All Forum Posts by: Nick Albin

Thanks for sharing. I like hearing others stories about the good and the bad. Makes everything a little more reassuring when you have your own mistakes.

Good luck to everything in the future.

Not trying to pick on you but that made me laugh. I had no idea the scent of money was urine. :lol:

I don't think fear is not really always a bad thing.

A lot of us have fear about things that are uncertain or maybe just not educated on.

The fear that makes you want to hurl and back out of things is the bad kind of fear that you need to rid yourself of. That being said I think there is a minor level of fear, or maybe you can call it an extreme alertness of the possibles problems that can occur.

For instance when I compete in wrestling, boxing or fights. I need that small amount of fear that keeps me alert to the worst possible outcomes, so this way I do my best to make sure they don't happen. The same thing with investing. You need to be aware of the consequences should you make a large mistake.

I know everyone is different, but for me a little bit of fear helps keep me on my toes, and makes me more focused so that I do everything as best to my abilities.

Well they had the Matthew Lesko book. . .. he teaches you how to get everything from the government for FREE!!!
:lol:

In all seriousness, good luck with your search.

I like Mike's advice. Tell everyone you know, hand out business cards, talk to a realtor who understand what your looking for and will work with you, etc. If you make it known your an investor things will come back to you.

For example. . .

A friend of mine here in town found a deal recently where they had a house that needed work. They wanted to sell it but didn't want to put work into it to get it ready. A friend of theirs passed along one of my friend's business cards. He looked at the property and made a deal with them and bought the house before it even had a chance to make it on the market.

LOL thats funny. I started reading automatic millionaire when I was younger. That is actually how I was told about investing. My friend/rei mentor heard me talking to someone about money, and he kind of took me under his wing from there.

A lot of guys make great points. I would just take your time and learn more about the business and your area if you haven't already done so. At the same time building up you cash and credit to put yourself in the best possible position when your ready to start investing. Having cash and good credit opens a lot of doors for good deals.

Date of Auction:
House Address:

Amount to be Raised:

Tuesday, May 20, 2008
1114 BERRY BLVD.
LOUISVILLE 40215 SALE 19

$3,495.59

This is the listing for the auction off the local real estate auction website. Does that mean that the minimum they will take (and it could potentially be bought for) 3.5k? Never done a auction. I am going to attended one soon just to see how it all goes. Thanks guys.

Success stories. i guess I can throw mine into the pot right?

When I was about 17 me and a older guy became friends while working out at a gym and just chatting. I was starting to become aware of my money and he told me about real estate investing. His line of business I guess you would say. He showed me his rental units and houses that he had flipped. Prices he bought and sold them for and rents for. At that point I became googly eyed and started saving as much money as I could and researching real estate.

Fast forward a bit. My first rental I bought was for 30k. I made the offer to the bank (it was foreclosed). They said no go as the area houses sold for 55-60k. Months later I get a call letting me to ask if the offer was still good. The home was on a double lot. I was able to have the home rented in little time and sold the extra lot for some additional cash which I used to buy another rental.

I still have my 9-5 right now, but its a lot easier going to work knowing that at some point I won't have to. Well not to work in the conventional sense. Plus I am only 23!

Forget about the neighbors for a second. If you were letting someone borrow or rent anything from you. Would you be ok with them trashing it? I mean obviously tenants are not going to take as good of care of the property as you would, so damage is expected. That said, there is definitely a line of where too much is just too much. When the tenant moves out you don't want to be stuck with overly expensive repairs.

Have you inspected the inside to see if its just as bad? If not I would check it out.

Now your second dilemma. Theres nothing wrong with offering low income rentals. You will face different challenges obviously, but you don't have to be a slum lord to offer low income rentals.

Good Luck Man and let us know how everything turns out for you.