I thought maybe it would be good to do my journal for someone like me (there may already be some out there) who are starting out with no money, no previous experience and no idea what to expect!
I got the book "Profit From Real Estate Right Now!" about a week ago. I read it in 3 days and called the Academy last Friday, 2-27-09. I got my email back this afternoon and following the advice of one of the advisors, I started with Assignment of Contracts Part 1.
I took up 2.5 hours to do a 1 hour course. I also wrote down everything that came up on my screen and even some things that didn't. I filled about 12 or 13 pages of notes I think.
Anyway, I need to backtrack to earlier today. To be honest I was getting very anxious and needed to do something, so I contacted a local RE agent and spoke with her at 10:00 this morning. (I work an 8 to 5 job M-F but they let me take my hour lunch whenever I need it.)
Our meeting did not go super great. Partly because I did not have the knowledge to know what I needed from her and partly because she had no faith in what I was doing. I explained the best I could but that was lacking. She did give me something that was helpful though. She told me there are no rental properties available right now in the town I live in. This gives me the opportunity to get some of those going. But I have no money to put down or anything. We have a lot of oilfield workers coming in to the area so I am surprised that there are no rental properties available.
I live in a little town called Minden in Louisiana. (Up north about 30 - 40 miles east of Shreveport on I-20.) Google says the population is 13,000 but that may be a little high.
Now I came into this with no desire to own rental properties or anything. But now I seem to be changing my mind. I am still leary about renting, but if the market is that hard up, then I can have my pick of renters. And the renter stories on the forums are not all bad, some are quite good acutally.
Back to my original topic, my meeting did not go so great. She said that there was too much competition in town to do what I do. I local appraiser buys properties, there are like 4 local REI's and 3 RE agents along with herself that buy the "super great deals". That put me off a little bit.
I don't think she would be interested in being my RE agent. That brought me to another question. What if I meet with every agent in town and no one wants to work with me? I am very young at 22 and I know that that is a big factor for some people. (He's just a kid and he'll change his mind next week. Dean's people told me that would be a challenge for me. I told them that I didn't care and I don't.
Anyway, that was my first day of action. That and driving around town looking at the for sale signs and wishing I knew where to go from there. It's ok though, I know the knowledge is coming if I stick with the training.
If anybody has any tips for me about getting started, I would greatly appreciate them. I can't afford for this to fail, strike that, I won't allow this to fail!
Whew, sorry about the long post, had to give you a little back story though.
Thanks everyone for your tips and advice in advance!
I love the family atmosphere on this site and can't wait to be a contributing member!