Sub2 Or Flip? How To Start
Hey everyone. Great site. All this information's got me really revved up to get started. I see the potential, but right now, I'm not quite sure how to get in.
My wife and I (and our 2-year old daughter) are renting the third floor of her parents' home to try to save money to buy a home of our own. I make good money, but between the car and other bills and past debts, the prospect of getting in over my head scares me. I plan on using my own income tax return (probably a little over 2k) to invest in a REI course and pay for any incidentals involved in starting my business.
Sub2 sounds like it has a higher risk factor, with having to assume a loan. Maybe I'm missing something, but I'm not interested in taking on any more debt. John Locke's course sounds awesome and he seems to me to be a genuinely reliable and honest guy, but I don't know enough about Sub2. Maybe someone can enlighten me.
I like the idea of flipping because it offers instant results with minimum monetary output ($10 to option).
Do you think my best bet would be to digest a course like LeGrand's and wholesale in order to build a nest egg and in turn use that money to get into Sub2's, or should I just jump into Sub2's because the profit potential is so great? I'm relying on people with much more knowledge to guide me on this one.
I'm a very intelligent person. I raised myself from very meager beginnings to make something of myself. But I'm not satisfied. I know that when I apply myself I'm always successful. I don't doubt my abilities, I guess my consternation stems from my lack of knowledge. Getting into something new is always scary, especially when it comes with the risks of real estate.
John Locke sounds like a great guy and Ron LeGrand commands alot of respect. If you tell me to just buy both programs I'll pull my hair out! Just kidding.
Any input from you guys in the biz will be greatly appreciated by this father who wants to provide for his daughter all the things that weren't provided for him. I've got my hiking shoes on, I'm just looking for a path.
Thanks.
I would definately start by reading Rich Dad Poor Dad, Cashflow Quadrant, and Retire Young Retire Rich all by Robert Kiyosaki. He does a great job putting you in the correct mental phase to be sucessful. If you can't think like someone sucessful, how can you be sucessful. You can't! It sounds to me like you need a reality check and Robert's books did that for me. I recommend them highly.
HOLLERatG,
Glad to meet you.
If you want to start with No Fear, No Liability and No Money (well a little) I would suggest you start bird dogging for other investors, this will give you the advantage of seeing what this industry is all about from the ground up.
From reading a little of your background and thank you for sharing, it will not be long until you are investing the Subject To way if this is the direction you decide to go.
You can ask any of my students, they will tell you I am always there for them albiet e-mail or cell phone, plus on the password protected web sites there are students doing deals or have done deals to share with you.
John $Cash$ Locke
Thanks for the response. I don't see myself reading any self help books though. I've always felt that if you're motivated enough to purchase a self help book, then you have the necessary motivation to accomplish any goals you set for yourself.
John, in our brief correspondance, you've proven to me that you're someone worth trusting... and more importantly, someone worth listening to.
After researching Sub2, I definitely see the potential for great results. My plan is to delve into wholesale deals, which are readily available in the market that I will be farming in. Once I build up the green, I'll set up a trust account and use that as insurance to back up my Sub2 deals.
I'm looking into forming a corporation now, so the ball is about to get rolling. Look for me soon, $Cash$, I'll be in touch. Thanks again.