How about a beginners RE thread?

[Rawr]

Assuming one knows virtually nothing about RE, where does he start and what does he read?

Anyone willing to put together a basic intro to RE gets major props.

 

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[ProInvestor]

Well PhxMJ is putting together a Wiki which I plan to add many pages too.

I think a Wiki is better for this sort of thing for two reasons:
> Anyone can add to one main bulk, rather than having to scroll through pages and pages.
> Focus great posts in one place, rather than either sticky them (and end up with a huge amount of stickys) or loose them.
---

As for the Q.....

First off I would figure out why you want to invest in Real Estate...
Is it to retire early? Is it to build a solid retirement (you like your job)?
Are you looking for some major cash upfront and then cashflow?

After you figure out your why then you can determine your strategy....
Rentals, LeaseOptions/wraps, Cap Gains, Developing, etc
(and that determines what books and research you do)

Then you start your research on your area...
Are you looking for med size towns (low cap gain, but high cashflow?)

Not Great, But a start perhaps.....

Rgds.
ProInvestor

 

[Rawr]

Oh really? That would be great indeed, when is this coming?

 

[ProInvestor]

S00n.....

But we will try to answer all questions in the mean time...

Rgds.
ProInvestor

 

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[JesseO]

OMG (Oh My Gosh!!!) it would be so great to make a wiki-style page for this. We could have all sorts of input from Mrs. Kennedy for taxes, and others for searching, acquisition, negotiation, market timing, property management, etc. It would be so great to have a place where you could find 10 books worth of information in only 2 or 3 pages. I love that idea.

 

[Lucky37]

I am very intrested in learning about the begining stuff or RE so if you could maybe make a link on here to access this information it would be very helpful for me.
Thanks

 

[reipro]

I agree you need to determine why you want to be in RE. Then you need to determine what type of RE to get into.

1) Do you want to flip for Cash?
2) Buy and hold residential property?
3) Buy or sell on Lease Options?
4) Own Commercial Property or Apt Complexes?

All of these have there strenghts and weakness. We have some of all of the above. They all play a particular roll in our plan.

 

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[NoMoneyDown]

In addition to the other responses ... Read Gary Keller's The Millionaire Real Estate Investor. Others may disagree, but I think it's a must for every aspiring REI or professional alike. It doesn't teach you REI niches, but gives you the foundation for ALL of them.

 

[Bilgefisher]

MJ,

I know you mentioned having the wiki on a page that could be directly moderated by the forum. My question to you, how can we help to make this happen? Do you need links to good posts, recommended wiki's or anything else?

 

[Jason_MI]

I agree wtih ProInvestor.

1. What is your plan? Where do you want to go? What do you want to be? Why do you think RE is the best method, or is it only one part of your plan?

2. There are over 800 different ways to make money in real estate, and I often see people focusing on only ONE aspect of it, while disparging all the others because the others don't support those peoples' plans and goals. So, as Pro said; determine what the best methods are to match your goals and plans, and DON'T be afraid to change. Now that the economy has altered for a lot of people, our tactics/tools also need to alter.....so determine what works best for your environment/area and your plans.

3. Know your area. Know your area. Know your area. Get out and go start looking!

 

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