OfflineOK! Getting started here.
I Have been wanting to invest in Real Estate my entire life. Well, at least since high school. For years, I have looked at properties, and seen potential, but never acted on it. I have a great record of success in picking properties, but if you never pull the trigger, someone else gets the money.
I even jumped in on the Coeur d'Alene "thing" when it first started. Had three properties picked out, and backed out because of the price of the airline ticket to go check them out. Oops. That's just one example.
Anyway, I just rolled over my old 401k's into a self directed 401k with checkbook control. What an amazing tool! Now I can actually control my retirement funds the way I want to, and invest in real estate.
A few months ago, I got an invitation to one of Dean's seminars, signed up, and then spaced out. I called the next day. None were coming up anytime soon, but I was kept on the email list, and started getting the video blogs, which I couldn't get to through the link. Took me a while to figure out I could do a save as, and then open the link, but I got it eventually.
Since then, we gto another invitation, and both my wife and I went to the seminar, wanting to learn, but with a negative attitude, because we had no money, and knowing they would try to sell us something. Well, we were right, but we wanted to buy! I could SEE this, I could DO this. It wasn't a magic money pill, it took hard work, time and effort, but it WAS/IS possible. i talked to the guys, asked questions, even convinced someone else to buy, by explaining how DG makes money on the tax liens through quick turnover and volume, and we can make money through buy and hold.
But we had no money, so we couldn't buy. I started reading Dean's "Profit" book, which I have finished, and it made sense. My wife has been searching the web for properties, and doing the research. We have even bid a couple in on-line auctions, without getting one yet, as we set very low limits with our personal money, and didn't have the 401k in place yet.
She found a property that led her to a realtor who is just GREAT, in another city, and we are now partnering with her to buy our first property. She also does property management, knows what investors are looking for, and has a list of potential lease-to-own clients to put in our houses! Making it easy for us as we start out!
She even gave us great advice on the house NOT to buy, that we were about to pull the trigger on, sight unseen. If you don't have a good realtor in an area you haven't seen, be really careful! The pictures can lie, and so will the sellers. There may still be potential in the house, as it can be had really cheap, but I have to approach it from a completely different direction.
Yeah. Getting long, I'll cut it short here, but there is so much to learn, so many mistakes others have made that I can learn from. So much I need to do, still. Next steps:
Buy a property
Get some cash flow
Start up with Tax Liens
Attend Deans training
Go, Go, Go!
It is great to see you here and getting started. Everyone has to start somewhere, so why not now? Now that you are motivated, you need to make a plan of action. If you fail to plan you plan to fail. That is a philosophy I try to live by myself.
Look forward to seeing your deals here
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
Follow my daily investing journal and read about the deals I've done and am working on at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...
Another great thing to do is to fill out your bios so others can get to know you and network with you. Best wishes!!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Good advice, thanks. I will get to that!
For now, I'm trying to get into that first purchase- Got turned down on an bid for a HUD home, resubmitting a new bid. Also looking at a package deal for 5 turnkey properties. Not sure if I want to commit a big chunk of my available capital. They are in good condition, and already rented, and will pay themselves off in just over 5 years, after property management,taxes & insurance but it's a buy and hold-type deal, a lot closer to FMV than I would like, and would reduce my available funds considerably (50%+ of the working capital).
Do I want to do this, or should I go slower on the rentals, and look for some quick cash to build up the capital? I have several "buyers" for lease-to-owns, in the one year range, with the potential numbers being a lot better- I'm just not sure on this package!
well, spent the last couple of days fishing and skiing- great family time, and so many things to be thankful for.
Also got a resubmitted bid in on a HUD home, and expect to get it this time, so I will (hopefully) be closing my first deal soon. Several other possibilities in the works that need to be analyzed, and decisions to be made on the direction we take. So many opportunities out there!