind of house that your intended sellers want to buy. Since you are only holding these houses for a short time, the financing is short term in mind. You make $10k - $50k per deal, and you do it over and over. Buy hold and rent may only make you $2k to $5k per year on each house, but you are attempting to buy 10, 20, 30, etc. of them and thus have a passive income or $20k, $50k, $100k per year. After acquisition these houses bring in income while you do make readies half the time and vacation the other half. The IRS allows great deductions and there is a lot of tax free money to be had here.
You need to decide on a business model, and then learn your area. I suggest you find a real estate investor’s club in your area and join. You will get a good idea of what you want to do there. Ultimately real estate is local. Carlton Sheets and Ron LeGrand are not going to tell you what a bread and butter deal looks like in your town, these guys at the meeting will. Remember people can tell you a thousand ways how they failed and you still won’t know how to do it. These people are doing it. They are not talking about how the toilet in a rent house blew up and they lost their shirt fixing it, they tell you how to have the plumbing checked out before they buy their houses so the toilet doesn’t blow up. They don’t tell you they rented to a guy that never paid his rent; they tell you how to check out the tenants before you rent to them.
Bingo, Bluemoon!
Keith
Thank You Bluemoon… Wise advise…
Silver Moon Joe