How do I start and establlish a "Members journal" .... ?

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Hey, you're not any older than me, you can learn - all this technology and social networks sites are pretty easy.

I just finished Reading "Profit from Real Estate Right Now". and I am excited to start out in RE (AGAIN). Back in 2004 I took the Florida RE Licensing course and exam and passed (the 1st time around) BUT that was only just the begining I signed with an agency and soon discovered it costs alot to start out as an agent (MLS fees; Broker fees; NAR fees; and E&O insurance) and that is just to start out and many of these fees are due monthly in addition to splitting any commisions with your assigned broker. I managed to survive about 2 years without much success. I did read up on some good RE people like Kiyosaki, Barnett and Keller; and even took a course put out by Dwan Bent-Twyford ($10 - $10,000 in 30 days). But still trying to earn a living pressed down on me with Rent, Electricity and Child support. I had to turn back to 3 JOBs just to get by. I am barely getting by right now; over a month behind on rent and electric; trying to support my aging mother; supporting a wife and kid overseas along with past due child support to Arizona. Life aint cheap. So much for supporting myself on a WalMart job alone...
I picked up Dean's book and Read it ravenously in 2 weeks. I am on the 2nd time throuh now. I particularly Liked Carol Stinson's approach with assingment contracts though calling rentals. I like the IEE approach too and many fellow WalMart employees want homes... What a Source of buyers... I am anxious to start up and dig myself out of this hole I am in. Please all you smart people here in DG please guide me and help me out here. Here are a few questions I have:

Are assingment contracts really the cheapest way to start or Bird dogging?

How do I work with an RE agent that wants to provide Foriegn Cash buyers on local properties. Should the agent get part of the action and how much?

Should I follow through with reinstating my RE license in Florida? Will it be a hinderance or a help? I passed The RE licensing course again and only need to test again.

Should I worry about setting up an LLC right away? I have an offer from a foriegn source and I am sure the State of Arizona (past due child support will swoop down as soon as a check comes thru in my name) I currently Pay regularly thru that Wal Mart job.

If I can get these questions answered right off I will follow thru and ask more as they come up ... I am currently reading "Be a Real Estate Millionaire" and checking this site on a daily basis. I am REALLY REALLY DESPERATE here and need a hand up before i go under for the third time.

Hi Fred,
I read your profile and it's good to see that you've come around to realizing that your future is in Real Estate Investment. You got there in a round about way which reminds me of the kids game of "you're getting warmer... colder, warmer.... hot!" I think you will get a lot of value out of your journal. Just keep posting your experiences. There are a lot of savvy investors on this site and their advice is invaluable.
Although no one person can answer all of your questions... getting this conversation going is important. People will respond to the questions that they are familiar with.

Although I do not know everything about LLCs... I will comment that creating an LLC is the first thing I did after joining this website almost 2 years ago. I am glad I did because this is definitely a business. I am definitely moving in the direction of doing everything through my business and not in my name. You will have to do this eventually and I recommend sooner rather than later. When my job of 25 years was eliminated 7 months afterwards, I already had a business name to run with.

It's good to see you on this site. Keep the enthusiasm. It will be well worth it.

Roger Schafer
Jaguar Investment Group, LLC

Roger,

You are doing the right thing by setting up your business. You will, if you continue, build up some good business credit. Especially if you use the credit lines you can open at stationary stores and other businesses who report to D & B. You will eventually be able to borrow money in the business name which opens a new world to investors. Keep going and good luck

Are assignments or birddogs the cheapest way to start?
Yes, neither uses any of your money - same with sandwish lease options, another avenue to consider.
No idea about foreign cash buyers and re agents - sorry.
I wouldn't bother getting the agent license. You don't need it to invest and make money. It will eat up your energy.
Not mandatory to set up a LLC, but I would (and did). Keep personal and business funds separate. Also provides great tax write-offs. Cheap enough to do - I started with Legal Zoom.
Wishing you a successful journey.

for the encouragement. I certainly will keep going! Soon I will take the steps to build that business credit. I know that Tammy (Zion Foundations) has some very good step-by-step information on how to do exactly that.

Roger

Fred,

this is your journal... so keep posting and writing about your experiences and your progress; the more you write, the more attention you will get...

wishing you success,

Valerie

Thanks to all .. I am looking over the sandwich lease option right now .. and I have always felt that this is the best of both worlds .. I have seen this somewhere before but I can not be sure where. I like it... I like it alot, and yes it seems to be high in making money. The one thing thou is that at this stage I need something that is not quite so complicated and can work more quikly. I need to get money and get it within 2-3 weeks (about $2k - $3) I want to do that for about 2-3 months till I can accumulate about $10K. I am in a debt situation and need that much to get myself out of debt so I can have room to breath. If I can get to a point where I can consistently pull in about $2k per month that will be good for me.That is what I like most about the bird-dogging thing. As for the lawyer I know it is best to work with one at this stage simply because they work best with assignment contracts. I still need to find one to work with. I know many Real estate agents that I used to work with as an agent before and some are more than willing to help even to the point of access to the MLS . As for a team ther are other mebers I need to contact and work out relationships with but that will come with time. perhaps within the next few months.
The newest memebers of my team will be right here I hope "The DG Team". I need to get Deans latest book, something about making money in your own town and I m need to enroll in the success achademy. I would like to also meet with an REI group in Central Florida, perhaps more than one. If one is not already organized on the Space coast I would like to start one. Please keep all the advice coming in and I will be on daily to respond as best as I can.