How do I get started? NEWBIE

Question

Hi yall,

Im 22, and have been interested in investing in real estate since I was about 18.  Im just lost on where to start and scared to death of making wrong choices...like should I buy the carlton sheets program?

I understand the basics, buy low, sell high. ect.. but have some questions about how to go about everything.  IM SCARED TO DEATH LOL well confused is a better way to put it.

How do I find properties?
Do I need an initial investment?
What to ask, say, do, what to watch out for, ect..
I have no credit...i just bought a new car w/ cosigner so i will have credit soon.

i want to buy and resell for profits and have rental property. i mean is there anywhere or anyone that can "hold my hand" and show me how to do it??? im just so confused! if anyone can help id throw lots of good karma your way! thanks!

Ryan Webber · Answer

I would also recommend starting with wholesaling.  Check out the wholesaling posts at http://forums.biggerpockets.com/viewtopic.php?t=6100.  This should fill in some of the gaps for you.

Tom McGiveron · Answer

divine,

welcome.  whatever you do, take your time.  get comfortable in your own skin first...how?

you have to methodically change everything you do.  seriously.

if you have lived your life like many people do...with no idea of how money works and you have a earned-income mindset - (you have to work for it to get it)...then i'd suggest reading a few good books.

Robert Kiyosaki has written a few and Guide To Investing is excellent!

he also wrote Rich Dad Poor Dad.

visit this site and others to get a hands on feel for what YOU have to learn about yourself.  it's not all about rei....it's about YOU.

Eric Medemar · Answer

If you are just getting started and would like to minimize risks and expenses then get started wholesaling.  Find good buyers BEFORE you find good properties.  Too many newbies get tangled up looking at homes then when they actually find one, they cant do anything because they have no buyers.  Buyers are 50% or more of the game when wholesaleing, To a rookie they are more like 70% of the game. If you find solid buyers you can sell the buyer to other wholesalers, sell them to realtors, or find them properties yourself. That is how I would look to start if I was doing it again.

N/A N/A · Answer

hey divinemadness,

I'm just getting into this too..  Dont By Any programs from these people, like Sheets, and Beck.  I'm hearing they are a big rip-off, and much can be found on the net..  Like I said, I'm new, and know just about nothing, but I also know a whole lot, if you know what I mean..

You need money, plain and simple, OR a hard cash lender..  In order to get a lender, you have to have a plan, and a good one..  Know your next step, and have a back-up plan ready..  Always prepair for the worst case, then you wont ever be caught off guard..

Dont be afraid of the game man, you need to shake that stuff out of your head..  You need to go get things done, and usually on impalse..  Get into a mind set, that you want to make the money and YOU have to go find it..  Practice, read, and read, and read,lol..

Like I said, I have yet to get started, but I'm gearing myself to move on with this..  And IMO, you can't get anyone to hold your hand in this business, because you have to make choices almost immediatly..  ALSO, if your getting into flipping, which is the route I'm going to take, you need to man up, because contractors will push you around, and you'll lose out big time, or take forever to get flips finished and sold...

JMO, stay away from rental..  Just starting out, look for great forclosed deals..  You never know whats out there..  But look around, you may have to travel some distance, but it may pay off BIG..  I have found some pretty good sites with comp prices ( compareable rates of homes in the area ), and foreclose, bankruptcy, listings, which I think are pretty good..  I found a nice place forclosed for $25,000, about 4 miles from me..  I know the area, and know what it could be worth..  The listing site gives me a value price of $80,000-$150,000, which to me is a gold mine..  Seeing the outside, I could estimate that I will put about $25,000-$30,000 into it..  I'm gutting out every place I buy, just for inspection and easy wiring and plumbing work, which contractor like better anyways, but you also can see the work done, and not get riped off..  Also, getting permits for work to be done, and pull past permits from the court house, so you dont get pinched for something you didnt do.  But also, and new home will get you better money, in the long run, but also will get you considerable referral power, because your properties are top notch..  The word will spread...

You need to find some good people, like build a relationship with good contractors, inspectors, landscapers, people you will need to get your work done perfect and promply..  BUT the most important thing, I have learned this week, is finding a hard working, informitive, motivated agent..
Someone to get these properties on the market and sold...  Remember, this guy has to be your right hand man, and has to be willing to work just as hard as you..  You know what I'm saying?

Well, I hoped that helped ya,
I have yet to do anything, but learn..  I have crap credit, well kinda, and about $20,000..  I just need to find an investor that want to make large sums of money on the back end, and stay out of my way..  I have an eye for these things, and can tell with-in seconds if it will work or not..  I think on instant inpulse...  Let get it done, NOW..    Looking through my list, I have about 30 very, very good flips that could be done, TODAY..  It just mind boggling that there is so much money to be made, and I want the piece of the pie, if not all of it..  Get the right frame of mind man, it will take you places..

I just found this site, and will be on it alot, so feel free to ask me anything..  Maybe we can share some ideas, never know..  I wish I would have done this when I was 22, lol..

Good Luck Man :D

How do I get started? NEWBIE

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