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rupertshih

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Hi everyone




I am new to investing in real estate and do not have money, 

but still want to invest. 

How do I do it?

Any advise?
 
Hi,
I recommend that you start talking with good real estate agent and mortgage broker to lay out a plan for you based on your current situation and the strategy you want to pursue moving forward..

Cheers,
Eddy
 
QUOTE (rupertshih @ Jul 14 2009, 05:19 PM)
I am new to investing in real estate and do not have money, but still want to invest.



How do I do it?



Any advise?




Sorry my friend, but you are going to have to find MONEY before you invest. This can be done thru JV partners, friends, family, the bank of mom, there are many sources...but without a track record you may have some difficulty attracting money partners.



Above all, get educated and save up enough money for a down payment to buy your own property first, then repeat!
 
Buy the book of Don Campbell and read here in the forum for the fundamentals.

Go to open houses where you want to invest, do research as mentioned in the book.

Gather a network (Realtor, lawyer, appraiser, General Contractor aso) and wait for a good catch.

Meanwhile attract money (own and 3rd party).

Ask questions.... and look behind the curtain!
 
Plus find a good paying job with a consistent income to support your investments.
A reliable income is essential to get started and sustain the business as it grows.
 
so i need to have some cash to start with?
is it possible to borrow from bank to start with?

how much is enough for down payment?
 
You could borrow from a bank but that is risky starting out. It would position you with 100% leverage.
Start to surround yourself with the contacts you need, real estate agent, mortgage broker, lawyer, accountant etc. and develop a plan. From that you will find all the answers to your questions.
It will take a few years to save if you are starting from nothing.
Or find a friend with money but you will still have to bring something to the table. If you do not have money you need skills, abilities or experience.
Possibly consider working for a property management company to start off.
 
It depends

See above posts

Phone a mortgage broker

Listen to mortgage broker

You'll likely need :

A) Income

B) Savings

Or

C) Assets to draw cash out of








QUOTE (rupertshih @ Jul 15 2009, 01:26 AM)
so i need to have some cash to start with?

is it possible to borrow from bank to start with?



how much is enough for down payment?
 
for now, all i have to do is making a plan with agents and brokers, and saving some money for couple years.
and then i can start to invest.

how about, if there is a property that can cover all the debts, then i can go for it, right?
i know that there is really low chance that a property with low low price.

thank you all for replying.
 
No.

You need very much to educate yourself on what it costs to run this business and how to evaluate properties to fully be able to succeed.
If you buy a property based on a real estate agent telling you it has positive cash flow you will lose your shirt.
You will also need a reserve fund to get you over the rough times that inevitably will come.

Between bad legislation, bad tenants and bad luck this business will chew up and spit out the majority of ill prepared beginners.

Start to educate yourself. It`s a tough business.
 
i will educate myself first and save up all the money i need
i recently purchased ACRE home study program.
how should i study this program?
any advise?

thanks in advance
 
Put the recording on an ipod and listen to it over and over again while walking, driving, doing dishes, gardening...whatever, just listen to it more than once. : )
 
QUOTE (rupertshih @ Jul 15 2009, 09:18 PM)
i will educate myself first and save up all the money i need

i recently purchased ACRE home study program.

how should i study this program?

any advise?




Listen lots, sit, take notes. Get rolling. Think about Joint Ventures.
 
all cds are on my ipod and i am listening at first time right now
and i will repeat again and again
i will pick up something every time i listen
i got lots of great information from experts of this forum.
i am so enjoyed.
i will keep coming back to this forum and ask questions when i have some.

thanks all for replying me
 
QUOTE (rupertshih @ Jul 16 2009, 11:52 PM)
all cds are on my ipod and i am listening at first time right now

and i will repeat again and again

i will pick up something every time i listen

i got lots of great information from experts of this forum.

i am so enjoyed.

i will keep coming back to this forum and ask questions when i have some.



thanks all for replying me




Just remember that you have to do more then just listen and say "amen" over and over, you need to take action steps to start moving down this road. Get as much of your stuff together now so when you want to buy it all in order.
 
Many a times, new investors looking to succeed in real estate find it increasingly difficult to determine where to start in this business. Over the course of my short real estate education and REIN membership, I have discovered that there are mainly 3 ways to profit from this business. You can use real estate to generate CASH, CASH FLOW, or EQUITY (wealth building). Cash is the money you have in your hand today (like Thomas will say..."CASH is KING..."), Cash flow is money over time; and equity is the pot of gold at the end of the rainbow. It is future potential.

Amongst these 3 ways, I think the "most valuable" really depends on where one is on their investment program. For someone just starting out, I would think CASH is most important. You can build savings and hence accelerate your investment program to include the "buy and hold" strategy for cash flow and eventual wealth building. You need cash to be able to buy your properties, gain the needed experience and eventually seek JV money and all that good stuff that comes with being a sophisticated investor.

My question to the REIN community is this: How did you generate cash for your business? Common answers usually include friends, family, income from a steady job, etc. How about using a real estate "investment" strategy to generate cash? Personally, I think Wholesaling/Assigning properties to investors are a great way to generate cash first. Anyone here wholesaling properties to generate cash? How successful have you been with this strategy?
 
QUOTE (emy @ Jul 19 2009, 08:18 AM) My question to the REIN community is this: How did you generate cash for your business? Common answers usually include friends, family, income from a steady job, etc. How about using a real estate "investment" strategy to generate cash? Personally, I think Wholesaling/Assigning properties to investors are a great way to generate cash first. Anyone here wholesaling properties to generate cash? How successful have you been with this strategy?

Yeah, I`d like to know the answer to this too. In the US they call in Bird Dogging. Do people up here do that, and do investors appreciate it or prefer to find their own deals?
 
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