Hi all,

I'm very new to REI and have been reading alot from this forum. I've learned so much in the last week, and will have lots of questions in the future. But before I'll ask any questions that might sound really dumb, I need to let you know, that I know NOTHING about investing in Real Estate. I've been reading and researching quietly the past 4 months and it still amazes me that one can just go on a forum and ask any questions....then have them answered for FREE.

I'm a SAHM to 3 kids ages 18 months to 9 yrs. living in Temecula, CA. I have no college education and haven't worked outside the home for over 10 years, so it's all new to me. I'm looking into REI because it would allow me to still be home with my kids while making money(hopefully). Hubby travels alot and I worry about him. It scares me to think what we would do if something happened to him on those business travels. So I'm here to learn how to make an income to take care of my kids.

I also must warn you that I'm a bit computer illiterate, so please be patient. I type like I have arthritis.

So here goes......

1. What kind of business credit card does one open as an investor.
2. Do I need a business name or can I just use my name?


Well that's all I got. Sorry if these questions seem idiotic, but I've been googling but nothing comes up on this subject. If there's anything that you would suggest in the early stages of RE investing, like books, courses, seminars, mentoring programs or the like...... it would be greatly appreciated.

Thanks!

Tien

Hello, Tien, and welcome to The Naked Investor! Glad you found us.
That only means you have no bad habits to break.

That's because the board here is subsidized by Obama. You've heard of Cash For Clunkers? This board is the recipient of Dollars For Dopes. I get to keep it all, being the Head Dope and all.

Let me take a shot at your questions:
1. What kind of business credit card does one open as an investor. I don't like answering a question with a question, but I will this time: what are your needs that require a business credit card to start out?

2. Do I need a business name or can I just use my name? You don't need a business entity, especially when just starting out, but it doesn't hurt to have one. Makes you appear to be bigger and more professional when speaking with homeowners. And if set up correctly, a separate business entity can help shield your personal assets from your business operations.

If I can leave you with one bit of advice for now, it is to not overthink this business. It isn't nearly as complex or difficult as some would have you believe. Don't make things more difficult than they need to be. Business credit lines, corporations, etc., shouldn't be your main concerns right now. Learn one investing strategy to begin, then grow from there. It's like I always say, Get good, then get big. Best wishes to you. You've found a great resource of info here. Take advantage of the friendliest board on the internet.

See what happens when you let a mother of 3......during summer break of all time to read and research? She starts thinking, apparently a little
too much! LOL!

Well, the credit card I was going to open was to use for a few courses on RE investing when the kiddies start school. I wanted to keep everything that concerns with REI on one card. But mostly, just to have a brand spankin new card to carry around!

A friend suggested I have a business name. She's starting in REI too, but much further than me. I guess, it's just to get it out of the way since I'd do it later down the road.

From reading and researching, I've come to lean towards the fix and flip and property rentals. For some reason it excites me more. Everything else seems like a different language. I'm sure more reading/researching on this forum will remove the dark veil hanging above my unbrushed, Cheerios laden,confused head.

Thank you for the advice MichaelC. I will take any that comes my way.

Tien

Tien, for some good credit card advice and info, try bankrate.com. That would be a good starting point for credit card info.
As for starting out, I would not recommend fix and flip. There's nothing wrong with fixing and flipping, but as a strategy for a brand new investor, I don't think it's a good fit. Fixers are hands on and require much time and oversight on your part. You did say you have three young crumb crunchers, right? In addition, you'll need the cash or access to the cash to buy them. Lenders aren't lending too readily these days for this type of real estate investment. You'll need additional cash for repairs, too. Keep all this in mind if you decide to pursue this approach.
My preference for the n00b investor is with what we do here. Big surprise, right? While I realize I am biased about this, it's because my experience both as an investor and as a teacher of this stuff, is that if you do this correctly and with some know how, these type deals can be easy to structure, risk free, and require very little out of pocket capital on your part. A much more sensible approach, in my opinion.

Hmmmm, now there you go getting me to think again MichaelC. The problem is, when I go and research Lease Options and the such, the brain waves in my head start to overheat. I just don't get it. There are so many different kinds of agreements and contracts, and terms used that it's dizzling (is that a word???) Everytime I come to a new term/contract, I have to google and it literally takes me all day to understand one thing. I'm slow, I know it. But there must be a way to easily understand this stuff. Can you draw????

Tien, before you fry your brain, be aware that you are fast approaching the dreaded Paralysis of Analysis. I see it happen often, when the new investor, filled with rushing blood and much testosterone, overloads on too much of a good thing, (information), then becomes thoroughly confused to the point the top of their head blows off I don't think you're there yet, but do be careful.
You need to settle on one area or strategy of investing first. Get good at it, and in time and with some experience you'll know when it's time to grow as an investor. But if you try to have every answer before ever doing your first deal, you'll never get a deal done because you'll be too busy analyzing it from four different angles. In the meantime, the dope over there with less book smarts and more street smarts has snatched up the deal and is laughing all the way to the bank. I guess what I'm saying is, you learn as you go. You do not learn everything first and then get going.
Do I draw? As a matter of fact, I do. Are you a nude model by any chance??

No, I'm not a nude model.....but maybe I can read up on that and get back to ya. Does it pay well? LOL!

You're probably right.......I mean, you even have a page on it! Must happen alot.

My problem is trying not to make as many mistakes as possible...........which of course is impossible. Thanks again.

Tien