hello,
'Ive been reading this site for 2 days almost non stop awsome! but my current sitution is that I’m unemployed and have no working capitiol i feel motivated to get out thier but know i should keep reading is thier something even to make money that i can do? In the meantime ? to pursue my goals.
any advice for any of the above will put futher into my education
thank you
thirsty birddog
I hate to be the party pooper but you need to get a job AND continue your learning with all of your free time. For the best chances of becoming a successful investor you need significantly more than a couple solid days of learning.
If I was you I would get a job doing construction. Ideally a handyman type thing so you get experience in all forms of construction. Having previous construction experience has helped me considerably. I can easily and accurately estimate the costs of repairs which can be the only difficult part of accurately determining an ARV.
It also helps if you’re getting started in the Junker business. Junker property can be bought for 10K or less in many parts of the country and if you save up that little bit of cash you can buy a property, fix it up yourself and your sweat equity will pay you very well. Take that bombed out 8K vacant junker and bring it up to the value of the 80K surrounding properties with your skills. Then you have a 80K paid for house to get a loan on and buy another. That other house you bought is paid for because the loan is on the first so put a loan on that one and buy another. And on and on to extreme wealth.
The key is to get one or two paid for houses. Once you have done that it will be easy street for you as long as you don’t cash out money on the house and live on the loan. Many go under doing this. Also don’t get a loan for the entire 80K value. Just take 40 or so and find another that needs work but not as much work as that first one did.
BUT being unemployed right now means you need to make something happen right now and it’s going to take a while for you to get your feet wet in real estate. If you don’t fully understand what to do you can get badly burned. That is why it is important to learn, learn, learn and take your time getting started.
Thirsty,
If you’re really motivated, then you need to get out there and get a couple of full time jobs. Build up some money while you’re studying real estate investing. In a short period of time, you’ll be ready to get started investing!
Real estate investing is not a get rich quick business. You won’t succeed at it if you’re unemployed and broke. If you really want to start a real estate investing job, then plan on working your butt off for the next few years! That is the price of admission for being successful!
Good Luck,
Mike
Why don’t you get yourself a mentor since youre so hyped up. Find someone you can work for who has the experience and credibility in REI. In exchange accelerated learning and experience you would probably need to work on a meagre salary. That way you might even earn some money in the process…
And of course continuous learning…
I would never even consider paying someone for me to teach them how to be a successful investor. I don’t want to teach someone that bad.
Hey Thirsty,
You have received some solid advice on this thread so I’m not going to beat a dead horse, but you definitely need to find a mentor or coach and you should start by attending your local real estate investors associations. PM me and I can send you a free list w/ contact info, etc…
Find out who the “real players” are and start building a buyers list asap. You can help these wholesalers / players by finding buyers for their properties for a fee. This is just one way to start making some money w/out having that much experience or even money!
You could post their property on free sites like postlets, craigslist, backpage.com and several others (just do a google search).
Hope this helps…
Alex Pardo
I just wanted to comment on the advice that i picked from the previous post it's very well appricated! unemployed and broke but in school as an x ray tech.
Here's my question I've been thinking along the lines of network online marketing that is free or close to free through the web, is there any websites and catchey slogins that i can use to attract quilified sellers? or is there other ways of contacting sellers as well, to refer to whole sellers and investors.
I am a newbie investor as well. But the one thing that I have noticed in these forums is that no one with credibility really cares or is professional enough or selfless enough to provide advice in these forums without begging for more money which is greedy and ridiculous. Will any one of you out there whose pockets are already full answer this question for me??? I already know what program I am gong to purchase as far as learning the realestate business. I live in Kansas and I do not have thousands or even hundreds of dollars for an attorney. What contracts and forms will I need to use working in this state as an investor not a licensed real estate agent, but just an investor??? ANybody??? Because nothing else matters until this challenge is solved or investors find themselves in worlds of trouble if their contracts and forms are not correct.
Bizee Investor,
EVERY SINGLE DAY on this site qualified professionals are giving free advice without asking a penny for it!
I don’t know what program you are going to purchase in Kansas, but why are you doing that? You don’t need to purchase anything to start learning. Here is the same advice I have read dozens of times on REI Club:
I just spent several hundred dollars with a real estate attorney to interpret a contract I had never seen before. If you need personal legal advice, appropriate for your state, you will need to pay for it just like the rest of us. NOBODY can GIVE you state-specific contracts for doing whatever it is you want to do.
Attacking people is not going to win you friends or advisors.
Furnishedowner
Expecting free help from people that you are calling lacking in credibility, uncaring, unprofessional, greedy, and ridiculous is perhaps slightly unrealistic of you.
As for forms: laws vary from state to state, and even from city to city, and you need forms that are specific to your own state. Therefore, there is no value in asking for information about forms from other investors.
Perhaps there are no investors from Kansas on this forum. Or perhaps the investors from your state are using copyrighted forms and are not at liberty to give copies away.
My suggestion for you is that you spend a couple of hundred dollars and get a lawyer to write up appropriate contracts for you (you know; like the rest of us greedy unprofessional investors did)
Bizee,
Pretty bold of you to come on here guns a blazin’ accusing many of us regulars as selfish and looking for hand-outs. Do you see my website in my signature line where I’m selling the BEST KEPT SECRETS in REI? Nope. Didn’t think so. You must have read quickly to have figured all of us out in the <31 minutes from the time you established your account to the time you posted this. And yes, I realize you could have been lurking as a guest for quite some time. The number of people here truly willing to help others with no financial gain in mind greatly out number the amount of people here peddling their crap.
What aspect of REI you try to work will dictate what forms you need to conduct business.
Here is a re-print of a post that I made last year. There is plenty of applicable advice for your situation.
ReGrasshopper,
I’m a newbie to real estate investing and have been actively making offers for my first property for the last couple of months. I’m sure my story is not unlike others here.
At one time, I was a financial mess. I had a bunch of credit card debt and bad credit. Like yourself, I thought that real estate investing could get me out of trouble. I bought the Carleton Sheets course. I soon learned that I had to get my financial house in order before that could happen.
The turning point for me was purchasing some Rich Dad books and cd’s. I learned my lifestyle had to change.
I scaled my spending back to a bare minimum. I took a job in the industry I work in now and freelanced/moonlighted on nights and weekends. I started paying down my debt and repairing my credit. I was miserable at that job but I was slowly making progress. Then, I got laid off from that job. In hindsight, that was the single best thing that ever happend to me!
I now work for myself and have paid off all of my debt. My vehicles and equipment for work are paid for. I have “0” debt and have ample savings to start investing and have reserves for a rainy day. It took some time and sacrifice for me just to get to the point of being able to invest. The CPA I use for my small business has a real estate brokerage as well. I’m working with a great agent who is also an appraiser and investor. She understands exactly what I’m interested in and has actually talked me out of properties that weren’t good for me. Conversely, she has brought properties to my attention that I’d have overlooked. I view this as the start of my “team”. This is my starting point for investing.
For education, I would read or listen to Rich Dad, Poor Dad and The Millionare Next Door. I just downloaded propertymanager’s book and read the first half of it in one sitting. In a word, it’s SOBERING! I recommend it.
My advice to you is to get control of your business and finances by making whatever changes are necessary. Get a realistic view of where you are and where you will be if you don’t change anything! Adjust your lifestyle and live well within your means. Repair and monitor your credit and build up some savings. Then go at it!!
JP
Since this post I have successfully purchased my first investment property, a 4 family home and am currently rehabbing it.
JP