In the beginning...
Friday, February 15
I just thought I'd like to maybe start a blog and track what I'm doing. Putting down my ideas, receiving feedback, and noting things that I actually go out and do. Maybe I'll actually be successful one day and it'll be interesting to look back and see all that I've done and how I got there.
I'm turning 28 soon and have a great job and a little money. I had a plan to take that money and put it into my house and make a basement suite. I bought my parents house because it has a perfect setup for a suite downstairs. Get 2-3 renters in there and charge them some $1500 a month and pay down my mortgage and save for myself. After 5 years I figured I could save enough money to look at getting a second investment property. Repeat every 5 years and after owning a few houses, I could probably quit my job and live off the rental income (provided each house was a bungalow with a basement suite or room to put one in). So one half pays the mortgage and the other half goes in my pocket, or back into the mortgage.
I recently went to a Fortune Builders seminar and they mentioned how you don't need money to actually get into real estate investing. They very briefly went over some concepts only to sell you on the 3 day seminar for $197. But the seminar sounded useful and so in the end I signed up. It really is only $197 and I can afford that. The seminar is in a few weeks but the gears are just spinning in my head. The whole concept of doing the leg work to find a property, scope it out, find contractors, get quotes, line up the times, dates, hours and cost and finally put it into a document sounds like something doable to me. I figure I could pump out a really high quality plan/proposal. Apparently I can then go forward to look for investors to see if they want to invest in the plan. Or I can just sell them the plan and all the contacts and take a small finders fee of sorts. If I get the money from the investor, a contract is made and any profit from the flipping of the house is split up. It's interesting because I went to the seminar with someone that happened to be selling their place and will have a fair chunk of cash sitting in their bank account, looking for something to invest in. I also may know 1 or 2 other people that might be interested in the plan and have money.
I also thought about how I know 2 people that are looking to buy a place soon. I was thinking that if we scope out a place and have them actually buy it, we can renovate it right after they take over the title. That leaves us with a place for sale to make some quick profit, or a long term investment to be held for a future sale.
Ok was writing this at work and got majorly distracted haha. I think I got the point across though. Just going to spend time learning more in preparation for the 3 day crash course. Might even try and make up a mock proposal. Will look towards making amazing proposals on paper with visuals for before and after and track down contractors or businesses that can do the whole flip. Hopefully if I keep using them there will be some good relationships developed and then I'm on my way :)