All Forum Posts by: Jimmy Rodriguez

TJ,

It seems like you have a really good mind set and it sounds like you are really getting your act together. Keep up the great work there. IMO, the first and most important thing you can do is learn your local market. You should know exactly what should cost what, and what goes for what, and the average time for anything to rent in the area you plan on investing. The Second most important thing you can do is Network. You cannot be very successful in Real Estate, or anything in life really, by yourself. It's amazing what a group of people can do if everyone is working together on the same page. So join your local REI club and read on this forum. It's always helpful to get other peoples point of views.

IMO If you can find a good deal (I mean from an investors point of view) and you plan on staying for a minimum of 3 years then you should definitely purchase. Heres an example of how to make something like this work for you. My best friend purchased his first home when he was 18 when he went away to college. Hes 21 now and since turned the place into a frat house and is now actually profiting over $1200 per month on top of his mortgage. Suprisngly, the house isn't a mess at all. In Lieu of rent, he actually has one guy who's job is to keep the house in tip top condition. It's super funny to watch cos he's running this frat house like a business. It's worth mentioning that he is also one of the most brilliant men I've ever come across.. and hes only 21. But yeah, with some creativity, you can definitely make buying a house a very profitable investment

i know from experience how hard it to work with people who arn't on the same page as you... especially family/friends. A team that works together will always do better than an individual.. but a team that does not is worse than just being on your own. I would seperate from your friends when ever you get a good oppurtunity, and stick with people who are more educated and have a desire to work in this business. It is never a good idea to mix business and personal life.. NEVER

"Rich Dad, Poor Dad" was the first "self help" book I ever read when I was 16 years old. I remember it was my Junior year in High School. At that point in my life, i absolutely hated reading.. i was more interested in football and girls.. but we had a "silent reading" period everyday for 15 mins and I had a teacher who was a real ball buster. So I randomly picked up this book for like $2 at my neigbors garage sell. I brought into class... and after 3 months of pretending to read it.. I finally read a couple pages. I was hooked.. From there I have never stopped reading books like this.

Now that I look back, Rich Dad, Poor Dad wasn't all that great (at the time i was amazed!) .. but it was definitely my starting point.. so I cant bash the book to much. My favorite inspirational writer is without question Napoleon Hill. Hmm... as far as his best book.. I'd have to go with:

"How to sell Your Way Through Life" - Napoleon Hill.

That is a must read for anyone.

i'm personally not a fan of "the dummies" series.. but i know a few people who enjoy their books.. Whatever the case, i'm sure the book is worth a read

kinda off topic here, but how are things going in Vero Beach?? I hear its a gold mine down there

hmm.. my motivation is to be able to surf, whenever i want, where ever i want. I know that sounds a little immature, but it is what i truly love to do. apart from that.. financial freedom.. it'd be nice to be finished with that phase of life.. but really its just to surf. lol .. dont get me wrong though.. i love REI... i'm definitely not in it only for the money.. i'm sure i'll always have that urge for wanting to invest in property... it kinda just becomes ingrained in you.

anything is possible.. It will take a great deal of sacrafice, hard work, and luck. btw, how do you like being in business with your brother?? Almost everyone I know advises against going into business w/ family members just cause things can turn sour real fast. I went into business with a cousin of mine a while back... probably one of the worst decisions of my life. We didn't like the way each other worked.. we had different priorties and conflicting personalities when it came down to alot of stuff. To this day we don't talk :(

any time you can learn something new that is a good thing.. and especially if you feel you are not ready to jump in. that alone is enough reason to take the college course IMO... however, "experience is by far life's best teacher." to put it simply.. you'll learn more in your first two weeks when you actually purchase than you will have with those years of book studying. That is not to say that jumping right in is very smart though.. sounds like your on a good course, keep it up.

wow, great thread, and great info Tom, Thanks!