Story of An Education
in Real Estate Investing for
a National Real Estate Investor
How I got my education in real estate investing:
I started my eucation in real estate investing in the 1980's.
Like many people I watched late night info commercials on TV about people making money
in Real Estate. After watching it so many times I finally decided to order the real estate materials.
I could not believe people could make that kind of money. I thought the real estate commercial
was phoney and the people on the show were paid actors. I had a hard time believing people
were actually making that kind of money.
When the real estate material arrived, my education in real estate investing begun because I
stayed up night and day reading all the material. I became particularly fascinated with tax
liens certificates. I learned you could purchase houses for back taxes and/or make double digit
interest. I was so excited about the idea I gathered all the money I could get my hands on and
went to the next auction to bid on houses that owed back taxes. I won the bid and paid the taxes
on several houses.
At first I was so happy and excited to receive double digit interest I didn't know
what to do with myself. After the third or fourth person redeeming their property my
excitement about receiving double digit interest vanished. Now my attitude was
another one got away.
The following year I paid and purchased some more tax liens certificates.
At this point in time I had a total of 25 tax liens certificates. A few of them were
redeemed, some of them I gave away, and the majority of them I kept. Because there were
so many and I was just beginning real estate investing, I could only foreclosure on a few
at a time until they were all done. At my last count, I still have about 10, give or
take a few.
Every one has a different way for getting an education in real estate investing. However,
second to the education in real estate investing you receive is the action you take.
Even if the initial action you take isn't profitable right away, you eventually will be
successful if you continue and don't quit. An education in real estate investing can be very
expensive, but the cost of ignorance is even higher.
Start your education in real estate investing by interacting and being around people who are involved in real estate.
As you become more and more comfortable with this new idea, you will start to take more action
and move forward. Make sure you take small steps at first and before you know it you will
be taking bigger and bigger steps. Just take your time. An education in real estate investing
is like a journey of a thousand steps, you start with one step at a time.
Favorite Real Estate Technique:
Buy and hold is my favorite strategy.
I like to purchase properties at wholesale prices and hold onto the properties for at least one year before selling.
Holding onto the property for at least one year reduces the amount of taxes that need to be paid on the profit. I also
like to help people purchase a property who for some reason are not able to the traditional way. Leasing
with the option to buy allows me to sell the property for a higher price and receive monthly payment while I am waiting
for the property to be purchased. Since the tenants are going to be buying the property, they will more
likely take better care of your property.
Real Estate Mentors and Support Groups
Early Real Estate Mentor:
Without support or a mentor it is very difficult to be successful at anything let alone real estate investing.
Long before I purchased my first house, attended my first auction,
or hammered my first nail, I had a mentor. Of course at the time it was happening,
I did not realize I was being mentored.
The seeds for getting involved in real estate were planted while watching a very close
friend of mine who worked on fixing his house. At first I would go by to see him
to talk about things in general because we developed a brotherly relationship and
genuinely cared for one another. Then as time went on, whenever I came over he would
invite me over to the area where he was working and continue to work while he and I talked.
When I talked to him, he listened to my voice while he worked, and when it was his turned
to talk I watched him as he worked. Of course when he worked on potentially dangerous things
like cutting wood on a table saw he did not talk until the cut was finished, which was alright
with me because I had never seen table saw cutting or anything he was doing before.
Occasionally he would need another hand to help him hold something up, or bring something
into the house or area where he was working at. Since I didn't have any carpentry skills at the time
nor any other related skills, I couldn't help with much. However, I could at least help with some good old fashion
physical labor-aka sweat equity.
Besides teaching industrial arts in the public school systems, he would work with other contractors
and as a handy man from referrals of his friends, neighbors, and coworkers. I watched him
work on house after house for enjoyment and for pay. I soon realized real estate could be a very
profitable money making business.
Most people hear about it, read about it, or see it happen,
however, I was fortunate enough to do what most people do plus experience it.
Early Real Estate Support:
A Readers Digest home improvement book, a few tools, and a ugly fixer upper house plus some desire.
A mentor, carpentry and a maintenance class which included some plumbing, and electric.
Real Estate Resume:
Tax Lien Certificates
Rehabbing
Being a Landlord
Owned Mortgage notes
Section 8 Tenants
Home Improvement Classes
No money Down Home Purchases
Property management
Lease Option to Renters
Wholesaling real Estate
Mentoring
Latest Real Estate Activity:
Partnerships with other real estate investors,
Real Estate Mentorship Program,
Purchased rental property at 3103 Chelsea Terrance Baltimore, Md. 21215.
Future Goals:
Help people get an education in real estate investing.
Help people who are renting move into their first home.
Help home owners in financial trouble.
Help real estate investors buy and sell real estate.
Help Bird-dogs learn real estate and make some money.
Start an assisted living group home for the elderly.
Start a Christian Martial Arts School.
Earn a Phd specializing in Instructional Design for the Online Learner.
Help people build a successful website and Internet Business.
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