OfflineIve just read Dean's book "Profit From Real Estate Right Now". Its fantastic!!! But I need some answers, advice, motivation, etc. It seems as if this book was written for me....mid 30's, horrible credit, deadend job, & no money. Other than DG's book, I have no previous experience with real estate, and im not familiar with any terms, legalities, or situations. On top of all this, Im kinda shy and not a go-getter. Is this really my chance to turn it around???
**All the following questions deal with this book and the No Money Down approach by DG
Questions I have (some may seem stupid):
1) Am I catching on too late to this concept? It seems as if there are many people out there doing this same thing.
2) I understand its a No Money Down concept. But how much money do I "actually" need to start trying to put this idea to work? Do I need computer, printer, fax, ads, hiring helpers, hiring workers, hiring agents, etc?
3) Can I make this work "strictly" from just reading this book? Or do I need to hire a coach or join Dean's academy? Like I said, I have no money to work with.
4) I also bought DG book "Be A Real Estate Millionaire". Should I read that too, or just keep re-reading "Profit From R.E. Right Now" and mastering it? Do these books relate to each other?
I'll put all my heart n soul into this, and work very hard at it. I think I need a BIG push first n guidance. Thanks.
The only stupid question, is the one you don't ask!
So don't worry about asking anything "stupid" we were all there at one point!
Here are my attempts to answer your questions:
No, this concept has been going on for a while I think, but its never too late to start. There are BILLIONS maybe even TRILLIONS of dollars out there at your fingertips. The main thing that affects which strategy you use is the condition of your market. THAT is where you change it up a bit.
This is really up to you, and you CAN get away with this for free if you really get creative. But I'd plan on spending maybe 20/week on advertising (signs mostly). A computer is a GREAT tool to have, and you obviously have access to one if you're on this site. As for a fax/printer, you will want to get one eventually, but don't spend too much on it, you can upgrade it once you start making deals.
You will mainly start out posting ads on free classified sites like craigslist or backpage.
Here is a link to an article Carol Stinson wrote about online ads: http://www.realwholesaling.com/realestate-wholesaling/where-to-find-your...
As for Realtors, you pay them at closing.
Depending on what kind of helpers you get, you can just explain to them they will get a commission (whether its 50/50 or whatever) after you make a deal.
As for WORKERS like contractors, and electricians, etc. You shouldn't need to even use them for wholesaling. So don't worry about those until you are buying and selling.
You can always make it work. Where there's a will, theres a way! You just have to get really creative if there is no money to work with. You can even try partnering up with someone on this site that has money and start out as one of their helpers. If you can get about 10 bucks to go to a REI Club Meeting, that would be extremely helpful for you too. The main thing you want to do right now is build a buyers list.
I honestly haven't finished "Be a Real Estate Millionaire" and have only read "Profit From Real Estate Right Now" all the way through. So you obviously don't HAVE to read it but I'm sure there's info in there that can be useful.
Hope this helps!
- Dominic
Dominic
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