JordanLaubaugh 0 Report post Posted March 5, 2008 Hello, I am new to Real Estate Investing and am hoping to learn the basics of lease options, wholesaling, flipping etc. if anyone has any pointers or tips I'd be happy to hear them. I will hopefully be bird dogging a friend of mine who is in real estate this summer and learning a bit there. As well as reading forums, etc. And hopefully in the near future doing this stuff all myself. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 5, 2008 Hello, Jordan, and welcome to The Naked Investor!Pointers? Since you asked. . .my first bit of advice is not to overload on info, which is very easy to do in this biz. That'll lead you to our old foe, Paralysis of Analysis. Instead, I suggest you focus on one area of interest to begin. Learn the basics, get a deal or three done, then move on to other strategies and areas of real estate. I like to say, get good, then get big.And if you're wondering what area I suggest all newcomers start with, well, you'd win big if you bet on lease purchasing. I will hopefully be bird dogging a friend of mine who is in real estate this summer and learning a bit there.This summer? That's a long time from now. Why not get started today? And while being a bird dog has its merits, there's no education like experience. You can roll up your sleeves and get your hands dirty, learn faster, do your own deals, and earn more money in the process. Share this post Link to post Share on other sites
BEV! 0 Report post Posted March 5, 2008 Hello and welcome Jordan I second what the mean Admin said.The longer you wait to hit the real thing, the more severe the case of Paralysis of Analysis. I bet if we had an "Introduction" section on the forum, more spectators would become participants on the forum. Just for giggles... I've always said that most men don't think before they talk but when it comes to making a life changing decision, they brain storm, lose sleep over it and take for ever to make their decision if at all to take action. Most women tend to be the opposite.Most of us think before we talk and don't think at all when making a decision and take action on the spot (no sweat, no worries, if it don't work out, so what? We learn from it and Move on .... life goes on) BEV! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 5, 2008 . . .I second what the mean Admin said. . . Share this post Link to post Share on other sites
sbhproperties 0 Report post Posted March 5, 2008 I would like to reiterate what MC stated about focusing on one area at a time. I, being new to this myself, struggled for months because I was trying to do everything at once. TRUST ME, it is easy to get overwhelmed going down that road. Everyone is different so it might work for you, but I know it set me back 3-4 months. If you are looking to learn Lease Purchases, I would recommend investing in the Naked Investor Manual and getting involved with the forum. Between those two, you should have no problem learning LPs from beginning to end and having the support it takes to succeed. Share this post Link to post Share on other sites
JordanLaubaugh 0 Report post Posted March 6, 2008 Hello, Jordan, and welcome to The Naked Investor!Pointers? Since you asked. . .my first bit of advice is not to overload on info, which is very easy to do in this biz. That'll lead you to our old foe, Paralysis of Analysis. Instead, I suggest you focus on one area of interest to begin. Learn the basics, get a deal or three done, then move on to other strategies and areas of real estate. I like to say, get good, then get big.And if you're wondering what area I suggest all newcomers start with, well, you'd win big if you bet on lease purchasing. I will hopefully be bird dogging a friend of mine who is in real estate this summer and learning a bit there.This summer? That's a long time from now. Why not get started today? And while being a bird dog has its merits, there's no education like experience. You can roll up your sleeves and get your hands dirty, learn faster, do your own deals, and earn more money in the process. thank you for the response. Nice to see the administrator being active in the forum. Lease Purchasing sounds great. I was speaking with a friend of mine who owns a title insurance company. When I brought it up to her, her first response was legal trouble. She said that it is hard to find title companies that will close on these types of deals, is this true? She was almost making it sound as if this is illegal. I couldn't comprehend what she meant? Does Lease Purchasing fall on a fine line legally? Or is it most likely just me not communicating well with her what I meant. It was difficult to communicate what I meant because I don't know all too much about Lease Purchasing. Just want to make sure I am safe in pursuing this because I would really love to learn this in and out and get good. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 7, 2008 Nice to see the administrator being active in the forum.Actually, there are some here who would disagree with that sentiment. I was speaking with a friend of mine who owns a title insurance company. When I brought it up to her, her first response was legal trouble. She said that it is hard to find title companies that will close on these types of deals, is this true?No, it is not true. These deals are done everyday without legal issues. Hell, there are attorneys who use lease options as an investment tool. The guy that taught me this biz is an attorney. Or is it most likely just me not communicating well with her what I meant.It was more likely your friend's lack of experience with lease options. Or her hearing a similar tale from some third party that she accepted at face value. Why don't you ask her for a first hand, real world example of someone who ran into legal problems for participating in a lease purchase deal. Share this post Link to post Share on other sites
JordanLaubaugh 0 Report post Posted March 7, 2008 So what would you say the hardest part of doing lease purchasing successfully is? Finding deals? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 7, 2008 So what would you say the hardest part of doing lease purchasing successfully is? Finding deals?Normally, yes. But these days? Not at all. There are more deals to be had than you can handle. The more difficult part now is being able to find t/b's. Share this post Link to post Share on other sites
MichaelGibson 0 Report post Posted March 7, 2008 With foreclosures at an extremely high level (if people get kicked out of their house, they're going to need a place to live)...and with the prices of real estate going down in many of the areas of the country (why would you want to buy now instead of l/p'ing to see what's going to happen to the market...it seems to me that t/b's would be knocking down our doors. Comments? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 7, 2008 It's true that the foreclosure crisis will create a new wave of prospective tenants and tenant/buyers. Likewise, the tightening of lending standards has many folks unable to qualify and, again, another wave of new propspects. But in my area I just have not yet seen any fallout from the above. It's still a tough chore to fill a property. I understand real estate is local, but here in south FL, inventory is huge and so buyers and tenants are fussy as hell these days. I'm getting calls, but then there seems to be little follow up. I suspect the callers are shopping around and cherry picking. Share this post Link to post Share on other sites
Dan (SoCAl) 0 Report post Posted March 8, 2008 With foreclosures at an extremely high level (if people get kicked out of their house, they're going to need a place to live)...and with the prices of real estate going down in many of the areas of the country (why would you want to buy now instead of l/p'ing to see what's going to happen to the market...it seems to me that t/b's would be knocking down our doors. Comments? Prices ARE going down; that's a real problem. In order to set next year's Option price today, sellers have to agree to some hefty discounts. Most in my area can't do that, no matter how much they want to. I'm at ground zero for homeowners who are upside down in excess of $100,000. For T/Bs, it's not a matter of "seeing what happens." If the property value falls below what they agreed to pay at the beginning of the LP period they likely can't get financed and will lose their Option money if they can't renegotiate. I haven't talked to any T/Bs who are willing to gamble 12-15K to "see what happens to the market." Dan Share this post Link to post Share on other sites
<Steve> 82 Report post Posted March 8, 2008 I am seeing a lot more want-a-be tenant/buyers with a recent bankruptcy or foreclosure. I don't even ask "how is you credit" anymore. I ask "what are your credit issues." Share this post Link to post Share on other sites
Jason (AL) 1 Report post Posted March 8, 2008 So, what are you doing out in California now, Dan? Has your CA biz dried up entirely given thenasty market out there? $12-15k per deal is very nice, but things don't sound too fun outthere now.How are you adapting? Share this post Link to post Share on other sites
