Tired Of Reading/ready For Action
I'm currently about 8 months from retiring out of the Army and i have no wish or desire to work for anyone else after these 20 yrs. I also feel if i work for someone else I will never experience financial freedom.
I'm unsure of where to start in this REI endeavor. I have been researching and looking at houses for about 5 months now. I'm sure you can relate when i say the more i read the more confuse I become. There is foreclosures, fast cash(flipping), tax leins and of course cash flow (renting). Realtor or investor? License or unlicense? I understand that it takes a lot of research before i should spend my money, but should i use a conventional loan, hardmoney lender, or an investor money? Should my downpayment be a loan from one of these guys?
Truely, I'm tired of reading and is ready to get my feet wet and get some hands on training. Thanks for loaning me your ear and God bless.
ABN Ranger
joe hayslett
I was just like you 5 months ago. Didnt know where to start. I have 3 years left in military but started early enuff that I dont really have to worry. I started with Rehabbing and borrowing from a hard money lender.
This is what I tell all new investors who
want to get in the game.
#1- Get your real-estate license. The
big companies out there will give you
free training. You will learn how to run
comps, have MLS access(not internet
MLS access), you can network with
other agents and have access to things
before they get listed. The biggest
advantage to this is the ability to
generate some income from friends
and family on houses you list for them
or offers you write. I have personally
lost around $500k over the years in
commissions I would have made if
I would have started this way.
#2. Education is the key. There are
some good courses on this site.
John Locke has a good one as well
as shortsalepro.
#3- Join an REI club in your area. Net
working with other investors is the key.
#4-Read all the forums on here on a
daily basis.
#5-I would concentrate on working
on finding deals that you could
wholesale other investors. When
you build up some capital and
understand the business better
you can start retailing.
Best Riches,
Jeff Adam
[addsig]
thanks for the input. It sounds ideally logical for me to start with becoming a realtor first and expand from my learnings there.
joe
I have a different word of advice for you. Do not start by being a realtor. Find a good agent to work with you. Work to build a team. I am not an expert accountant, expert lawyer, expert salesperson, expert abstractor, expert contractor, etc..... You need experts on your team.
I assemble a team and make sure that I have my team working towards my goals. Sure this costs more but if you make your team rich then you naturally also become rich. You can get a lot more done working with a team.
There is a very good book written in the 30s by Napoleon Hill called "Think and Grow Rich". It is probably the best book I can recommend and the only thing that isn't applicable in that book today is that when they talk about a million dollars, inflation makes that much more money!
Don’t try to do this all yourself. The team is only one aspect of this book. It is very powerful! GOOD LUCK!