I am considering starting to invest in real estate. I have done some research and it seems like there are a lot of different options. Rental houses, wholesaling, becoming a real estate agent, etc… How do people raise the money to start? If I went on my savings alone, I could maybe start in 5 years with one rental property.
However, what do people find the best options are? I’m not looking to get rich quick. But, like most people, I am interested in making as much money as fast as possible
But, like most people, I am interested in making as much money as fast as possible
To make (or lose) as much money as fast as possible, I suggest a quick trip to Vegas and one big roll of the dice.
If you’re interested in being in some facet of the real estate BUSINESS, then I suggest buying the Carleton Sheets course and learning the basics. Once you understand the basics, then write a short business plan and get started. This will require a LOT of work and a BUNCH of your time, but it is the path to success.
need_info - it will give you basic information that will help you get started. You can get it on ebay cheaper than if you were to buy it directly from the publisher.
I believe what Propertymanager was trying to convey to you is that you need to educate yourself and he feels Carleton Sheets is a good starting point.
Another option that seems to work for a number of people is to spend time reading the messages on this forum. You will be amazed with the amount of useful information you will be able to get here - and the best thing… it is all free… :O)
Thank you all for the advice. One more question… What Carlton Sheets products are good? I took a look on ebay and it looked like there were quite a few. Any recommendations on books/dvds that I should buy?
I would’ve never thought I’d see the day that you would recommend a Real Estate Guru. :shocked
I don’t know Mike personally but I would reccommend his rental book it’s really good.
Need_Info
Instead of plunking your hard earned cash on one of his courses I would recommend going to www.carltonsheets.com and signing up for the free education. The course materials are free and
it pretty much covers all of the subjects. I hope this helps!!
need info, I bought the course on ebay for $40. Be sure to get the one with the DVD’s. The one I bought was still in the package. I think it was about $300 from the publisher. Someone wasted money but it wasn’t me! I’ve got a lot of good info from it. Look for the the most current course. I think mine was 2006. It’s worth the money.
I agree Eric. Just about everything that a person needs to know about investing is here on the forum. However, the advantage of completing the Carleton Sheets course is that it is a comprehensive beginners course presented in a logical order. It’s excellent for learning the basics and if bought off E-bay, can be purchase dirt cheap.
I really hate Carleton Sheets (no idea why) but I have to agree. His was the first course (its only $200 or $20 off of ebay) covers the basics and opens your eyes on possibilities. Some of his stuff is outdated such as the assumtions, you can easily replace that part with sub2.
Will it be the all end course for you? no… it will give you an eye opener and gives you an idea. for $200 (or $20) it is not a bad investment. Education is free… but GOOD education costs money.
It also depends on your starting point… when I started reading on investing, I was clueless about everything. in fact, I called the apartment office to come change my kitchen lights because they had this plastic thingy covering it and I did not know you could actually bend it and slide it out! Today, I know how to bend that thingy and change the light bulb! although I broke the one in my house doing so
What I am trying to say is invest in your education. And like Mike said, this is a BUSINESS not a hobby. Would you open a restaurant then learn how to cook, buy equipment before knowing what you will cook…etc?
Ericmedem - I agree with your overall statement. It rings true for me… However I would like to share my perspective on two of the things you said…
I don’t know about this one… I for one don’t believe in motivational books. Actually I think they are nice to read - but I don’t feel they have the power to change someone’s life. I guess what I am saying is that I read motivational books the same way I would read a sports magazine - just for the fun of it… Not really expecting to learn anything… Just my 2 cents… :O)
Not so sure about this one… Few months back when I first thought about investing in real estate, I didn’t have enough information. If I had bought a property back then I would probably have overpaid for it. At that time I thought that if the rents were higher than the mortgage payment, than the difference would be positive cash flow… :O) If I had bought then (with the little information I had) I would probably have failed miserably… So although I agree that some people fail for lack of action. I also think that a lot of people fail because of lack of information.
To be honest, I never read the Carlton Sheets course.
I remember listening to a few audio CDs and falling asleep because the material was a little dry. Maybe I didn’t really give it a chance… But, I’ve seen many reviews where people shared the same opinion and then again there were people who loved it, so… I guess it’s all on the individual.
I feel that the best way to get started, and someone already touched on it… Is to go to an REIA meeting in your local area, network with other investors, and even get a mentor. Don’t go blowing your savings, but there are ways for you to invest in real estate without much money. Like Fadi said, for the really good education, that gets pretty detailed, will cost you? How much will depend on who you get it from.
One point that Eric made was about taking action. It’s good to have the information, but you don’t want to go into information analysis overload or “paralysis of analysis”. If you fall into that pit trap (which most new investors do) then you will rarely do a deal, if not ever! You definitely want to get it going. Learn from others and get it going.
They say Knowing is half the Battle… What’s the other Half?
My mentors have taught me that, “You don’t have to get it all right, you just have to get it going.”
If you can understand that quote, then you will go far! I’m not talking about being naive either. Make smart decisions that lead to progress, not holes.
