Very interested in REI, but I'm new to it

[Darone Brathwaite]

Hi, My name is Darone and I'm from the nice, warm, tropical island of Barbados. I think there are a lot of opportunities in REI and I would like to understand as much as I can before I jump all in. I hold a job as a sales supervisor in a Retail environment and I want to have passive income .Any help would be greatly appreciated .

[Manny Cirino]

@Darone just a word of advise as I never has any direction when I first started I was all over the place.

First let me saying to avoid seeing this as a get rich quick scheme I think everyone who came in this business first generation would agree that at one time or another we came into this after listening to late night infommercials that promise riches. Im not saying that become rich in this business is not possible my point is more that this business is better when it is treated as passion and a business instead of a get rich quick hobby.

Second, know exactly what avenue it is you want to invest in and focus on that specific nitch. There are many types of techinics and nitches in this business and you will drive your self crazy trying to learn them all at once. Learning multiple things at once will only raise more question in your mind and keep you in a constint education fase(spending unnecessary money on coarse training etc..)

third, once you know exactly what nitch interest you start with learning the lingo. What I use to do is keep a note book close by and every time I heard term I did not know I would write it down and research the meanings later. another thing that help me was, i had a friend who use to be a realtor and had her old real estate books from her licensing coarse laying around, she did not need them any more so I took them home and studied the hell out of those books. The law portion. contract examples, math examples.

forth, learn your local market, the good areas the ghetto areas, what type of home constructions are in your area. What are house selling for? are they Retail sales or wholesale prices, meaning are they full renovated homes or foreclosure/short sales.)

you should also studying and practicing repairs cost. another helpful trick I used for this was going in to foreclosed homes and writing down everything I seen wrong with the house. Then look at Lowes and Home depot flyers to see how much tiles cost per sq. ft. window cost, doors, cabinets, paint, sheetrock etc...(of coarse this did not include labor and is usually on the high end)

fifth, is the one that there is no substitute for and that is get out and talking to people, networking is the key to learning and getting business. Go to open houses, Real estate meeting, actions and where and every were that real estate is happening.

There is so much more i can say but this should help with some direction I hope.