Let`s Get Started?

[Nickb949]

Hello everyone, I am a college student looking to pursue a career in Real Estate Investing. To get started I feel the best option is to get into the business by becoming an appraiser, agent or mortgage broker.

I will start on residential homes and use buy-and-hold strategies to create passive residual income. As I expand my portfolio I will move onto commercial real estate and give back to the community by educating and motivating others to pursue real estate investing for their selves.

I have been studying the subject for over a year now. Reading books, listening to audiotapes and planning to go the next REIN seminar in Toronto. I attended a Donald Trump RE Investing seminar in February but wasn`t overly impressed. I felt like I was being persuaded to buy something.

In short I have been educating myself every way so I can minimize my initial mistakes and become an investor in the top ten percent.

I am obsessed with providing a better quality of life to my future tenants and achieving my `Personal Belize`.

I have limited starting capital but want to get started now.

I would like to know the available options a starting investor has such as myself. Creating Joint Ventures? Getting a Vendor-Take-Back mortgage?

I thought the REIN forums would be the perfect place to ask experts in the field for advice.

Thanks.

 

[housingrental]

Learn more
Finish College
Save money
Buy a house to live in for yourself
Save more money and pay down mortgage
Use heloc to fund first property purchase
Save more money and pay down mortgage and increase size of heloc
Use heloc to fund second property purchase
Do this a few more times
Then if you have an expertise that you can add value to a transaction look for JV`s

 

[Thomas Beyer]

QUOTE (Nickb949 @ Aug 18 2010, 08:26 PM) ..
I have limited starting capital but want to get started now. ..

Make some money.

Work hard. VERY HARD.

Become the best in your ASSIGNED TASK. That task is VERY small in the beginning. Show that you can do more than what is asked of you .. but do what is asked of you EXCEPTIONALLY WELL (most fail there as they envision flying Donald Trump`s jet .. but fill in the paperwork sloppily for the first MLS listing .. !!)

Don`t overdream 5 or 10 years out .. much will happen next month or next year that will keep you off track .. but keep the dream alive.

Do what you love.

Become educated.

Do 3 deals minimum with your own money or with money of people very close to you (grannie, uncle, dad, ..)

Buy your own home first and sub-let rooms/basement ! Ideally a crappo that you can fix up and add some value .. in a decent location. Then sell and do it again with a slightly bigger home. This tax free approach to wealth creation will take about 6 years doing 3 houses with one house every 2 years !

In parallel work in SALES as this is the best way to make money if you are good (cars, photocopies, mutual funds, real estate, ...)

Forget real estate as a money maker with no money FOR NOW. Make money in other professions such as sales !!

Related reads:


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

Do what you love: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-16722-Love_what_you_do_-_Do_what_you_love_.html

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

How did I get started: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-15422-Is_my_goal_of_200K_annual_income_feasible.html