Hi Kiyosaki wannabe here

Hello, I am Eric living in phila,PA and Silver spring,MD. And yes, it sucks to have 2 places to live. I have very low IQ when it comes to money along with other things. For example, 1 bed condo I am living in, can be rented out for about $1050/month. I paid(still owe) 200k(+ hefty HOA) for this condo 3 years ago, because it was remodeled and LOOKED NICE. Bad deal... ya think?? I want to be on the other side of that deal.
I have a brother who is general contractor for 10 years, and it never occurred to us that we could became rich by buying/fixing/selling/renting houses.
I've been reading bunch of REI books and attending seminars. And I found biggerpockets is even more informative. I made an offer on a HUD home today. yup, this is my first attempt in investing.
Wish me luck.

Edited: 06/26/2010 at 10:56AM by Eric Kim

Nick J.

SFR Investor · Scottsdale, Arizona

3,008 posts
21 awards
66 influence

Dec 22 '09, 09:05 AM

Welcome Eric.

First, please don't call yourself a 'wannabe', seriously, grown men will argue like little high school drama queens over that term here, it gets annoying.

Secondly, besides unknowingly starting high school pony tail pulling matches, you're going to LOVE BiggerPockets.

You will find all of the answers to your questions using the search function. Remember, the search function is your friend.

What you don't find, simply post up, and I assure you, as long as it's not about being a 'wannabe', you'll quickly get an array of answers, all from experienced and helpful active investors.

Welcome aboard, hang on, it's a fun ride

Edited: 06/26/2010 at 10:56AM

Eric Kim

Homeowner · philadelphia, Pennsylvania

10 posts
50 influence

Dec 22 '09, 09:31 AM

Thanks for the tip. I won't forget to use search. So far, I found this forum holding so much of information that it is overwhelming. but the best of all, there are so many geat people who would not hesitate to share their knowledge.
Now, I am going to search for some food.. starving.

Edited: 06/26/2010 at 10:56AM

Eddie Ziv

Real Estate Investor · Studio City, California

1,803 posts
9 awards
56 influence

Dec 22 '09, 10:21 AM

I'd say that you have some certain advantages. First, you own two places, one of them is fairly expensive and yet, you haven't been foreclosed on, that means you're doing something right, unless, off course you are almost completely submerged and you're holding a straw to breath...
Second, you have a brother who is a contractor (I wish I had one too).
Now, if you guys can afford it, look for real bargains. Maybe not in Phyla, but in Pittsburgh for instance. Buy some run-down place for pennies, fix it and sell it. You may not make much money at first but it will get you going. If you document your rehab, you can also post it for free on a site like Flickr, Picasa or other, as a selling point...

Good luck

Edited: 06/26/2010 at 10:56AM

Eric Kim

Homeowner · philadelphia, Pennsylvania

10 posts
50 influence

Dec 22 '09, 12:08 PM

Thx for the info, I'll look it up. I was about to pull my straw out a few times, but I sold a lot of things/toys to get my priorities straight and things are little better now.

Edited: 06/26/2010 at 10:56AM

Terrence Wright

Real Estate Investor

14 posts
2 awards
50 influence

Dec 23 '09, 09:57 PM

Welcome aboard Eric,

I'd have to agree with Eddie on this one. I would get my feet wet by investing in lower priced areas. You get to gain experience without committing a bunch of capital into the deal. There will be no shortage of properties anytime soon so don't think you will miss out on anything.
Good Luck!

Edited: 06/26/2010 at 10:57AM

Jarmel S.

Real Estate Investor · Atlanta, Georgia

12 posts
1 award
50 influence

Feb 12 '10, 07:45 AM

Welcome Eric - Your post is almost a couple months old but, better late than never. LOL You will find BP to be a grreat place to grow your real estate wings. I have found folks here to be nothing less than generous. You've got plenty of time and opportunity to make your fortune.

All the best!

Edited: 06/26/2010 at 11:38AM

Eric Kim

Homeowner · philadelphia, Pennsylvania

10 posts
50 influence

Feb 12 '10, 08:18 AM

Thanks Jamel. I have gone to a "guru" class after i started this thread... I must say it was more than disappointing.. Basically I paid $500 to find out the 'real' class was 66k. Reality check, I guess. Anyhow, I greatly appriciate that this site's focus is sharing rather than charging. Right now, I am talking to a hardmoney broker - REI solution -and soon wil do my first deal.. ..Also I am reading up on Ronnie's deals.

Wish me luck!.

Edited: 06/26/2010 at 11:38AM

Alex Joungblood

Real Estate Investor · Chesapeake, Virginia

20 posts
2 awards
50 influence

Feb 12 '10, 10:09 AM

Hey Eric welcome aboard from me as well...

dude,,, you should try wholesaling houses first before you get into buying and fixing..

it will give you so much of a better view when it comes to learning property values and how cheap you really can get a property..

Plus you will learn how to negotiate with motivated sellers and learn how to assess different repairs...

low risk way to get involved in the real estate game

its what I do :)

Edited: 06/26/2010 at 11:38AM

Ted Harris

Real Estate Investor · Portland, Oregon

660 posts
15 awards
59 influence

Feb 12 '10, 01:02 PM

Basically I paid $500 to find out the 'real' class was 66k.

That's criminal ... you could buy two rentals in some areas for $66k.

Edited: 06/26/2010 at 11:38AM

Ted Akers

Private Money Lender · Denver, Colorado

601 posts
12 awards
58 influence

Feb 13 '10, 01:44 AM

The suggestion from Alex to wholesale while getting started is a good one. $66k is obnoxious and is in line or even high for high level master mind groups for very experienced investors. Most guru legitimate classes or bootcamps are no where near that price. If you stay active here you can pick up the same information over time as some of the guru basic classes for a Whopping $0.00.

Edited: 06/26/2010 at 11:38AM