I´m a Colombian citizen interested into make real state investment using the Peter and David techniques. I have some money to start (30.000 dollars) but I´m not sure where to start. Soon I´ll be traveling to states in order to get some information and training, I know I would need to learn a lot before starting business. My questions are:
- where do I start??
- Do I take a class?
- How to do it?
- Is the best for me use intensive seminars?
- Is there a list of books or videos anyone recommends in a specific order?
Please give me any good advice and / or suggestion you can think of.
It sounds like many of you are very knowledgable and are willing to share that knowledge so thank you in advance for your advice.
Good morning Xanadu,
First off I feel that the best way to get started is by having a good Mentor. The only problem with that is finding one or at least one knowledgeable enough to help you make the correct choices. If you can find a good mentor you are set. (I lucked out and that is what I did 10 years ago)
From there it’s all about the market you are looking at. This is probably the number one important thing in real estate how is the market. What has the market been doing what are they expecting it to do. Is it going to go up and if so when and how much. For instance I live in a big time buyers market and am buying houses for 65 to 70 cents on the dollar all day every day, they are expecting a huge rise here in prices but not for another 4-5 years so I buy and hold.
Which leads me to Books, Courses, and seminars these also are great I guess (just went to my first one last week) On the other hand watch out you can go thru that 30k really quick. Next thing you know you will have a huge library and a small wallet. So yes be Leary of the advice you take and more so of those that dispense it.
As I made mention on another post of yours I believe. Unless you are going to be buying these homes in ALL cash I am not sure what lenders, even HMLs will say about your citizenship. HMLs may as they only care about the property value and purchase price.
I have never bought a home before so I can answer this, but during the whole process of title work, insurance, blah blah blah… are there requirements for Identification? Like ID or Social Security Number? Are you here in the country legally and if so what VISA or Green Card? Are you going to become a US citizen?
Just some challenges to overcome.
FYI, I would love to have passive income here in the US of only 4k-5k a month and I could live like a millionaire in Barranquilla! Current exchange rates in Colombia is like 3x, so 4k-5k would be like 12k-15k per month !!! :o
I’m not a US citizen either. I’ve begun buying and holding rental properties, though I am a newbie. I think the easiest way for someone in a situation like this would be to do what the lenders call a “no-doc” loan, where you put down about 15-20% of the value of the property, and you get the loan, no questions asked.
If you don’t have a social security number you’ll need to apply to the IRS for a taxpayer ID number.