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FIB - Scams 101 - Ye Olde Archives
Posted By: Cathy In Response To: I disagree, as usual. (Larry Foster)
Monday, 16 May 2005, at 10:27 a.m.
> I've been away and haven't kept up with this thread...but I don't see what exactly you are disagreeing with what I said. I do have rental properties in my portfolio as well as am involved with condo-conversions. I am also now getting into doing "wraps" which is a seller financing deal that cash flows well and you don't have to deal with tenant issues. You mentioned speculation in buying rental properties and banking on appreciation..I totally agree....My rentals are positive cash flow (yes that is possible)and any capital appreciation I get is icing on the cake. My decisions to invest in a rental property are numbers based not emotionally based. If it is not a positive cash flow property...I won't do it (and yes it is positive CASH flow not just on paper). You make your money on the way IN..not on the way OUT (its how well you buy the property in other words). I agree that landlording is not for everyone..(but there are many ways to be involved with real estate investing that doesn't involve tenants...you listed some in your post...besides flips, wholesaleing and condo-conversions/development there is also the tax lien/deed area which is involved in real estate indirectly).
Do I think you should give up your day job...no...I view real estate as one thing that I am doing in my investment portfolio. I also invest in stocks, income trusts, and businesses. Real estate is an excellent hard asset to have in your portfolio.
As for the Guru I alluded to but didn't name..no it was not whitney. It was Robert Allen. As I said I don't regret linking up with his program as I have learned tons..I do think it is expensive and not all things applied to my local area which is why I recommend joining a local real estate investment club as they usually have courses you can take for much cheaper and then augment your knowledge with books from the library. As for stating that there are people in these clubs which will rip you off...There are sharks anywhere......but that is why you have a brain and why you must do your own due diligence on any deal. You need to research the area you are wanting to invest in and find out comparables for houses in that area so you have some info as to whether the property's price is realistic or not (I don't buy retail however). And do not do any deal using your emotions.....if the numbers don't work don't do it no matter how good someone tells you the deal is or how "great" the house seems.
Someone else mentioned real estate agents.....there are VERY FEW good ones out there that undesrstans some of the financing deals that investors want to do. There are some good ones..but you need to find ones that deal with investors exclusively. I prefer dealing with owners directly.
The real estate investing area is huge...I only touched then iceberg of what you can do in this area...and not all types of investing in this field is suited to everyone..thats why you need to do some research and reading to see what strategy suits you personally and your circumstances. Regardless of these caveats...I still think (and know personally) that real estate is an excellent investment vehicle and worth taking a look at.....but learn to only make decisions on the numbers and with your head. The biggest mistake is people who make gut decisions in this business...which brings me to my last point...It IS a business so treat it as such. Every decision you make in this field if you want to continue exploring this IS a business decision.
So..what exactly did you disagree with?
I can't tell you about mentoring packages but personally if the name
> Whitney is associated with any of them I wouldn't buy it.
> As far as my disagreeing with Cathy and Mike, some of it depends on your
> investment goals. If you solely want to buy some property like Cathy and
> hold it like an IRA while you keep your job so that you have wealth
> accumulated, perhaps that's ok.
> If you are looking to replace your job and go "full time" they
> gave bad advice. I'm sure not intentionally but still wrong.
> One of them said about buying property and waiting for it to increase, I
> believe that is speculation not investing.
> Also, as far as desirable properties, would you rather live in a home or
> an apartment? Most would rather have a home.
> There are ways to "owner finance" properties that allow you the
> benefits of cash flow property without the landlord hassle.
> When I started 3-1/2 years ago, the only thing I knew was rentals. In
> about 4 months I had 29 units and all "cashflowed" on paper.
> They did cashflow but in the wrong direction.
> If you are considering going full time, make sure your living expenses are
> covered before you try to build wealth.
> Being a landlord ain't all it's cracked up to be. The path is strewn with
> burnt out landlords.
> As far as a local investment club, yes you should join but they have both
> good helpful people and vultures who will try to take advantage of you.
> I always recommend Ron LeGrand and if you can find one of his intro free
> courses, go. I think they're 2 days.
> Go to www.ronlegrand.com and check out his calendar.
> He is the real deal. Take it from someone who has invested in m training.
> Now, the intro courses are lead generators to sell boot camps. I would
> recommend attending a couple of them which is about the same or less than
> most mentoring programs.
> The one thing I see here a lot is because it's expensive, it must be a
> rip-off. I have made my investment back many times after learning Ron's
> stuff.
> As far as cost of education, do you think Harvard might be better than the
> local community college?
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