HFP 0 Report post Posted December 23, 2012 Hello Everyone, As someone who is about to get started (again), what do you feel is the necessary minimum knowledge? I often read and have experienced that the most important aspect is to just take action and actually start. But I feel that I have so many questions, how do I know when I'm ready? Also, I am not expecting to know everything prior to starting, I am just trying to figure out how much is enough to start taking action. Thank you for any input/ advice you may provide. Happy Holidays! Chad Share this post Link to post Share on other sites
DanielSun 7 Report post Posted December 24, 2012 Some people will tell you that you don't need minimum knowledge to get started, well....they lie! Here is what you need to know: 1. Math. Answer this question: What is 7 + 11, if your answer is the store where you get your hot dogs from, you ain't ready.2. American english. You need to be able to communicate with buyers and sellers, and if yar cn't spiik Amarican , yar aint ready boy. 3. you need $200 bucks in your pocket. Better make it in Canadian currency just in case the economy collapses. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 24, 2012 In addition to Daniel's brilliant and helpful reply, , I'd say there is no correct answer to your question, HFP. On one hand, plunging in blindly and doing a deal without any know how and experience is fraught with peril. On the other hand, waiting until you know everything means you'll be asking this same question next year because you'll never know everything.There is a vast grey area in between, and how you wind your way through it will determine your rate of progress and success. Share this post Link to post Share on other sites
pilot76180 51 Report post Posted December 24, 2012 I think English is overrated, but I would say...Understand the very basic flow of the lease option...here it is... 1) you sign a contract with a seller that reflects the option price, lease payment, and rent credit 2) assign to a tenant buyer and collect your assignment feeI think that's the min amount you need to know to get started. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 24, 2012 Into the eggnog already,Johnnie? Share this post Link to post Share on other sites
<Steve> 82 Report post Posted December 24, 2012 LOL! Get a good course and/or a mentor to start. Preferably from someone who does the deals they teach. 1 Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 24, 2012 Get a good course and/or a mentor to start. Preferably from someone who does the deals they teach. Insghtful advice from a brilliant mind. Merry Christmas, Steve! Share this post Link to post Share on other sites
HFP 0 Report post Posted December 24, 2012 Thank you for all of your input. Happy Holidays! Share this post Link to post Share on other sites
pilot76180 51 Report post Posted December 26, 2012 Hmph!!! I'm into the eggnog and Steve is BRILLIANT?!?!?! Share this post Link to post Share on other sites
<Steve> 82 Report post Posted December 26, 2012 . . . and insightful. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 26, 2012 Hmph!!! I'm into the eggnog and Steve is BRILLIANT?!?!?!. . . and insightful. Share this post Link to post Share on other sites
