BiggerPockets

The problem is, aside from knowing that a lot of money can be earned if done properly, I pretty much am ignorant in this field. If anyone can steer me in the right direction, I'd very much appreaciate it

Since you are starting at the beginning, I would suggest buying the Carleton Sheets Course and starting there. You can buy one dirt cheap on e-bay if you don't want to spend the money for a new one. It is an excellent beginners course.

Good Luck,

Mike

Go to the library and check out every book you can on real estate investing.

Find local groups so you can network with folks.

You don't need to work with a Realtor to be an investor and I highly advise against working with one.

Go on e-bay and invest a few dollars in courses and that will get you up to speed on how the business works.

I am a private owner.

Yes, absolutely start part time and be careful how you replace your primary income. Lot of people end up replacing a job they hate with wholesaling and it turns into, you guessed it, a job they hate.

Wholesaling is where you find a really great deal and sell it to another investor as a great deal and keep the profit the "really" part of really great deal created. In other words, you buy and then sell quickly.

Buy and hold means you bought it, rent it out and then sell it later, if at all. I'm not sure I will ever want to sell the apartments I am trying to buy around the country.

Gary and Mike....you guys both seem pretty successful (from the posts I've read by both of you).

But you guys are on the opposite ends of the specturms. It seems like while one answers one way and the other completely opposite.

Even though you both seem to be in the buy and hold rental biz.

I guess as the old saying goes..."to each his own"

I'm just surprised by the different view points.

But you guys are on the opposite ends of the specturms. It seems like while one answers one way and the other completely opposite.

Even though you both seem to be in the buy and hold rental biz.

I believe that Gary said in another post that he is new to the buy and hold business. His post in a recent thread says it all to me:

On one hand I kind of like that everyone is afraid of multis. On the other hand it is kind of lonely counting the money all by myself. ;).

RIDICULOUS! A big part of being in business when you're new is learning what is real and what is nonsense.

Mike

Mike.....I think he was just kidding around with the "its kind of lonely counting the money all by myself" comment.

Hence the little ;) at the end.

All in good fun!

As I said to each his own. Both can be successul with different tactics. It depends on your personality and what aspects you enjoy more then others.

i guess my first priority right now is to learn some basics first, i dont even know many of the terminology yet. secondly i guess i should start saving up money and building credit!

That's an excellent plan. The vast majority of newbies fail in a short period of time because they don't understand the business. Learning the basics puts you head and shoulders above that group.

they keep telling me market is bad and a lot of real estate agents are having a hard time, is that true?

They are correct.

my gf told me the same as well and she told me a lot of houses arent even selling/renting out right now at all.

That depends on the market. In many markets, houses are selling very slowly. However, in many markets, rentals are doing great. What your family fails to understand is that although the real estate market is generally bad, this is also a historic opportunity to buy real estate at a huge discount!

Good Luck,

Mike

Any "guru" material is mostly good for motivation and for getting the basics of a specific technique. Just remember that the "gurus" main purpose is to upsell you to a more expensive product and you will therefore only read the positive side of the business. I have yet to see or hear a single guru talk about the difficulties of the business or discuss the truth about operating expenses, cash flow; or other serious matters.

Having said all that, you will certainly read many books and articles while acquiring your education and starting with one book as opposed to another isn't terribly important. My recommendation is still to start with the Carleton Sheets Course. I like it because it is quite comprehensive and presented in a logical manner. I would venture to say that more successful investors started with Carleton Sheets than any other guru course. Contrary to what is often said, there is really nothing new in real estate investing. Real estate ownership has been around for thousands of years and, other than a fad here and there, nothing is new.

Good Luck,

Mike

there are a lot of stuff i found for carleton sheets. should i get the no down payment one? its mostly casettes, dvds, and all, is there a book for it?!

JY,

Yes, I would get the "No Money Down" course and be sure to get one with all the optional DVDs. When I bought mine years ago, if you paid in full up front, you got these optional DVDs free and they are excellent. The point is that if you're buying a course off E-bay, try to get one that has as many DVDs as possible.

Good Luck,

Mike