Young, eager and enthusiastic!

[migreig]

Hello all,

I have spent about an hour reading through posts here and decided to introduce myself. I have been reading books on real estate investing for a few years now and have recently decided to start taking action. After completing "Real Estate Investing in Canada" last month I started analyzing properties and learning as much as I could about my local market (Vancouver Island, BC). I feel as though I`ve come up against a wall here though. I come from a lower middle class family who has never owned property, saved, or invested anything. I am going to break that cycle. I have been trying to meet people. People with money, potential JV partners, a real estate mentor, and it`s just not easy. I have put ads up on local sites asking to work for a RE investor for free just for the experience, but have had no luck. It`s hard to start out, and I don`t have an affluent circle of friends & family to start bringing my deals to.

Real estate will be the source of my financial freedom someday, but I need to know how to break the ice. I need some advice on where to find JV partners. Any advise you have is gratefully accepted and appreciated.

Mike

 

[KimFranz]

Hi Mike,

Being here is a great place to meet people and to start to network. I have been a member of REIN for about 5 years now and the other members are great people to talk to and network with. Finding JV partners is up to you, but they are out there.

I find that if you just starting talking about real estate as an investment that you can find people who are interested. Once you find them you could start a mastermind group in your town with people who feel the same way as you and possibly do JV deals with.

Become a member of REIN and you get information mailed to you every month, or if you could come to the meetings in Coquitlam you can meet people in person. There are lots of BC members that are not based in Vancouver that come out when they can. If you meet other REIN members on the Island you could carpool together. Getting up to date information on current economic information keeps you in the know of what`s going on, makes you an expert that people will want to JV with.

You`re on the right track, just keep going!!

Kim

QUOTE (migreig @ Jun 4 2010, 07:41 PM) Hello all,

I have spent about an hour reading through posts here and decided to introduce myself. I have been reading books on real estate investing for a few years now and have recently decided to start taking action. After completing "Real Estate Investing in Canada" last month I started analyzing properties and learning as much as I could about my local market (Vancouver Island, BC). I feel as though I`ve come up against a wall here though. I come from a lower middle class family who has never owned property, saved, or invested anything. I am going to break that cycle. I have been trying to meet people. People with money, potential JV partners, a real estate mentor, and it`s just not easy. I have put ads up on local sites asking to work for a RE investor for free just for the experience, but have had no luck. It`s hard to start out, and I don`t have an affluent circle of friends & family to start bringing my deals to.

Real estate will be the source of my financial freedom someday, but I need to know how to break the ice. I need some advice on where to find JV partners. Any advise you have is gratefully accepted and appreciated.

Mike

 

[migreig]

Thanks so much for the encouragement Kim!! I believe it really is all about networking and meeting the right people. I`m very glad I have found this forum!

 

[Thomas Beyer]

QUOTE (migreig @ Jun 4 2010, 08:41 PM)
Hello all,



I have spent about an hour reading through posts here and decided to introduce myself. I have been reading books on real estate investing for a few years now and have recently decided to start taking action. After completing "Real Estate Investing in Canada" last month I started analyzing properties and learning as much as I could about my local market (Vancouver Island, BC). I feel as though I've come up against a wall here though. I come from a lower middle class family who has never owned property, saved, or invested anything. I am going to break that cycle. I have been trying to meet people. People with money, potential JV partners, a real estate mentor, and it's just not easy. I have put ads up on local sites asking to work for a RE investor for free just for the experience, but have had no luck. It's hard to start out, and I don't have an affluent circle of friends & family to start bringing my deals to.



Real estate will be the source of my financial freedom someday, but I need to know how to break the ice. I need some advice on where to find JV partners. Any advise you have is gratefully accepted and appreciated.



Mike


sounds like a great start .. BUT ENTHUSIASM NEEDS TO MEET REALITY !!!



Get a (better paying) job .. make some money .. save some money .. get educated ... buy 3 houses and sell at least one .. THEN .. and ONLY then invite others to participate with you !



Don't expect others (with money) to fund your dream ! Use your enthusiasm and experience to help them in their dream of making money passively by investing with you .. and this works for 1 out of 100 (or more likely 1000) without experience and for the mere mortals WITH A TRACK RECORD ONLY !!!





Related posts:



5 ways to make money http://myreinspace.com/public_forums1/General_Discussion/61-3347-5_ways_to_make_money.html



How to get started http://myreinspace.com/public_forums1/General_Discussion/61-4391-How_to_get_started_.html

 

[invst4profit]

The reality is starting out takes a lot more than desire.

Individuals I know that start from your point have had to shape all aspects of there life around achieving a foot hold in investing.
Without money, a proven track record or association with financially capable friends you have no doors. You must find a way to associate with money. If you associate with friends having no money then broaden your horizons and move beyond those friends or they will hold you back.
Money breeds money so social climbing may definitely be stage one for you.

(the above points are what acquaintances of my found when starting from nothing and wishing to move forward with a goal of financial success and freedom.)

You must save cash.
Find a job where you can get to know people, customers, co-workers with money. Real estate, banking, private contract companies etc.
You will most likely have to personally finance your first investment property so concentrate on that goal.

After you buy your first property, assuming you can get your foot in the door of "people with money" things will start to happen.

If you can`t start on your own your up hill battle may be perpendicular.

 

[GaryMcGowan]

QUOTE (ThomasBeyer @ Jun 5 2010, 12:59 AM) Don`t expect others (with money) to fund your dream ! Use your enthusiasm and experience to help them in their dream of making money passively by investing with you ..

Thomas that is a great line and a great mindset.

When you help people achieve their goals, achieving your goals becomes easier.

 

[gwasser]

QUOTE (migreig @ Jun 4 2010, 08:41 PM) Hello all,

I come from a lower middle class family who has never owned property, saved, or invested anything. I am going to break that cycle. I have been trying to meet people. People with money, potential JV partners, a real estate mentor, and it`s just not easy.
Hi Mike,

Welcome to the REIN forum. You will find a lot of mentoring on this forum although not necessarily from one specific person. But then we don`t ask a $25K enrollment fee.

What would be nice though, is finding out more about the person who looks for JV investors and mentors. So why not start by filling out your `profile` here so we can get a glimpse of `migreig`.

By the way, if you have not a lot of money to start with but a decent steady income (enough to rent a house or apartment), why not consider starting with a Rent-to-own property with room mate or suite rental income potential?

I bet you may find on this forum investors interested in working with you if you meet their screening criteria.

Hope this helps.

 

[housingrental]

I think Thomas and Greg have provided you with great information.

My thoughts:

Cut your expenses and start saving money.

Increase your income. On a fixed salary at a dying company and can`t do it? You can in time.. Whats the next job up? What training do you need to get to there? Where do you need to apply to?

If you don`t already purchase your personal residence. With the money you`re saving pay down your mortgage. After X years take out a heloc to fund investment property.

Learn as much as possible about REI. Join REIN. Read every book at Chapters. Starting reading up on the residential tenancy act in BC. Get in contact with an investment realtor, target a particular small area, and learn:
Every property currently for sale - it`s rent roll, asking price, cap rate, issues with it, and what it should sell for
Every investment property that has sold in last X years in area - it`s cost per unit, it`s cap rate, how long it took to sell
Rental market - What does a junior 1 bedroom rent for? larger one? What does it rent for in dated condition? With a balcony? With a dishwasher? How long does it take to rent? What kind of tenant profile?

Want to learn faster? Look for a part time job at a PM company

 

[Thomas Beyer]

QUOTE (Minoune79 @ Jun 6 2010, 06:43 PM) ... if you were interested in RTOs...
don`t start with RTO as a novice .. this is an advanced strategy that you should attempt ONLY after you`ve done 3-4 "normal" deals successfully !

 

[Minoune79]

QUOTE (ThomasBeyer @ Jun 6 2010, 07:30 PM) don`t start with RTO as a novice .. this is an advanced strategy that you should attempt ONLY after you`ve done 3-4 "normal" deals successfully !

What do you consider as being `normal` deals? I`m interested to know your thoughts, Thomas.

Josee Guindon
www.ClickMyPlace.com
Edmonton, AB
[email protected]

 

[Thomas Beyer]

QUOTE (Minoune79 @ Jun 6 2010, 08:56 PM) What do you consider as being `normal` deals? I`m interested to know your thoughts, Thomas.
buy a place, rent it .. sell it ..