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I JUST WANT MY FIRST DEAL |
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Category: Need Advice Current Grade: A Total Views: 311 Member Comments: 2 |
Posted on: 11/05/2009 Posted by: oldman Blog Points: 10 View all blogs >> |
Hi, my name is Jim and I am a 60 year old retired over the road truck driver who needs help in getting my first deal in the worse way.
In 2007 I got my first real estate investment course after being fired from my job for getting sick (that another story) anyway this course took me awhile to go through and I went to their website and they wanted more money just to be a member and then more for other stuff. Now I understand it cost to learn.
I am no spring chicken, and I don't learn thing as fast as I use to and the job I have now bearly keeps food on the table, but I am not ready to give up yet!!!
I don't know what I have been doing wrong. I had at least 30 deals line up and each one fell through because of one thing or the other.
I know that I need someone to show the ropes one on one, but I just don't have the money. I would be willing to spilt what ever I make with anybody that is willing to take the time to how to get deals done and all.
I really do need some real time advice.
Now a monkey knows more about this computer than I do and there are terms I do not understand.
Thank you all for your time and good investing Jim V
Hi Jim -- I know that getting that first deal in the bag can be the hugest mountain to climb. What I would recommend to you is that you find someone to mentor you one on one. It doesn't have to be expensive. Qualify and reputable mentors will offer you arrangements whereby you can partner with them on a deal, and they split the profits with you. This way they are REALLY pulling for you to be successful, because their success depends on your success.
Like Brian said, go to your local REIA group. You can find one by going to the National Real Estate Investors Assocation home page and looking in your area. http://www.nationalreia.com/clubportal/795files/directory.cfm?clubID=795&pubmenuoptID=11912
Once at the meeting, talk to the official leader of the group. Tell him you want a mentor who can help you close your first few deals. You will split the profits with them. The mentor may charge you a nominal monthly fee, like $97, to make sure you have a commitment by having "skin in the game". If they don't know of anybody in your REIA club that does that, look around and see who seems to be doing the best. Approach them and make the offer of splitting the profit in exchange for the help. We have all been where you are -- trying to get that first deal closed.
If this doesn't work for you, please message me directly and I can help point you in the right direction.
Shari Peterson
Transactional Funding for Flipping Houses - Fund up to 35 Days
cell: 314-750-5880
Real Estate Investing Tips on Twitter: http://www.twitter.com/OneDayFunding
Your first step is going to be education. Welcome to the site. Right above this post in the green navigation tabs you will see the "Strategies" button. There is a lot of free information in there no one is going to charge you for. Find out more about the ways to invest in Real Estate then go after the one that best suits your type of investing. No one should make that choice for you. It's your risk, time, money, and effort - so you should be calling the shots there.
Next you want to make new friends. Find your local REIA in your area and start going to the meetings. You will make new contacts and hopefully learn from their mistakes as investors. Learn your market!!!
You need to know what is happening where you plan on buying. What are the trends? Prices falling, are they rising? Who are your buyers, your renters, your sellers? What types of people do you need to find to make your deals work? How can you find them, where are they? (Hint, hang out at Home Depot)
Grab some cheap books too. The Rich dad series is good, Trump writes a few good ones too. I also like david Lindahl as an author. You get the same info as in his seminars, but you have to read it, and take action. It's a little easier to get motivated at the events, but it has a cost to it too. Ultimately, you will need to be able to take action on your own, without anyone else pushing behind you to make it happen.
I hope this helps.
-b