I Have No Real Clue.
Hey, i just started thinking about real estate, and i was looking around on the internet and saw things that talk about houses that were taken from people because they owed taxes or something. And Looking at these different sites it looks as though you really can get these houses, or properties, for dirt cheat, and sell them for a little more. Where can i find these houses, and lots? Just tell me is i am wasting my time with this stuff. Thanks <IMG SRC="images/forum/smilies/icon_smile.gif"> [ Edited by aaronbrett on Date 07/30/2003 ]
First thing I think you need to do is spend some time on this site and read thru the different forums.
I believe others here will tell you that education goes a long way before you attempt anything in REI.
There are articles that you should read and are located at the top of this site.
Have you been to your library and picked up any books on REI yet.?
This is another great source of information that will help you decide what part of REI you are most interested in.
There are books/courses for sale that you can purchase from this site by going to the top and click on the shop tab.
I spent weeks reading all the info I could from this site in order to figure out what part of REI was best for me.
It takes time and I believe is the safe way to go.
Good Luck.
well its not that easy when trying to make money in REI you must get comps, look over the deal # are most important next is repairs if your going that route or birdoging is another route l/o is another ect. read some books on what your getting to. those late night info com wouldnt explain the ends n outs just success stories. its plenty of money in REI but there are ways to get it. hope this helps
You are not wasting your time if you are serious but you will have a lot of learning to do.Spend some time on this site and see if it is for you.Lots of good people around here.
Check out the posts and articles on this site, study your craft, and then and only then, start making offers.
Prosperous investing,
td
I really think a person's just gotta start somewhere, and then let experience be one of your best teachers.
Just like the beginning shoemaker, the first two or three you "make" probably won't be the prettiest.
But if you really study and not overpay, and really study the market for that prop., cleaned & repaired, before jumping in, and your money arrangements give you enough time to do your thing, you'll likely come out just fine.
Probably the biggest mistake you could make would be to get overly excited about the first one or two props you find, then overpay for them.
A very real truism in RE is one makes his profit when he BUYS. If we've overpaid going in, we've messed up and unlikely to come out with a profit.
I've known several folk who got excited after spending big bucks on one of the "gurus" seminar/courses, then jumped on the first prop they found...only to discover they had paid too much. The experiences burned up their enthusiasm and frightened them out of RE.
Remember, too, if the seller is really motivated, he's gonna be chasing YOU & you'll know when he's getting serious about wanting to move that RE.
You need to buy some courses, study, and join some real estate clubs in your area. They will give you the info you need dto know. Then decide if its your bag.. Good Luck!
You’re not wasting your time but you do need a plan. As a wholesaler, the first step I tell my investors, as with any investment, is to decide how much you are willing to risk and how much you are looking to yield. Keep in mind when investing in properties, you can get very inexpensive houses that when properly rehabbed can give you larger profits. The risk is that these houses are usually in less appealing neighborhoods which can take longer to sell. Each day you sit on the house costs you money and eats into those profits. I always recommend that my newer investors buy better properties in better neighborhoods even if it means smaller profits. This enables them to learn the process with fewer rehab fees and with a quicker sale. As you get more experience (and hopefully more wealth) you take on some higher risk/profit projects.