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Apprentice Needs Help

S

swanton0024

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Sep 13, 2010
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Hi everyone









Im an aspring investor in the GTA, and would like to maybe pick a few brains in which direction to go. Real estate investing is a passion of mine, but mainly only a theoretical right now. I need to learn from experienced investors such as yourselves.









I am looking to help investors make money! In exchange for knowledge and experience. Where do i go? who do i talk to? I am young and ambitious, and want to make money. If anyone has any suggestions please let me know, or even a little insight on how you got started.









Thank you









Kris
 
Learn a trade, such as sales, plumbing, dry walling, electric wiring, accounting or property management.



Learn this trade very well, and become the best in the tasks assigned.



In time, you will learn about real estate. RE has many aspects, such as lending, managing, selling, construction, buying, dry walling it ..



Educate yourself .. for example read my blog from start in 2009 such as "5 ways to make money" .. read other people's blogs or books such a Don Campbell's, Mark Loefler's, Donald trump, Ozzie Jurrock, David Lindahl etc. ...



If you are good you can make money in any trade. The real estate business in all its facets is no different!




This is a great link on REIN on how to get rich .. Very true : http://myreinspace.com/f/rein_members_only/Coffee_Shop/106-22454-111248-_Mark_Cuban_on_how_to_get_rich_quick.html#111248
 
Hi Kris,



About six years ago I was asking the same questions and I was blessed (or crazy) enough to spend my full days studying and learning my 'trade' as Thomas suggests for about a year in Real Estate. I don't know many who are able or willing to do that without an income and although the idea of passive real estate is a catch phrase, it's also mis-interpreted.



From your post, what I get from it is 'interest' and that's completely normal - however as Thomas suggests, when you are doing whatever it is you do well besides Real Estate and learning your way around, you will either CONTINUE to be 'interested' or you will become completely COMMITTED.



My advice is to take your time and let everything sink in. Your mindset is the most important thing that needs to change and with all the Real Estate investors I talk with and mentor, the one area I see time and time again that needs re-working is their mindset, quick entry into the market without clarity and their knowledge for business.



Please take a look at the blogs above and my own here for a no BS outlook on how I changed my life from the stressful world of being an overworked entrepreneur in two businesses to building a RE portfolio in the last three years alone.



After you give that the once over, if there is anything I can help with, please let me know
 
Thank you Thomas and Joey both very much for your replies. They were insightful and inspiring. I have been reading both your blogs and some other material both of you have suggested. From reading your blogs, and your replies to my post i feel like you both have a passion for helping and that alone gives me hope.



Both of you talk about a commitment to the REI trade, well, i am willing to make it my life's work. You are both passionate about it and obviously have a wealth of knowledge accumulated by experience and research.



I am not able (alone) financially, to buy my first investment property and i would like to know if you have any thoughts on companies, private investors, or mentors that could benefit from my passion and ambition. I have to start somewhere. Thank you both for your time and care! I truly appreciate it.



Kris
 
[quote user=swanton0024]I have to start somewhere.


Start learning a TRADE .. as stated.



Real estate will always be there .. 3 years from now .. 10 .. 25 years .. there is no rush to get in now. Make some money, excel at what you do, keep your eyes open for opportunities .. and they will come .. perhaps at a water cooler or in an elevator or on a park bench !



What do you love to do ? Renovating .. make that a career ! Numbers ? Make that a career ! Landscaping ? Painting ? managing ? Managing tenants ? Collecting on debt ? Selling ? Talking ?



What specifically in "real estate" intrigues you ? It is hard work, takes many years to master or make money on, takes loads of cash or tons of energy to do a creative deal !
 
Hey Kris,



I to am a new RE investor in Ontario as well. Looks like you've got a good head on your shoulders and that you are eager to start investing.



The one thing that stood out from your posts was that you "can't" afford to invest in real estate alone. My advice to you would be to change your thinking from "can't" to "what steps can I take to save enough cash to buy my first property?". If you are serious about making real estate investing your lifes work, I'm sure you will find a way.



Using your own money to start investing and gaining experience is a great way to learn the ropes. Once you've got a few properties under your belt using your own money, I'm sure it will be much easier to attract other like minded investors.



Cheers,



MH
 
Hi Kris,



I'm confused as to what you mean by a mentor benefiting from your passion ... are you LOOKING to hire a mentor/coach to help you along?
 
Thank you for the advice everyone! Every post gives me some insight and direction. This is why i love this forum, everyone's honesty and willingness to help!



Hi again Joey, just to clarify i am not in a position to hire a mentor but am looking for a position with a seasoned investor or company (ie. a management company, RE investment firm, or REIT etc.) that would be mutually beneficial. Whether it be employment or a relationship as an exchange of knowledge for work (finding poroperties, due diligence, working with RE agents) for example. Where do i go? Is it beneficial to be a Real estate agent and an investor?. Are investors looking for help? As Thomas Beyers and yourslef have stated: Get into a trade. Are there trades or positions the REI field? I research properties, do due diligence, read books, go to seminars etc. for fun. Why not make it full time until i, myself, can invest.



Thank you Moosehead for your post as well, you have switched my mindset to setting goals, short term and long term to get to my objective instead of looking at the big picture and saying: how? One step at a time!



Thank you everyone for your support!



Kris
 
Got it Kris, the reason I asked was to GET clarity from you :) - now you know what you are looking for and so do many others which will help bring that into your life.



I'm sure you can connect with someone to mutually benefit both parties.
 
If you want to have perspective from a property management company give me an email through my website
 
Glad I could help Kris. I was in your shoes only a year ago and if I didn't stay positive and break my goals down into smaller ones I would have died of stress! Even when things don't go as well as planned, you can always learn something from it.



I am also thinking of getting my realtors license but have yet to decide as I would only be doing it part time. It would certainly help with real estate investing as would a trade or even working for a property management company. With a property management company, you would learn some valuable landlord skills (extremely important in Ontario) and dabble in renovations and maintenance as well depending on if they do the work themselves or sub contract the work out.



ING Direct has a great system for saving money. I opened a TFSA (tax free savings account) which automatically withdraws money from my chequings account with BMO on a biweekly basis. So everytime I get paid, a portion of that money gets transfered to my TFSA before I can even touch it. You can also track your progress and set savings goals. Since you never actually have a chance to spend the money it makes it easy to learn to live a little more frugal. The fact that ING isn't a bricks and mortar bank also makes it easier to save as you have to go online and transfer the money back to your chequings before you can use it.



Cheers,



MH
 
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