All Forum Posts by: Jeff Something

Umm, no sir, I didn't mean it like that.

Actually, the pictures in this thread aren't bad. But you guys know what I'm talking about.

I was at a coffee shop the other day with a very good friend, and she was flipping through one of the local weekly papers, and she asked why so many brokers put their pictures in their ads. I couldn't offer any good ideas. And now looking through this board, so many people have THEIR OWN PICTURES as their avatars. I mean, besides being incredibly vain, is there an actual reason behind it? Because, and I very honestly mean this with all sincerity and do not mean it to come across as I'm sure it will, but there are a lot of your pictures that are awful. I'm not sure if any of you have seen the BBC version of The Office when David kicks the camera crew out of his office, but then poses for a picture before they leave? He gives this ridiculously absurd pose, but that is what it seems like so many people are doing here. What is it? What is the reasoning behind it?

Back with another fiction selection. Atlas Shrugged by Ayn Rand has been great. It's basically a tale of the two type of people in this world: those who do, and those who don't. If you can't be inspired by it, then you're probably one of those that don't.

And, still I am shocked by how rich Kiyosaki is getting off of his books and seminars. Amazing.

After nearly three years of reading websites and listening to podcasts about real estate investing, I feel that it is finally time to take action and DO something. With that being said, I still have a few questions that I would really love to have answered before I take the first step.

1. I think it's generally agreed that it'd be in my best interest to find a few buyers before I sign that first contract to buy. I have seen it suggested that I should run an ad saying something along the lines of "Handyman special, must sell" and telling anyone that calls on it that I just sold the place, but I can give them a call if I run across something else that suits their needs. But does anyone see any problems if I just ran an ad or posted a sign simply saying "Wholesaler seeking buyers"? It's more honest, I think it'd be a much easier conversation, and I don't see why a rehabber wouldn't call on it. Any ideas or comments?

2. When any potential seller calls, I'm a bit unsure of exactly how to steer the conversation with them. Obviously I need to know the address, how many bedrooms, baths, if there is a hole in the roof the size of a car, etc. But I'm betting that the more experienced people have a sheet that they go through on that first call, and if anyone could share that with me, or make a few other suggestions, I sure would appreciate it. I would like to be as professional as possible, and avoid calling back and forth and wasting time for seller and buyer alike, and perhaps losing the deal.

3. I am still unsure of exactly how to estimate repair costs. I have read that I can probably offer a contractor $50-100 to give me an estimate, but I have two problems there; first, I honestly (don't laugh) don't have $50, and second, how do I even know what needs to be done? Is that something a contractor can tell me? Stuff like paint or carpet is obvious, but what about stuff an inexperienced person like me is going to miss? Can I just figure $30,000 as a high number if it isn't a shell or falling apart? If anyone can suggest any further reading on this subject, that would be great, because I feel this is the topic that I am more uninformed about.

4. With all of the information online, I cannot find a copy of a contract to sign with the seller. I understand that the law is going to vary state by state (Hello Oregonians!), but considering that I'm concerned that I don't have $50 to offer a contractor for an estimate, you can bet I'm not excited about taking up a lawyer's time so that he can give me a standard form and a bill for it. Any help at all on that?

I probably have a few dozen more questions, but I can tell that you're already thinking that I'm a bit long winded, and looking at your watch, so I'll save those for another time. I AM seriously out of that money stuff, but I am going to my first REIA meeting this upcoming Monday, so I've got that. But if anyone could offer any suggestions to anything, or point me in the direction or further reading, I'd sincerely appreciate it.

- Jeff

Thanks for the info, but I have to disagree with your point that numbers like industry and population growth are only helpful in picking neighborhoods. I think you're spot on with your method IF your goal is to buy, rehab, and sell.

What if your goal is to buy and hold and rent though? Wouldn't I want to know vacancy rates and employment figures then, regardless of neighborhood?

Hello,

I'm curious to know if anyone can help with some info here. . .obviously REI, like any other form of investing, is all about the numbers. Although I've never done a deal and I've only been reading about and listening to information for a few years, I am skeptical when reading the numbers some people put together and I wonder if they might be missing something that is going to sink their deal.

So, what I am wondering is, especially as a person that has always loved playing with numbers and reaching a conclusion that I can feel confident in, where can I find all of the numbers that I want. It would be impossible to name all of the numbers that I'm interested in, but stuff like job and industry growth, vacancy rates and if possible average rents, population change, and on and on. There are obviously many many numbers out there, but any help is sincerely appreciated.

Jeff

Where to start? I guess a little about myself.

I am 29 years old, my name is Jeff, and I'm inflicted with a severe case of wanderlust. Born and raised in Northeastern PA, this condition has prevented me from staying with any single employer for very long, and has led me to believe that the only way to get to where I want to go, or at least the most practical way, is involved with real estate investing. I've been listening to REI podcasts and reading all sorts of everything for the past two years in addition to reading a number of assorted financial periodicals in general (any sort of periodical being another big weakness for me), and I think it's finally time to take what I've learned and take some action.

So, here I am. I have actually only come across this site about a month ago, which is surprising to me because I think it's one of the better and more informative sites on the net about the subject. I am about to settle into Oregon for a while, and as soon as I do, I'll be looking to take my first real steps, so I'm going to be chock full of questions (although I'm well aware of how to use the search feature).

That's that. I'd happy to be here, and I'm looking forward to any and all discussion. And thanks for having me,

Jeff

At the risk of being completely alienated from everyone else in my very first post, Rich Dad Poor Dad didn't really do much for me. Personally, it came across to me as another guy on late night tv telling me that I CAN do it and telling me about a bunch of other common sense ideas and procedures that I've already learned through years of reading Barron's and the WSJ and other financial periodicals.

The original poster had asked for books that were or were not about investing, and I'm not sure there has been a single recommendation outside of the investing scope, but personally, the one single book that has motivated me more than anything else and that has changed my life has been The Alchemist by Paulo Coelho. Anyone could probably read it in a single day, although I'm not sure that would be the wisest way to go about it. I'd suggest going through it slowly, although to each his or her own. Either way, it's highly enjoyable, and I think a must read.