NEW TO REI
just want to start off by say hello.
im 20 years old and my brother is 23. we are both looking to get into the real estate business to start making money for the future. i know its not really a get rich quick scheme but will make you money in the long run. my brother has very very good credit and i have a decent amount of cash( around $25k just from me if we dont start for 6-12 months maybe we can double that ). i have no idea where to start and was looking for some suggestions. should i just get a book and start reading till i get to know more? how much money is usually needed to invest in real estate and also another concern of mine is lets say i throw in all my savings.... how much of a cash flwo will be coming in monthly. i own a landscapin company and go to school and my brother works for ernst and young so this will be a side money also. thanks
I first started with the carlton sheets program. Its not as easy as he says it is, but it actually has some useful information. there probably is a book that is cheaper than his course, but I dont know which one to recommend, sorry. as far as your situation goes though, you are in excellent shape to start REI. you have a partner, good credit, and some cash, that is awesome. the next thing you need to do is find out what the needs are in your area. start checking the price of homes and see if you could buy and hold (rent) for a positive cash flow. if they are overpriced, then see if fixing homes and selling would make a profit. if not those then find out what is making money and is needed. do lots of homework on your area. talk with people on this site that are from your area and see what they are doing. I learned a lot from several different sources.. this site, carlton sheets course, my realtor, an accountant, a property manager, etc etc. ALL of these have been a huge help in learning, some have cost money, and some were free. your in a great position, now start educating yourself any way you can and get in the game. good luck.
DliteDan gave some great suggestions. Your local library probably has quite a few decent real estate books and books on tape/audio cd that you could borrow for free. I liked Russ Whitney's Building Wealth book that got me started. It's best to figure out your gameplan first, do you want to hold longterm and be a landlord? Do you want to fix and flip? Reading some of the more nonspecific books may lead you to one path or another, good luck.