Desirae Smith
Newbie
- Thread starter Solace13
- Start date
Desirae Smith
Thank you so much for your time! I have read rich dad poor dad, I have read many others as well... and plan on reading more! I just need contacts to get get started. I am trying every route I can to find some good hard cash lenders and people who have experience. I will get there, just need to keep pushing!
- Joined
- Aug 29, 2007
- Messages
- 2,042
Best advise I can think of is get out there. You don`t say what you are doing for a living now so it`s hard to advise. Find a job related to real estate, apprasials, sales, property management etc.
Again you don`t say how old you are so my advise if you are young is take a few years to learn everything you can about what you are interested in and at the same time live on a tight budget saving every cent you can. Having money of your own frees you from being tyied to others.
There are no money down systems, none of your own at least, but you have to bring something to the table.
The most important thing you can do is protect your credit rating and build it as high as you can get it.
A bad credit rating will hold you back in life more than you can ever imagine.
Get out there and work hard, real hard.
Good luck.
Again you don`t say how old you are so my advise if you are young is take a few years to learn everything you can about what you are interested in and at the same time live on a tight budget saving every cent you can. Having money of your own frees you from being tyied to others.
There are no money down systems, none of your own at least, but you have to bring something to the table.
The most important thing you can do is protect your credit rating and build it as high as you can get it.
A bad credit rating will hold you back in life more than you can ever imagine.
Get out there and work hard, real hard.
Good luck.
- Joined
- Oct 17, 2007
- Messages
- 295
QUOTE (Solace13 @ Dec 18 2007, 10:31 AM) Thank you so much for your time! I have read rich dad poor dad, I have read many others as well... and plan on reading more! I just need contacts to get get started. I am trying every route I can to find some good hard cash lenders and people who have experience. I will get there, just need to keep pushing!
Keep pushing and don`t give up. It can be done. I purchased my first 4 properties many years ago making $10/hour working in a pro shop at a golf course. Now I have 44 and I started with little or no cash. Educate the hell out of yourself but also try some good old street experience. I used to put in many offers or ask several questions on the mls website to selling realtors. Pretend you have lots of money and always give yourself an out on every offer. I made a fool out of myself several times over but each time I gained valuable experience. If you can talk the talk with your potential investors, it makes it so much easier to have them committ and have faith in you.
Keep pushing and don`t give up. It can be done. I purchased my first 4 properties many years ago making $10/hour working in a pro shop at a golf course. Now I have 44 and I started with little or no cash. Educate the hell out of yourself but also try some good old street experience. I used to put in many offers or ask several questions on the mls website to selling realtors. Pretend you have lots of money and always give yourself an out on every offer. I made a fool out of myself several times over but each time I gained valuable experience. If you can talk the talk with your potential investors, it makes it so much easier to have them committ and have faith in you.
- Joined
- Oct 21, 2007
- Messages
- 22
Hi Solace,
Congrats on choosing Real Estate as the vehicle to help you achieve your goals for the future. Now that you have made that choice you`ve obviously made some harsh realizations, where does the money to start with come from.
For folks in your situation (like me) Join Ventures are one excellent source of funding. Groom yourself to be attractive to Join Venture Partners.
Become a subject matter expert in:
Lastly, never ever take your eye off the ball. Never stop beleiving that you can make it happen. If your friends tell you can`t make it doing this then you have the wrong friends. Focus on the goal, beleive in it.
Kind regards,
Congrats on choosing Real Estate as the vehicle to help you achieve your goals for the future. Now that you have made that choice you`ve obviously made some harsh realizations, where does the money to start with come from.
For folks in your situation (like me) Join Ventures are one excellent source of funding. Groom yourself to be attractive to Join Venture Partners.
Become a subject matter expert in:
- Personal Credit (start by mastering your own credit score as suggested above)
- Real Estate (choose an area, specialize in that area, know everything there is to know about the area, rents, renters, amenities, future developments around that area etc...)
- Taxation ( Is this income tax or capital gains )Law ( if your looking into Condo`s I suggest at the very least a few evening classes on Condo Law - great stuff )Being a landlord ( maybe develop a relationship with a member here and see if they need help managing a few properties in your area so you can develop experience working with clients (tenants), renting out a property, and so forth
Lastly, never ever take your eye off the ball. Never stop beleiving that you can make it happen. If your friends tell you can`t make it doing this then you have the wrong friends. Focus on the goal, beleive in it.
Kind regards,
- Joined
- Nov 15, 2007
- Messages
- 70
Read Don Campbell`s book, and join REIN. 2 months ago, I would have disagreed with myself, but I took the chance. I now have 1 property and am in the process of renting it out, and I am the NOVICE of all novices. Plus, you get to interact with some extremely knowledgeable people, like the ones already advising you in this thread..
What I am really humbled by in this REIN group is the collective humility by most of these investors. At first, I thought it might be a show, but I see now through all I have learned that it is legitimate. Everyone here helps out and offers sound advice.
In the words of Nike... Just Do It!
Chris
What I am really humbled by in this REIN group is the collective humility by most of these investors. At first, I thought it might be a show, but I see now through all I have learned that it is legitimate. Everyone here helps out and offers sound advice.
In the words of Nike... Just Do It!
Chris
Thank you very much! I do not currantly have a job realated to the business and I think that is a very good idea! I live in Calgary and I am sure there is at least a few investors here! I am 21 and have lived in Moose Jaw, Vancuver, Winnipeg, Revelstoke and Toronto. (My father works for CPRail... tranfered all over!) I grew up learning about the differnt places, that I now call `markets`! My dad will be a great resource for me since he knows everyone who is getting transfered within the company.
I will search for someone in need of a landlord or assistant landlord. I will also learn as much as I can about the city of Calgary and surrounding area... maybe Ontario as well since thats where my parents live.
I am already working on getting rid of my debt (learned the hard way to stay away from credit cards early, lol!) I also have a small savings going, which will grow faster when the debt is gone. I have some formal education as well as practical education on insurance, taxation, segragated funds, financial planning and mutual funds. Which I think will help!
I am already noticing my focus change... I know a couple (through a friend of a friend type situation) who are in the middle of building a home here in Calgary and are now getting divorced and can not afford to finish the deal. Normally I would not have givin it too much thought, but now I am useing it as a learning tool. I know I don`t have the money right now but I am getting the details just the same.
As far as my commitment, I have decided to do this and I believe I be succesful! I am a highly positive person and just need to continue searching out the right information and knowledge. Thank you all so much for your help, it`s good to know there are people out there who will still help out others to find thier own wealth. Now saying that I have one more question, any sugestions on how to get myself into a related job? Landlord or assistant type would be great!
Thanks again,
Solace
I will search for someone in need of a landlord or assistant landlord. I will also learn as much as I can about the city of Calgary and surrounding area... maybe Ontario as well since thats where my parents live.
I am already working on getting rid of my debt (learned the hard way to stay away from credit cards early, lol!) I also have a small savings going, which will grow faster when the debt is gone. I have some formal education as well as practical education on insurance, taxation, segragated funds, financial planning and mutual funds. Which I think will help!
I am already noticing my focus change... I know a couple (through a friend of a friend type situation) who are in the middle of building a home here in Calgary and are now getting divorced and can not afford to finish the deal. Normally I would not have givin it too much thought, but now I am useing it as a learning tool. I know I don`t have the money right now but I am getting the details just the same.
As far as my commitment, I have decided to do this and I believe I be succesful! I am a highly positive person and just need to continue searching out the right information and knowledge. Thank you all so much for your help, it`s good to know there are people out there who will still help out others to find thier own wealth. Now saying that I have one more question, any sugestions on how to get myself into a related job? Landlord or assistant type would be great!
Thanks again,
Solace
- Joined
- Dec 5, 2007
- Messages
- 2,880
Sound like you have the motivation needed to do it. To be more focused I strongly recommend "Real estate investing in Canada" by Don Campbell. - The book explains step by step how to purchase real estate!
For some people here it was all they needed to start purchasing. wanted to mention that again as I believe it will help and motivate you too to start investing.. more than you can imagine. cheers.
For some people here it was all they needed to start purchasing. wanted to mention that again as I believe it will help and motivate you too to start investing.. more than you can imagine. cheers.
QUOTE (investmart @ Dec 19 2007, 06:46 PM) Sound like you have the motivation needed to do it. To be more focused I strongly recommend "Real estate investing in Canada" by Don Campbell. - The book explains step by step how to purchase real estate!
For some people here it was all they needed to start purchasing. wanted to mention that again as I believe it will help and motivate you too to start investing.. more than you can imagine. cheers.
Sounds perfict! It is top on my to aquire list! Again thank you so much for the words of experience and I keep getting more and more excited as I learn new things and take more steps forward... and you guys are the ones helping me in that direction so I can`t thank you enough.
Solace
For some people here it was all they needed to start purchasing. wanted to mention that again as I believe it will help and motivate you too to start investing.. more than you can imagine. cheers.
Sounds perfict! It is top on my to aquire list! Again thank you so much for the words of experience and I keep getting more and more excited as I learn new things and take more steps forward... and you guys are the ones helping me in that direction so I can`t thank you enough.
Solace
- Joined
- Aug 30, 2007
- Messages
- 96
Hi Newbie,
Great to see you putting yourself out there ... and asking for assistance.
I wish I started asking these questions when I was in my 20`s.
I was in no way ready until my mid 30`s!
****
Success comes easy when ...
1. You are in the right place at the right time;
2. You know you are there;
3. You take action.
I`m in Calgary ... if you wish ... we could meet or have a phone meeting in January. Call me at 475-7368.
To your success!
Great to see you putting yourself out there ... and asking for assistance.
I wish I started asking these questions when I was in my 20`s.
I was in no way ready until my mid 30`s!
****
Success comes easy when ...
1. You are in the right place at the right time;
2. You know you are there;
3. You take action.
I`m in Calgary ... if you wish ... we could meet or have a phone meeting in January. Call me at 475-7368.
To your success!
QUOTE (Solace13 @ Dec 17 2007, 07:22 PM)
I am very interested in getting into real estate investing but have no experiance and no money! I have been told that having no money doesn`t matter, you just have to know what your doing! I am hoping that is true! There are so many things to look for and I don`t know where to start. I live in Calgary Alberta and would love to meet someone who would genuinly like to give me a helping hand. I have nothing to offer (yet
) but my full commitment and learning self. Thank you so much for your time and I hope to hear from you veteran investors out there!
Desirae Smith
Thanks desirae, you took the words right out my mouth. I am in a very similar predicament. No experience, no money, but a whole lot of passion and perseverance. I am a 4th year Engineering student graduating this April. Currently reading and listening to as many audio books that I can (Creating wealth in Real estate audio by Robert Allen, Beginners guide to Real estate investment by Gary W. Eldred, Rich Dad series, etc). The only problem is these books are targeted for the US markets, so I have no idea if any of these strategies can be used in Canada. Like Desirae, I am looking for a mentor, someone I can share ideas with and to help as a guide along the way.
Thanks,
Andrew
Desirae Smith
Thanks desirae, you took the words right out my mouth. I am in a very similar predicament. No experience, no money, but a whole lot of passion and perseverance. I am a 4th year Engineering student graduating this April. Currently reading and listening to as many audio books that I can (Creating wealth in Real estate audio by Robert Allen, Beginners guide to Real estate investment by Gary W. Eldred, Rich Dad series, etc). The only problem is these books are targeted for the US markets, so I have no idea if any of these strategies can be used in Canada. Like Desirae, I am looking for a mentor, someone I can share ideas with and to help as a guide along the way.
Thanks,
Andrew
- Joined
- Oct 22, 2007
- Messages
- 1,191
When you are at the beginning of a career, it is great to spend your first pay-cheque on that perfect stereo or fancy computer. That is good, you earned a reward. But after that realize that each dollar saved early in your live is worth 60 when you retire. That flashy car you could have bought, instead of saving, is a pile of rust by the time you retire.
Don`t skimp so much that your live isn’t fun, but live below your means. Use your savings to establish a solid financial footing - say a reserve that allows you to live 3 or 4 months without a job. Next consider a house, not a big house, but something for you to live in. You may have to save a down payment and maybe your parents are willing to help a bit as well. An interest free loan or a gift from Dad. Make ensure your relatives can afford it. Don`t do a JV with you brothers, sisters, pa or ma. JV is a business - family and business don`t mix very well. With your down payment and your job income, you may be able to buy your first affordable house. Maybe you can get room mates to help pay down the mortgage. Pay off the mortgage completely, since interest on your primary residence is not tax deductible.
Next, you can think about other investments, such as using a line of credit on your paid off house to finance your first rental property. Or... invest in the stock market, which just like real estate involves learning, losses and profits. Diversify; put some in real estate, some in stocks, and some in bonds. Allocate you savings to different asset types based on your personal circumstances. Always try to learn new things about investing and let it become your second nature to think in terms of net worth accumulation and buying things that make you money.
But never forget, that life’s first rule of success is to have fun, so don`t become obsessed with money. Lifestyle first - in moderation. That Mercedes you can buy cashwithout blinking an eye once you`re a millionaire. If you do it now, it will likely be repossessed.
Don`t skimp so much that your live isn’t fun, but live below your means. Use your savings to establish a solid financial footing - say a reserve that allows you to live 3 or 4 months without a job. Next consider a house, not a big house, but something for you to live in. You may have to save a down payment and maybe your parents are willing to help a bit as well. An interest free loan or a gift from Dad. Make ensure your relatives can afford it. Don`t do a JV with you brothers, sisters, pa or ma. JV is a business - family and business don`t mix very well. With your down payment and your job income, you may be able to buy your first affordable house. Maybe you can get room mates to help pay down the mortgage. Pay off the mortgage completely, since interest on your primary residence is not tax deductible.
Next, you can think about other investments, such as using a line of credit on your paid off house to finance your first rental property. Or... invest in the stock market, which just like real estate involves learning, losses and profits. Diversify; put some in real estate, some in stocks, and some in bonds. Allocate you savings to different asset types based on your personal circumstances. Always try to learn new things about investing and let it become your second nature to think in terms of net worth accumulation and buying things that make you money.
But never forget, that life’s first rule of success is to have fun, so don`t become obsessed with money. Lifestyle first - in moderation. That Mercedes you can buy cashwithout blinking an eye once you`re a millionaire. If you do it now, it will likely be repossessed.
- Joined
- Sep 14, 2007
- Messages
- 17
Hi Desirae
I`m definetly not a veteran investor, but I have aquired two properties in Calgary and started a year ago. Both my properties cash flow and one is with a Joint venture partner. My situation may be a little different to yours, but I would be happy to share with you any information that may be relevant. If your interested in chating write to me at [email protected]
Robert.
I`m definetly not a veteran investor, but I have aquired two properties in Calgary and started a year ago. Both my properties cash flow and one is with a Joint venture partner. My situation may be a little different to yours, but I would be happy to share with you any information that may be relevant. If your interested in chating write to me at [email protected]
Robert.