Mentor

[Joe Nolan]

Hello, my fellow real estate investors. I am located in Goose Creek, South Carolina and looking to get started in multi-family real estate investing. I am looking for a mentor I can provide some free labor in exchange for teaching me the ropes. Anyone local up for the challenge??

[Jay DeCima]

Joe

Some advice from a 40 year veteran of buy and hold property.

Most investors and wannabees are far better off to stay away from strategies that sound slick. Slick is another word for slip­pery, which means hard to hang on to. Over the past 20 years I can recall the names of at least a dozen so-called investment gurus who expounded the virtues of a wide as­sortment of “get rich” techniques. Most of these pitchmen are bankrupt or working at a filling station today.

When you own the house, you have your own personal money machine. You must maintain the property and provide the nec­essary management, but, in exchange for doing that, you control the money. It’s yours to spend any way you choose. Owning your own widgets is the surest path to financial independence. The basis for wealth behind nearly every rich person can be traced back to the ownership of a patent, a copyright or a deed. Owning income real estate puts you in with the right crowd. 

For beginners, without a boatload of cash I recommend buy and hold older groups of houses in older parts of town (not slums).

Google some names.  See what pops up.  Find a kind of investing you think you like and can afford, google an expert in that area and check that person out, then follow that advice.

Good luck

Fixer Jay DeCima