Help!!!! Brand Newbie! Where do I begin??

Question

Hello to All,

This is my very first post here. I have to say that I haven't started anything yet as far as investing in Real Estate. But becoming a Real Estate Investor is my dream for a long time. I've always allowed my financial situation to hold me back. But I have now decided to take control of my situation and to not just let my life pass me by.

Here's my Situation:

Some time ago, I ordered Carleton Sheets infomercial program and was soooo excited when I received it. I read through it, followed the steps and became so discouraged. I didn't know what they were talking about because I didn't understand most of the RE terms being used in the course. I just couldn't follow it. So I set it aside, went to another RE guru's seminar. I ordered his course and BAM!! The same thing. So disappointing. Neither one really explained anything, in simple terms, that is. Because I knew nothing at all about real estate. They made it sound like it would be so simple to just follow their easy step-by-step course, without any formal training or knowledge of the real estate market. I was only fooling myself by believing that I could become successuful overnight (without knowing a thing at all about real estate investing and how it all works).

I'm asking you, where should I begin my journey? I know very little about investing in real estate. And I mean very little. I've been reading everything I can find on the internet about investing. It's still gets quite confusing to me sometimes. That's how I came across this forum and I've been reading everything here, even though I'm not quite understanding a lot of what's being said. But that's ok. I know that the more I study, the more I will learn.

I have no idea what area of real estate I would like to get into. I come across so many real estate sites that offer courses on investing, etc., but I don't have money to waste on those things right now. I'm trying to save all the extra money I can for investment opportunities once I get started.

But for now, where should I begin to learn about real estate? I want to know the market really well before I jump into it. Are there certain books (for beginners) that I could buy to get me started? Any suggestions? I need to start with "baby books". Assuming I know nothing at all about real estate.

Is there anything that I should be doing right now to prepare myself? I really need help. And I have surfed the internet and found some useful information, but have also become overwhelmed. Information overload. I really don't know where to start. I have so many questions.

Also, my credit is not good at all and I don't have the finances to invest at this time. But I am building a little nest egg. So while my nest grows, I would like to take this time to learn everything I can about this business, inside and out. And also work on re-building my credit.

Any and all suggestions would be greatly appreciated. Any books, dvd's, cd's, or anything for beginners that I can get started with? Remember, I need to take baby steps right now.   :D

Sorry for the long post.   :lol:

Sincerely

Account Closed · Answer

Paul's idea should be considered.

If a seasoned investor is interested in showing you the ropes the idea could work really well. Mostly someone who will not see the new guy as competition later.

John Corey

Paul Cordero · Answer

Why dont' you try to go to work for a seasoned RE investor?  This would let you get hands on experience using someone else's capital.

Email me if you have any questions,

Thanks,
Paul Cordero

N/A N/A · Answer

Why don't you try your local junior or trade college and take some RE courses? They are run by industry professionals, and you'll surely learn all the terms and deals. Its very comprehensive, and is designed for getting an RE Agent license, (which also isn't a bad idea.) After all, if you're looking to become well versed in this industry, the terms and the deals don't change much, and learning them from the "street side," (rather than the backside,) may help a lot in the long run.

My $.02.

Account Closed · Answer

Agent007,

There is a forum specific to CS. I will PM you with the link. It might be a great place to post specific questions where you reference the material you are reading. That way others who have the same info can explain the term or idea being presented.

Note that the forum is not run by the CS organization. Hence it might be more neutral in that they are not promoting CS in the formal sense. Just people who like the CS materials.

If anyone else would like the info get in touch.

I have no connection to the group and do not use CS's materials. I just know the CS forum exists.

I started with Robert Allen's materials.

John Corey

Mike Lindsey · Answer

Agent007,

Please know that those infomercials are suited to draw the average person into buying the courses, but a majority of the time when they receive the actual package it is so complex that the person gives up.  My advice to you is to obtain the website of your local public library, whether by calling them or running their name on a search engine, and search the keyword "real estate".  You will find hundreds of books in there which are not even on their shelves which you can have shipped to them for your checkout.  Read them and learn.  Join your local Real Estate Investment Club (although I am a bit hypocritical on this point as I have not yet joined mine, but will soon) and just try to follow along as best as possible even if you do not understand it all.  You are who you hang around with and hanging around like minded individuals I believe will keep you motivated to press on in this industry.  I read a wonderful quote today which I will end my post to you with:

"I believe life is constantly testing us for our level of commitment, and life's greatest rewards are reserved for those who demonstrate a never-ending commitment to act until they achieve.  This level of resolve can move mountains, but it must be constant and consistent.  As simplistic as this may sound, it is still the common denominator separating those who live their dreams from those who live in regret."
                                                                
                                                                    -Anthony Robbins-

MATT WARDEN · Answer

Do not worry about buying more REI stuff until you fix your credit.

In the meantime, I would just stick with reading this forum and checking out books from the library. If you come across things you don't understand, ask. If you don't want to ask basic questions in the forum, feel free to PM me.

Account Closed · Answer

You have to start where you are. That means take into account your knowledge, your history, what resources you already have (money, credit, connections).

It is your starting place.

Read here. Read at the library. Read at the bookstore (where you can read for free with a coffee). Take notes. Go to free RE meeting and talk with people. It will sink in. One day you will recognize that you are starting to get it.

If you learn slower than others or faster than others it does not really matter. There will be good deals out there once you get it.

In the mean time...

Figure out what is wrong with your credit. Get the mistakes sorted. If you were bad about paying in the past do better. That credit score is going to be your ticket to financing for good deals. Pay the past due bills and get things on time going forward.

Take a second job and suck it up if need be. More time working means less time spending money.

When you house is in order and you have the knowledge things will be a lot easier.

John Corey

N/A N/A · Answer

Thanks John!