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Updated about 5 years ago on . Most recent reply

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Im a new investor where have us newbies found the best deals at

Christian Rosado
Posted

Im trying to get ideas where to get good deals at. Anybody want to share there story. Thanks

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Peter Nikic
  • Investor
  • New York & TN
219
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325
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Peter Nikic
  • Investor
  • New York & TN
Replied

Where are you located?

The best way to start is by saving money and studying real estate investing (reading, talking with people who do what you're interested in, learning the field etc)

Once you start, you need patience, you can't give up. There will be many times (especially in the first few years) that you'll desperatley want to give up and get out. But don't! It takes time. I started in 1987 with my first investment (at age 25), a 1BR condo. It was the absolute worst time to buy anything. I struggled with that investment for years! in 1994 (at 32) I was finally able to save up enough money to buy another property. 

I continued to grow and struggle until about 4 years ago, when things finally seemed to settle down and income seemed to be outpacing expenses and problems. It took me almost 30 years.

I had a friend who bought a multi family property a while ago and he was struggling with it. I tried to explain to him that it takes time, he said that he didn't have the patience to wait. Bank foreclosed on his property eventually, he lost hundreds of thousands of dollars.

For my friend things didn't work out so well, he's worse off today than he was back then. But for me, it worked out very well. Today at 57 I am semi-retired, what I mean is that I pick and choose what I want to do, how much I want to to, where I want to invest or vacation. Within this time frame I also raised 3 children who all graduated from college (expensive colleges I might add :) and now they're all grown and working. Any one of them can run my real estate business, it's only a matter of choosing or choices. 

I, as well as my children now have choices (something I didn't have 30 years ago). I've always preached to my kids that it's great to be in a position where you choose what you want to do rather than those choices be made for you by necessity. So yes, if you stick with it, it will work out for you too and it will be worth it in the long run.

Good luck, don't hesitate to message me if you have any specific questions.

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