All Forum Posts by: J Y

thanks i like the articles provided on the first link!

guys, in your expert opinion, how long will it take before i can invest in a property? im starting from scratch with no knowledge of anything yet and no stable income other than my parents and the part time job im working.

!!!

im so fired up now. im currently going to turn 21yrs old soon. i plan on becoming REALLY rich by 30 (from both real estate and stocks)

right now, for the next year, i plan on reading as much as possible about real estate and working 2 part time jobs to get some income and at the same time build up my credit since my parents told me if i dont have a good credit, banks wont finance me when i need it to get properties.

do you guys think 1 year is too long or should i be doing something as well?

currently my book list:

Michael Rossi's book
Wendy Patton
Carleton Sheets

i came across this:
wealthbuildinginvestors.com

what do you guys think of it?

i really wish i could jump into the market right now since all the properties values are going down and its the perfect opportunity to get one! sadly, i have no income whatsoever yet.

there are a lot of stuff i found for carleton sheets. should i get the no down payment one? its mostly casettes, dvds, and all, is there a book for it?!

thanks for the link mike.

in that thread, the OP was consistently making offers to the seller, but shes not actually buying right since shes bird dogging. does the seller know that? in other words, does the seller know that bird doggers are just looking for a good deal to i guess "sell" to buyers and are not actually buying the house themselves. does that matter?

also, in order to avoid gettning stiffed. would it be safer to just say have a contract between teh bird dogger and the buyer all the time?

great post mike!

so basically i want to look for houses that are not listed yet. how about the value of the house? such as cmc22 stated, he has a lead on a house thats 1/2 of the normal asking price, which i think will be a great bird dog deal? what about houses that are on the avg price of the other houses in the area and is till not listed? is it worth bird dogging it?

my parents might be planning to sell their house and i got this idea of bird dogging. obviously i cant do it myself but i was thinking what if i have a friend do the bird dogging on my parents house and we share profit!

"an investor who says he will buy houses in the same area as your seller, 70% of the after-repaired market value of the house"

mike is this what you mean?

seller selling for 100,000
repair cost is 20,000
total: 120,000
buyer: (0.7)(120,000) = 84,000

so in this case the buyer wouldnt want to buy it? i have a feeling im missing a part somewhere....

wow i learned a lot in this thread! so basically bird dogging requires nothing at all initiall! anyone can do it right? all you need to have is some money for marketing and thats it. so the steps would be like:

1) go out and hunt for deals
2) make a list of all the deals
3) market urself or the deals (this is the part i dont get, if you market the house the buyers can just go directly to the house and skip you. or do you market yourself so buyers can come to you and ask for deals)
4) once you have buyers, match their needs to the list of deals you collected
5) buyers if they decided to get the house they will pay you (i dont get it here as well, will there be a contract between buyer and you that states he has to pay you ?)

also as for the deals that you hunt for, can it be anything? for example, hypothetically speaking, there are 5 houses in my area up for sale/rent, i can some how market them? is there a rule or a limit that applies where you can only bird dog certain houses?

ah good point. i will check that one out as well. you have been very helpful. thanks mike!

thanks for the tip mike

im currently thinking about starting off with the book by wendy patton, is that a good one?

i told my parents about my idea of going into real estate and both adviced me against it. they keep telling me market is bad and a lot of real estate agents are having a hard time, is that true? my gf told me the same as well and she told me a lot of houses arent even selling/renting out right now at all. im clueless, i dont know anything.

i guess my first priority right now is to learn some basics first, i dont even know many of the terminology yet. secondly i guess i should start saving up money and building credit!

any suggestions on which book to get? preferably cheap ones? i ran some search on ebay and a lot showed up, most of them costly!