Thread: First-Time Investor

Keep on reading in some real estate forums...

I will try to be reading as many blogs and forums. At the same time however I really like to read books and they seem to be very informative, but here's the question: Are all books are true? I mean, just like in many other books, some things aren't true. Are books are still a good source of info. Just your opinions.

Thanks in advance,

Vlad

Reading books is always a good idea. However when it comes to real estate investing unfortunately most of the best known authors simply make their money from selling books not investing themselves; often their advice is out dated or just down right illegal.

I think you will see a lot of good info in the forums from people actively practising real estate and investing successfully today. However that doesnt mean that everything you read is correct either. Especially in the fast changing current enviroment.

You might do well to find a good mentor. Not one of these guys who charges you $5,000 to help you get one contract or who wants to sell you their system.

Find someone you will really help work along side you to make you a successful investor and maybe take a cut of the profits when you close a deal.

That way you know they are interested in your success and have a vested interest in helping you. However avoid partners, their are too many sharks out there that will leave you hanging.

Thanks TJ, That is some nice post you've posted. How would you advise to find the right partner, i mean, advior/mentor?

Thanks.

I think that seeking a mentor is the best thing to do too.

Don't confuse a mentor with a partner. You don't want to approach someone with experience with some sort of partnership idea - that will turn people off.

Since you're 19, I'd say ask around. Ask some local Realtors who owns most of the commercial properties on your local main street. That person (or hopefully few people) run property management companies.

Approach those people. Tell them that you're looking for a mentor and would like to work for them part-time. Tell them that your dream is to become a big-time real estate investor like they are (yadda, yadda, yadda) and work for minimum wage. Learn what you can and work your way under the big kahunas wing - show up early - stay late - work hard - learn a lot.

Figure out what he/she is doing and think about what he/she could be doing better. Keep a diary (or write a blog, etc) with your ideas.

Not only will you have a ton of experience, but if you work hard, you'll have help financing your first property.

Thanks guys!! I'll surely ask around. That sounds like a good way of starting up. Thanks much again.

You should look around and find someone who is very successful in real estate investing, owns real estate rentals, and is willing to mentor you. You can offer working with him/her and learn while doing.

Thanks guys. Well the thing that I've planned so far is this: Since I am going to be majoring in "Business, Management, and Finance" at my local college, I thought of opening some type of business first (pizzeria, for example) and make some capital from there. In fact, I know three people who started pizzerias with about $20,000 and none of them have less than 200% annual ROI.

I thought about making some capital that way and then buy some apartment building right away and collect (and pay the mortgage) from the tenants.

What do you think about that?

All of your opinions/comments are appreciated.

I am also a first timer in real estate and I am happy that I learn many things by participating on this forum...