All Forum Posts by: Account Closed

So I was just about to do a Google search on real estate laws in Pennsylvania, then I thought, why don't I just hop on the Bigger Pockets forum and ask some actual investors from Pennsylvania. I'll probably get better and quicker answers from them. So, what about laws concerning real estate here in PA? You see I'm brand new to real estate so I want to make sure I understand everything. First off, from what I understand, you do not need a real estate license to invest, correct? Also what is the best business structure? Corporation? LLC? What about bird dogging and wholesaling laws? Is PA a tax lien or tax deed state? I'm sure I'll think of more questions later. In the mean time though, I would love to hear from any one who is currently investing here in PA who has the answers to any of the questions I just asked. I just want to make sure that I'm clear on the basics. Happy Investing everyone!

1 Vote

Originally posted by Steve Babiak:

Originally posted by Eric Michaels:

Originally posted by Antonio Bodley:

I see at least two things a guru need to make lots of money. 1) They need marketing strategy aimed at investors who want to make lots of money in real estate with less time and effort to make that happen. 2) They need to create something that will eliminate all the work an investor would normally do themselves.

The above quote is where you are incorrect. They only need #1. #2 is completely unnecessary.

I have to agree with Eric, with a minor tweak. The #2 that they need is to CONvince a number of (unsuspecting) people (let's call them suckers) that they (gurus) have created something wonderful that they (suckers) just can't do without. Those suckers are the ones who will send money the guru's way.

The guru's product does not have to meet the purchaser's expectations first ...

Very blunt, but very true. They are suckers.

0 Votes

Originally posted by Ron Climer:

Latham
You don't need to read a book or buy a real estate dictionary. You don't need to know all the lingo. Whenever someone that you are talking to uses a word that you don't know what it means, just ask them what it means.

When Mr. Big Shot investor says," This property will give you a 12% ROI" Just ask him what is ROI? How do you compute that? People love to explain things. As you learn what you need to know, you will, at the same time, cause the people to like you better. It will cause them to believe that they are smarter than you. That is good if you are buying from them. It is a phenomenon. The better they like you, the more likely they are to get the price and terms right for you.

Start looking at houses. Ask the seller or the Realtor anything that you need to know. You will learn fast. My favorite question is how do you know that? When people say things like this house comps out at $100,000 ask them"What does comps out mean?". How do you know what it comps out at?

Just ask questions. Don't worry about looking foolish. You are not applying for a job

Good advice Ron!

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Originally posted by Curt Davis:

Go get yourself a copy of " Dictionary of Real Estate Terms " 6th Edition. Its a blue colored book. Its a great book that will help you learn the lingo and much more very quickly.

Curt, you suggested the 6th edition, but there is now an 8th edition that is more up to date and very inexpensive. Would you suggest it?

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These all sound like great suggestions.

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Hi everyone. I'm new to real estate and am looking to educate myself. I was wondering if anyone out there could tell me what's the best way to learn the real estate terminology or "lingo" so to speak. Is there a book that anybody would recommend or should I just Google "real estate terminology"? Any suggestions would be greatly appreciated. I really want to get going with my real estate career. The faster I can educate myself the faster I can get out in the field. Happy investing everyone!

0 Votes

All Forum Posts by: Account Closed

Account Closed has started 5 posts and replied 46 times.

Post: Real Estate Laws in Pennsylvania?

Post: Where do gurus get these ideas?

Post: I'm lost with all this real estate lingo.

Post: I'm lost with all this real estate lingo.

Post: I'm lost with all this real estate lingo.

Post: Real Estate "Lingo"