I’ve read through some of the threads here and am very interested in becoming part of the Real estate market. A little history about myself.
I read Rich dad poor dad & Cashflow quadrant,and am currently reading Think and grow rich by napolean hill. I currently have some money I’m wanting to invest (~$6000) in the real estate market and wondering how i should go about getting started. Right now I’m trying to get my friend’s uncle, who’s a successful Real estate investor in my area, to take me under his wing. But in the meantime I’m wondering what i should do to prepare myself.
I plan on starting out as a Holder/Renter to gain some passive income and buy houses as I accumulate more money. Reason i say this is it’s a buyers market, and from what I’ve read on these forums that means i can get some good deals on good houses while the rent is still up and then rent it out and hopefully come up with a few hundred dollars every month.
My Credit should be good, as i pay off all my Credit Card bills around every 2 weeks. I am young (18), but really willing to learn, and am highly motivated. I can’t think of much else to say right now, but If you have anymore questions feel free to ask.
Thank you very much
Reading the Rich Dad books are good for developing a general mind set about money that. But as I’m sure you’ll read in Think and Grow Rich- you need specialized knowledge. You don’t have to personally know anything other than where to find specialized knowledge. However, it certainly helps to be able to speak RE. Take your money and invest it in more books.
Being 18 you probably look younger than the average balding, potbellied investor. I started when I was 18 and everyone asked me how old I was. I responded with “Old enough”. If I told people I was 18 I don’t think they would of taken me seriously. If you can speak real estate then all else will become irrelevant.
<<Being 18 you probably look younger than the average balding, potbellied investor.>>
Hey! I represent that remark! And, the record, I have ALL of my hair…
Keith
Do you have any suggested books? Because everytime i go to Border etc. I get lost in how many books their are and can’t be too sure which ones are useful and which aren’t.
I’m not going to give you a list of suggested books because I’m not sure what you already know and what you don’t. Your going to have to pick up the books and look through it. If you read things you’ve never heard of- get that one. There are a lot of REI books and most of them are redundant but if buying books is overwhelming for you I’m afraid there’s no hope.
Read, read and read some more. You don’t need to buy a single book if there is a library in your state. Pay the late fees and you’ll save tons. If the book isn’t interesting, take it back and get another. If you really like it and seem to keep going back to it, buy it.
I’ve been investing for about a year now. I read about 40 books before I took control of my first property and I continue to read 1-2 book a month. Keep coming to this site and many of the other REI sites out there. You’ll find what interests you, when you do, become the guru in that field and always keep your options open (keep learning).
Knowledge is not power, the use of knowledge is power.
Keeping this in mind…I have read Rich Dad Poor Dad and many of the other books Kiyosaki has writen. He is a good business man but a real estate guru, I would have to argue with that. I don’t think I could take any REI advice from him. Do a google search on John T. Reed’s analysis of Robert T. Kiyosaki’s book Rich Dad Poor Dad…you’ll see what I mean.
Good Luck!!
I have no problem with buying and reading books, I was just wondering if you have a couple favorites i could check out. Anywho so basically any book about Real estate investing is good then? I’ll go ahead and pick up a couple tonight and read them. Thanks for all the help guys.
If you are looking for a place to start, I would recommend Multiple Streams of Income - Peter Conti and David Finkel…this is one of the books I consistently refer back to…just because I do Lease Options.
Good Luck!
I wouldn’t read any of them. If I had the choice of any book or course in existence today, versus a successful real estate investor that is willing to take me under his wing. The investor is I would go. There are hundreds of strategies out there, but all you need are the 2 or 3 that work best where you are. This guy can tell what they are. Like my mentor said, there are a million ways to do it wrong. Only listen to those doing it right and mimic them.
Bluemoon06: If I had the choice of any book or course in existence today, versus a successful real estate investor that is willing to take me under his wing.
I agree 110%. The only problems with that are (1) finding someone who has expert, real-world experience and then (2) is willing to take you under his/her wing and be your mentor. I’m not saying they don’t exist, but they aren’t exactly as readily available as books on a shelf. I don’t know how many seasoned investors I approached as a newbie who wanted to be mentored. I knew I was swimming upstream, so I even tried to trade knowledge for what assets I had at the time (mainly labor and money). Most looked at me as competition. Others didn’t seem to have the time for it. So I decided to trek on my own, and have done pretty well.
goldthread: I have read Rich Dad Poor Dad and many of the other books Kiyosaki has writen. He is a good business man but a real estate guru, I would have to argue with that.
I’ve only read Retire Young, Retire Rich, where he gives only a glimpse of RE investing. Maybe some of his other books are more detailed as far as REI strategies, but they don’t really need to be. His books seem more of a mindset preparedness type rather than structured, detail, step-by-step how-to guides.
Also, John Reed pretty much crucifies Kiyosaki. He may be correct about Kiysaki’s portrayal of his “Rich Dad”, but even if it’s all made-up, so what? The underlying message is what matters.
NoMoneyDown - I frequently see Kiyosaki advertising for his “REI seminars.” I’m just saying I wouldn’t go to these. I don’t want to get into a discussion about Rich Dad Poor Dad or Kiyosaki for that matter…that’s for another post…just ask yourself, what is the underlying message of Rich Dad Poor Dad, well you didn’t read this but the same question should be asked about Retire Young, Retire Rich?