new guy here just want to know about that real estate jobbing 101…is it real? for someone who is just getting started? i have a little money and thought about flipping… but i want to learn more…stumbled onto reiclub.com saw the 101 course. read it. thought about ordering.
pinocholada, I assume you want to be in real estate because you want to be rich. The business of real estate is buying a property that is at a discount because of some sort of distress, relieving that distress and making money off the improved value based on your relief efforts. In order to do that you have to have credit, cash and effort. There are ways to make money off of the real estate business without credit or cash but they are not the real estate business. It is like you can live in mansion by being a butler. You live in the mansion but you don’t own the mansion. The advantage of owning is the lifestyle it affords you. You make money based on your position in the property month after month, not your day to day efforts. An example is being a real estate agent. Agents are not in the real estate business, they are in sales. They can make a sizeable amount of money but they are not in the real estate business. If you want to be a jobber or bird dog, you have a job. If you go away for a second you don’t make any money. You are trading time for money. The more time you put in the more money you make. I only really have to pay attention to my real estate business for the first week of the month. That is when the rents come in and the mortgages go out. Other than that, I can play golf and watch TV all day or sit by the pool and read novel after novel (ughh I would die).
My advice is to work on your credit. Get your credit score to 650 – 660 and start find some distresses properties and relieving some distress. You want to be rich then you need to take control of your financial life. If you need a job then do the jobbing but use it as a stepping stone to getting rich. Rich is not about the money (how much you make) it is about the lifestyle (the freedom you have based on the money you make)
thank you blue moon…and yes…i’m doing this to be rich…i just wanted to start somewhere where i could literally jump in and learn as i make money…my credit score is around 730…and i live in the city of brotherly love where the market is plentiful…i have no problem getting a loan, financing, and i have a 6 figure line of credit. But i dont want to jump into rei and make my first investment a foolish one…so thank you …i take ur answer to my question as a yes…i guess they call it birddogging
I am sorry for taking so long to get back with you. You have everything it takes to own millions of dollars fo real estate with positive cash flow of over $10k/month. What I would suggest you do is stop looking at programs that are overrun with people with no credit no cash and great desire and move into ownership. You can be rich in 2 years without great heroic efforts on your part.
With as little as a 660 credit score you can buy as much property as you can find with 100% financing which includes fix up costs and new appliances. You should spend your time finding investment grade mortgage brokers to tell you what your limitations are and then find investment grade real estate brokers to start showing you some income producing properties.