Thread: Beginner Investing in florida

The number 1 lesson for first time investor is: YOU NEED A MENTOR. There's no doubt about it. Every successful person I know has a mentor or mentors who guide him or her along the path of success. Your mentor can also support you by sharing with you his rolodex or his contacts. Each one of these contacts alone can make you money if you know how to foster a good relationship with them.

However, as you learn how to walk...this guide/support cannot do the walking for you. You have to take the risk and take the first step. You have to take action.

Dedicated to your financial success,
Trace Trajano
blogspot: tracetrajano

Florida real estate contracts should all be checked over by a real estate attorney. Florida has the best ocean real estate and condos, especially Miami Beach.

Originally Posted by moneyyoda

The number 1 lesson for first time investor is: YOU NEED A MENTOR. There's no doubt about it. Every successful person I know has a mentor or mentors who guide him or her along the path of success. Your mentor can also support you by sharing with you his rolodex or his contacts. Each one of these contacts alone can make you money if you know how to foster a good relationship with them.

However, as you learn how to walk...this guide/support cannot do the walking for you. You have to take the risk and take the first step. You have to take action.

Dedicated to your financial success,
Trace Trajano
blogspot: tracetrajano

wow. That is so true. I also need a mentor. does anybody know of a mentor in the south bay area of california. anybody out out there?

Originally Posted by elhewman

I am a beginning investor trying to learn as much as I can before i make my first move. Lets say I buy a home in south Florida under 20 grand. besides underestimating repairs. What could I be looking at in annual costs. How much would property tax/insurance run me? If you have any ideas for a first time investor with no dept an a small handful of liquid asset please feel free to give me suggestions. I don't want to get the shaft if possible.

Well... Let's start by saying...

1. Education is good, you do need good training to avoid some of the common pitfalls.

2. Having a mentor is good as well, as they can share experiences they've gone through, as well as show you areas to look for as well as avoid.

BUT!!! This is more important than those two... KNOW WHAT YOU WANT IN LIFE. This is the first thing I pound in all my student's brain. You need to know where you want to go, before you can take the first step.

What do you want to accomplish in your life? What are your life's goals??? Real Estate is a great investment vehicle to get you there, but only if used properly. What I mean by this is simply, I don't like investing in RE, just because it is something to do... No, I LOVE collecting the monthly rent checks, which allow me to do things in my life. I like negotiating with people... So, with those two things, short selling/subj-to properties to HOLD is what fits best in what I want to accomplish.

Some people like to wholesale, some like to rehab, some like to retail (find nice places and flip), some (like me) like to hold, some like to short sell, some like to buy REOs, some like to ... etc... RE is extremely flexible, and you should invest in the field that fits what you want to do in life.

Once you know what you want in life, and you figured out what RE strategies will fit to accomplish those needs, then get the training in that strategy, get mentors that are doing that strategy, live that strategy!

Okay, enough of the lesson for now!

Later!

everything that you said is so very true. But it still did not answer my question.

Beginner golf (club, single, inexpensive) .... 12 replies; Tampa FL Golf VS Phoenix AZ Golf, Tampa Bay Forum, 4 replies ... ATVs, Boats, Watercrafts, Snowmobiles, Business, Finance, and Investing ..

Originally Posted by plumberdude

everything that you said is so very true. But it still did not answer my question.

And which question is that? If I know of anyone that could be your local (SoCal) mentor? No... I could be a mentor, but I am not from SoCal, so if you are looking for somone local, I can't help you there...

wow! you got it right on the first try!!

I would attend some real estate investment club meetings in your area to learn more about what is to be expect and the pros and cons. check out reia.com for a list of local clubs.