Hello All,
I’m almost finished reading Robert Kiyosaki’s book, " Rich Dad, Poor Dad" and I’m inspired. I’ve always been interested in real estate but I just never looked into it. I’ve was a little intimidated. But now I’m more than ready to get out of the rat race. I’ve now been reading up on real estate via the Internet but it’s so overwhelming and a little confusing.
Can anyone tell me where a beginner like me should start? Thanks.
AEGuyton
If you don’t own your on residence you must start there. Why should you have someone else pay your mortgage, when your paying someone else’s. If you already own, pull some equity out via heloc or cash-out refi.
I agree starting with your own home would be the best bet because this is where you would get your first hand experience!!!
I agree with this, My only question is how. My husband and I are having a terrible time finding a seller who is willing to carry a second. We were prequalified for 90% from the lender and the seller would need to carry the second 10%. And once we find this the property is so over priced that it would not be a good deal. Any ideas to find the good deals? or any ideas to not even have to go through the lender at all? Thanks from Oregon.
Now that you’re excited, welcome to real estate !
Your own home is a great place to start. Personally I would go back to Barnes & Noble or Borders Books etc. and grab a coffee and start reading everything you can get your hands on. Buy a couple books and know that you just started your journey to expertise and wealth. Keep reading, go to local investment club meetings, read this and other websites etc.
You will find a good situation for your family eventually. Knowledge applied is powerful.
Wish you the best,
Ed 
i agree with dr ed.
i spent the first 18 months of my investing career by reading over 50 books on real estate.
2ndly, i’d recommend getting a 2nd job. if you’re under 40 and have
no kids, you have no excuse not to be making 40-50k in this country. [unless you have a health problem].
3rdly, get your credit score up over 680. if you dont know, find out.
google is your friend!
if you have no money, no credit and no time then real estate
investing is not for you.
Only thing I might add is; real estate investing is possible with no money, no credit and little time but it is much more challenging.
I also think it is important to find your niche, at least at first. There are so many great ways to work real estate but doing it unfocused can get you in trouble.
Quick story:
Went to look at a 5 unit multi that sounded too good to be true.
Rents were high, price low, definitely needed work. Still great opportunity.
My gut said something’s not adding up here.
One toilet had dark ring (minerals in water) marks.
2nd Tennant has packed boxes in living room but is very eager to say how great a purchase this would be.
Finally I realized these were fake tennants !They were either never there in the first place or getting $$$ when they left. The rents weren’t real!
Another buyer was making an offer when I left to a less than ethical realtor. My realtor agreed that it was weird and he would not have taken this listing (yeh, right).
You live and learn.
Stay positive and your time will come.
Ed
My advice would be to buy the property Subject to. That means that you would take over the existing financing.
Beaver124
“overpriced” is a relative term and used far too often and loosely by people looking at RE.
Spend the time looking at a lot of properties get the comps for area (can be done on-line thru title companies, etc). Once you know what a house of a partiuclar size,condition age and location is worth then you can truly judge whether a deal is “overpriced”.