I was in your same boat (age 19). I spent everything I had on going to a real estate bootcamp. When I came back I looked int he paper and saw someone was doing real estate. I called him and talked to him, I have been working at his office for over a year, he just happens to be one of Jeff Kallers coaches.... With that being said I "flipped" my preforeclosure from my dorm room with the help of my dad....we netted 32k at closing for owning a property for about an hour. It is possible dont let other people tell you what you cant do.
Im in the same shoes as you! Im currently in college and extremely interested in learning how to flip real estate and invest in rentable properties, however it seems like every learning route is a big scam.
What is the best and most effective way to learn how to flip properties with little or no money down for an instant profit? I have hardly any money, so cost is an issue. Are there recommend books, magazines, websites, college classes that are effective and not costly (or free) ?
I find the hardest thing is my age. Who wants to sell a 200k house to a 19 year old. Pretty funny if you ask me. I would just keep reading these forums, check out the paper, maybe someone is investing in your area that will be a mentor. That is what I did.
Is it possible to purchase a preforclosure home, place only a $10 down payment on the contract to make it legal, then sell that contract within a day or two? (without making any payments on the mortage/house).That is what some real estate programs out their are advising, and I want to know if it is possible, or if anyone as done it??
I would recommend reading some more stuff on here. It is not that easy. You do not just walk into a foreclosure that you can purchase at 50% value and then assign it for 85% of the value. (Unless you are amazingly lucky.) There are short sales and many other complications. You are not just going to walk into something and be able to throw it all together. Educate yourself by reading anything you can. I dont consider this business a get rich quick like it seems you are hoping it is, you can make money but honestly it takes work.
Quote:
On 2005-05-10 14:17, Eric5 wrote:
To answer your question, yes that is possible that is all some people do in this business.
What is this technique called?? Are their any books that you can recommend on this technique? Do you know any members of this website that are skilled/experienced in this ?? Thanks!
hey guys,
Im Ryan and am 20. started when i was 19. smae thing., read books in highschool. i went to college for one semester and then dropped out. worked at a sporting goods store for 7 months and then quit that and decided to start REI full time. i went to a lawyer and had him set up and LLC for me and went from there.
Since then i have created a big network and flip properties all the time. I have a 3 family that i just bought (with a loan) and i already sold it. i will only own it for about 1 month and will make a ton. This is only because i was able to flip properties first and gather a decent amount of money.
I have been doing this for about 6 months now and have completed about 10 deals total. I started off by doing assignments. I assigned my first contract for 22k and it took about 2 months. i was working on another at the same time that i submitted a short-sale on and got it accepted and then put it for sale in the paper and just so happened to find a cash buyer. we cleared a big amount on it and i have been doing deals since.
I have about 3 going on right now and have not had a problem with my age. I have a lot of people tell me i look young and i just dont say anything. i like to do a lot over the phone before i meet them because i look 12.
Anyway, everything has worked out for me. thanks to this site and all the books i read and people i met. I must say it wasnt and it isnt easy. I spent a lot of time researching and reading before i started. The REI club was a big help and i met a lot of people there. i would def join one if you havent already.
I know a real estate program that will be great for you and easy and cost under $200 to learn and I am very close to winding up in the TCI Jail for posting contact info.[ Edited by JohnLocke on Date 05/12/2005 ]
Very interesting topic here, its good to see so many people in the same boat. I am 22 and about to graduate from college with a degree in Computer Science which I never plan on fully utilizing. I am gonna go into REI full time after graduation since I can still live with my parents with no shame and therefore no living expenses. I work with them finding rental properties and in my experience it is kind of hard to get your foot in the door with a lot of people, agents expecially, but keep working I have run into a few people who have some REI experience and seeing how young and knowledgable I am they are more than happy to help with any questions I have or problems I run into. The best advice is find a good knowledgable agent who has been around the block a few times and knows some REI tricks. I met an agent helping my older brother find a three family for his first house and I have not looked back since. Since then I have managed to close a deal for my parents also and plan to start a management company this summer. By the way my younger brother who is a Sophmore in college is transfering to Virginia Commonwealth University this fall to start in their Real Estate and Urban Land Development major which is the only place I have heard of with that. You may want to look into that if you are interested in REI and want a full education. Good Luck all and I will see you on my yacht in the Riviera some day.
Im about to get my llc and tax id number, and am interested in starting off in assignment of contract deals as mentioned above. Where can I find the necessary contracts and paper work needed to carry out these deals?? Where did you meet your first set of rehabers? (are rehabers simple other investors, or do the live there permanently after they take the contract from you?) Thanks and sorry if my questions are a little redundant, Im struggling to figure this all out on my own!
Hello group, Im another young investor. I am 22 and I currently own 3 businesses and a non-profit organization. I have done 0 in the REI world and I am beginning an Investment Aquisition company in Florida this summer, the idea is to buy/appreciate/sell for the first 5 years and then begin doing rentals and long term asstes. I just thought I would say hello, its great to see so many young investers out there. Best of luck.
the contracts are pretty basic. You sign up a Purchase and sales agreement that you should be able to find and then an assignment. i think i use one from deal makers cafe com you can also find forms in the "freebies" section of this site under "products". rehabbers are investors that focus in doing rehabs. i meet these people are the local REI clubs
goodluck,
Ryan
[ Edited by ryand on Date 05/16/2005 ][ Edited by ryand on Date 05/16/2005 ]
I was in your same boat (age 19). I spent everything I had on going to a real estate bootcamp. When I came back I looked int he paper and saw someone was doing real estate. I called him and talked to him, I have been working at his office for over a year, he just happens to be one of Jeff Kallers coaches.... With that being said I "flipped" my preforeclosure from my dorm room with the help of my dad....we netted 32k at closing for owning a property for about an hour. It is possible dont let other people tell you what you cant do.
Btw Im a doulble major, accounting and finance in year 2.
Im in the same shoes as you! Im currently in college and extremely interested in learning how to flip real estate and invest in rentable properties, however it seems like every learning route is a big scam.
What is the best and most effective way to learn how to flip properties with little or no money down for an instant profit? I have hardly any money, so cost is an issue. Are there recommend books, magazines, websites, college classes that are effective and not costly (or free) ?
Thanks a lot!
I find the hardest thing is my age. Who wants to sell a 200k house to a 19 year old. Pretty funny if you ask me. I would just keep reading these forums, check out the paper, maybe someone is investing in your area that will be a mentor. That is what I did.
Is it possible to purchase a preforclosure home, place only a $10 down payment on the contract to make it legal, then sell that contract within a day or two? (without making any payments on the mortage/house).That is what some real estate programs out their are advising, and I want to know if it is possible, or if anyone as done it??
I would recommend reading some more stuff on here. It is not that easy. You do not just walk into a foreclosure that you can purchase at 50% value and then assign it for 85% of the value. (Unless you are amazingly lucky.) There are short sales and many other complications. You are not just going to walk into something and be able to throw it all together. Educate yourself by reading anything you can. I dont consider this business a get rich quick like it seems you are hoping it is, you can make money but honestly it takes work.
To answer your question, yes that is possible that is all some people do in this business.
Quote:
On 2005-05-10 14:17, Eric5 wrote:
To answer your question, yes that is possible that is all some people do in this business.
What is this technique called?? Are their any books that you can recommend on this technique? Do you know any members of this website that are skilled/experienced in this ?? Thanks!
hey guys,
Im Ryan and am 20. started when i was 19. smae thing., read books in highschool. i went to college for one semester and then dropped out. worked at a sporting goods store for 7 months and then quit that and decided to start REI full time. i went to a lawyer and had him set up and LLC for me and went from there.
Since then i have created a big network and flip properties all the time. I have a 3 family that i just bought (with a loan) and i already sold it. i will only own it for about 1 month and will make a ton. This is only because i was able to flip properties first and gather a decent amount of money.
I have been doing this for about 6 months now and have completed about 10 deals total. I started off by doing assignments. I assigned my first contract for 22k and it took about 2 months. i was working on another at the same time that i submitted a short-sale on and got it accepted and then put it for sale in the paper and just so happened to find a cash buyer. we cleared a big amount on it and i have been doing deals since.
I have about 3 going on right now and have not had a problem with my age. I have a lot of people tell me i look young and i just dont say anything. i like to do a lot over the phone before i meet them because i look 12.
Anyway, everything has worked out for me. thanks to this site and all the books i read and people i met. I must say it wasnt and it isnt easy. I spent a lot of time researching and reading before i started. The REI club was a big help and i met a lot of people there. i would def join one if you havent already.
take care, Ryan
That technique asked about above is either flipping or wholesaling.
Hello 19 years old,
I know a real estate program that will be great for you and easy and cost under $200 to learn and I am very close to winding up in the TCI Jail for posting contact info.[ Edited by JohnLocke on Date 05/12/2005 ]
Very interesting topic here, its good to see so many people in the same boat. I am 22 and about to graduate from college with a degree in Computer Science which I never plan on fully utilizing. I am gonna go into REI full time after graduation since I can still live with my parents with no shame and therefore no living expenses. I work with them finding rental properties and in my experience it is kind of hard to get your foot in the door with a lot of people, agents expecially, but keep working I have run into a few people who have some REI experience and seeing how young and knowledgable I am they are more than happy to help with any questions I have or problems I run into. The best advice is find a good knowledgable agent who has been around the block a few times and knows some REI tricks. I met an agent helping my older brother find a three family for his first house and I have not looked back since. Since then I have managed to close a deal for my parents also and plan to start a management company this summer. By the way my younger brother who is a Sophmore in college is transfering to Virginia Commonwealth University this fall to start in their Real Estate and Urban Land Development major which is the only place I have heard of with that. You may want to look into that if you are interested in REI and want a full education. Good Luck all and I will see you on my yacht in the Riviera some day.
Im about to get my llc and tax id number, and am interested in starting off in assignment of contract deals as mentioned above. Where can I find the necessary contracts and paper work needed to carry out these deals?? Where did you meet your first set of rehabers? (are rehabers simple other investors, or do the live there permanently after they take the contract from you?) Thanks and sorry if my questions are a little redundant, Im struggling to figure this all out on my own!
Hello group, Im another young investor. I am 22 and I currently own 3 businesses and a non-profit organization. I have done 0 in the REI world and I am beginning an Investment Aquisition company in Florida this summer, the idea is to buy/appreciate/sell for the first 5 years and then begin doing rentals and long term asstes. I just thought I would say hello, its great to see so many young investers out there. Best of luck.
the contracts are pretty basic. You sign up a Purchase and sales agreement that you should be able to find and then an assignment. i think i use one from deal makers cafe com you can also find forms in the "freebies" section of this site under "products". rehabbers are investors that focus in doing rehabs. i meet these people are the local REI clubs
goodluck,
Ryan
[ Edited by ryand on Date 05/16/2005 ][ Edited by ryand on Date 05/16/2005 ]