Whoa, Trigger.
Not everybody IS getting rich with real estate investing, no matter what the hype leads you to believe.
First, let's understand a couple of things. There ARE people getting rich with real estate investing. Many of these people have followed the lead of Carleton Sheets or T. C. Bradley or other real estate investing gurus. Those are facts.
Here's one additional fact. If you don't know what you are doing, you can lose your shirt in real estate investing...like a lot of other people.
That's not to say you can't learn, and it's not to say that people like Carleton Sheets or T. C. and Vickie Bradley can't teach you. What it does mean is that you can't listen to one tape, or read one book and run out the door asking for somebody to please take the contents of your wallet! You have got to take the time and make the effort to learn the facts, steps, and inside information necessary to become successful in real estate investing.
However, I realize that those dollar bills are burning a hole in your pocket and you want to get started NOW, so here's a simple way to begin your trek to the top.
Let me tell you how Lois got her real estate investing empire started in Austin, TX. She looked around until she found a small, but well-maintained 4-unit apartment complex in a nice Austin neighborhood. The price was right, so, not having the credit herself to swing the deal, she got her dad to cosign with her. Once the place was hers, she moved into one unit (no more rent to pay), the rent from another unit covered the monthly mortgage, and the rent from the other two units was hers to keep.
Not exactly a get rich quick plan, but it was a start. Since she still had a full time job, she used the extra money from the apartments to pay off bills and loans, including the mortgage, at an accelerated rate. This gave her leverage to buy another unit, and the rest is history. She now is an Austin slumlord...! Seriously, she has done well in this simple way and has grown her initial real estate investment considerably.
In his article, "Buy High Yielding Turnkey Real Estate Investments With Your Signature Alone!", Bill Young, a former bank mortgage officer and real estate investor since 1980 gives valuable pointers in getting started in this sort of deal, sometimes with no down payment required. You can find a copy of this article at http://real--estate--investing.blogspot.com/2006/03/real-estate-investing-buy-with-your.html .
While wheeling-and-dealing in real estate investments can make fortunes, there is a learning curve required to make the kind of money professionals like Carleton Sheets and T. C. Bradley do. If you are a total newbie and just HAVE to get into real estate investing, you might be well advised to follow the example of my friend, Lois, and start with small, occupied apartment units, perhaps using some of the space as a residence, as she did, and using income from the units for investment growth.
Copyright 2006 Donovan Baldwin
About the Author:
Donovan Baldwin is a graduate of the University of West Florida with a BA in accounting. He has worked as an accountant for the Florida State Department of Education, as Business Manager of a community mental health facility, and in various other management positions. You may read additional articles on this topic at http://real--estate--investing.blogspot.com.
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