I just wanted to introduce myself, My motivation for becoming an REI is that my job while a good one (Software Developer/System Administrator), won’t get me to where I want to be in life. I’ve been reading these forums for about 6 months now (wow didn’t realize it was that long), just trying to learn all I can. I’m not in a good position to start investing just yet because my new Wife and I are saving up all our money for the down payment on our Condo that is currently being built (We are scheduled to close Sept 28th 2007). Saving $5000 a month (between the 2 of us) for the last 6 months definitely gives you perspective on how all the little things you buy add up. I now think twice about getting that $1.25 bagel in the morning…haha. I even still have managed to put away $50 a month into a Savings account (as Robert Kiyosaki advises to pay yourself first) which will be used towards my investing in the future. I never look at that account but I think I’m up to $1700 or so, it’s practically nothing in terms of investing in RE but it’s a start. My Wife and I both have 800+ fico scores and good jobs.
At this point, I’m examining my future paths of education that I can take and slowly developing a Business Plan. I live in NJ so I’m keeping a close eye on the new legislation that is happening in terms of the Foreclosure market, which might change my investing strategy in the future. I’m also debating whether I should go for my Real Estate License. I am going to Join my Local REI Club (GSREIA), so If anyone here is a member there it would be cool to talk with you about it. At current, I’m mainly interested in doing Sub2’s, Lease-to_buy, and Renting. I would also like to stick to the area I grew up in which is Hanover Township in Morris County. It’s upper middle class area with home prices going from $350k to over a million.
Well I don’t wanna make my first post here to long, but I plan on updating this thread as time goes on, sort of keeping a log of my progress into the business. I’m very serious about this…So if you feel like following along I welcome you, or giving me your opinions on what I’ve done or am doing.
Thanks for reading
Books I’ve Read
Rich Dad, Poor Dad
All the reviews on this book were correct, I loved it. This was the first book I read and it motivates like no other. It really changed my way of thinking in regards to making money and the power of real estate and the concept of Passive income. I recommend this book to everyone.
Rich Dad, Poor Dad 2: Cash Flow Quadrant
Another really good book and a good follow up to reading Rich Dad, Poor Dad. The book really got me thinking about which Quadrant I wanted to be in. Another great motivating book and in the end it helps you realize that it’s very tough to get the financial freedom you want if you stick to the left side of the quadrant. Recommended.
1 Minute to Rental Property Riches
This book is a must read once you’ve read up about Rentals from other sources. I say this because the other sources will fill your head with promise and thoughts about easy money. 1 Minute to Rantal Property Riches on the other hand is blunt and to the point and might scare you off of Rentals. So the combination of the two gives you a good level head. This book is loaded with good information and real world experiences and one of the best parts about this book is that it was written by a very active member of these forums, PropertyManager. Recommended.
The Art of the Deal by Donald Trump
I think trump is my new idol. This book is all about strategy, Mr Trump walked you through a lot of his deals and the reasons for behind his decisions to buy what he did. Growing up in NJ in the 80’s and 90’s myself, it made this book even more interesting. I remember hearing about all the trump buildings going up and it was great to read the story behind them now. Great book and a must read. Recommended.
more books to come…