Advise for the RE Newbies

[Redshft]

I'm planning on using REI as my first vehicle into the fast lane. I understand that many people believe this is the easiest and surest way to financial freedom. Yet the more I read, the more I find some people saying this is a sure fire way to get yourself into debt with today's market. Are these just people who don't understand the market or "haters" on the other competition entering the market? I've began reading some books and am looking at Robert Allens "Nothing Down" as a next read. My questions are as follows:

1. what avenues do the professionals/experts recommend for a beginning investor to take?
2. I'm assuming start small with residential properties, correct?
3. Do you recommend foreclosures/pre-foreclosures, rental properties, or repair and flip?
4. Are their any books/web sites or other resources you recommend?

 

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[Bilgefisher]

Not sure what I can add, I'm a newbie myself trying to do the same thing. I think its possible. There will always be buyers and sellers. The sellers just have to work harder now to attract the buyers. I found this website useful. Many very good links and blogs.

http://www.biggerpockets.com/

 

[czach41]

There are many good books out there which you could read, however, what exactly are you looking to accomplish in the near future? If say, you want to start making quick cash with little or no money, then I recommend "Fast Cash With Quck-Turn Real Estate" by Ron LeGrand. Gary Allen and Gary Keller write some pretty good books too.
Search for local Real Estate Investing clubs in your area... but more importantly, go to them! You will meet many new investors and people, maybe including a mentor! Good Luck!

 

[Redshft]

There are many good books out there which you could read, however, what exactly are you looking to accomplish in the near future? If say, you want to start making quick cash with little or no money, then I recommend "Fast Cash With Quck-Turn Real Estate" by Ron LeGrand. Gary Allen and Gary Keller write some pretty good books too.
Search for local Real Estate Investing clubs in your area... but more importantly, go to them! You will meet many new investors and people, maybe including a mentor! Good Luck!

Ill be sure to check that book out, I put it on my list for my next visit to Barnes and Nobles.

What is the best way to go about finding a local REI club? Are they usually open to anyone who wants to attend?

Thanks for the link Bilgefisher, looks like another great resource!

 

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[Bilgefisher]

Not every REI club will be posted on the internet, but that is the best place to start looking. I simply did a search. The other way to find less formal REI meet ups is to attend a few foreclosure auctions. Talk to a few investors there and find out if they attend any. Finally, talk with a few Realtors they may get you in touch with a few clubs.

 

[RealOG]

Here's some advice for you:

1. Start reading. RDPD series, anything by vollucci or berges, Trump's books (mainly for inspiration), etc. A lot of these books say the same thing, but if you can pull one piece of good information out of the read it can pay huge dividends.

2. Start analyzing. Look at the MLS, Loopnet, etc. and start running numbers. Get comfortable with all the calculations.

3. Start making friends. Agents, Brokers, Loan Officers, Property Managers, Lawyers are all important characters in REI. Make sure if you are going to take up their time you give them something in return (money, lunch, drinks, etc.).

4. Start buying. If you want to start small, buy your first owner occupied residence to live in with the idea that you will eventually rent it out. That's how a lot of people get started.

There are a lot of ways to go about getting into RE, I personally started with a SFR after college which I rented out to roommates. The roommates covered my mortgage and I lived for free, which caused a light bulb to go on in my head. The rest is history...

 

[MikeT_Ca]

Check out this website it has helped me learn a lot about REI http://www.creonline.com they have a bunch of free articles, read as much as you can.

My other suggestion for you would be to join a REI club in your area and network with investors to find out what they are doing. Try to learn as much as you can.

Regards,
Mike

 

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[Redshft]

Thanks JScott! Rep ++