OfflineI have been reading and studying real estate investing for at least a year now, maybe more and I am tired of reading and studying, I want to get started with my first deal! I guess that the reason I don't get started is like all those before me, I am a bit intimidated and frankly don't want to make a costly financial mistake.
I have spoken to the folks in Dean's Real Estate Academy before about coaching however I don't have the money to pay. I am at the point where I think that the only way I am going t be successful is to be coached. Besides my wife would kill me to spend that much money on coaching! This certainly influences my decision.
I have been close to a couple of deals however felt very nervous about committing to these deals without someone helping me evaluate these deals.
I am determined to change my life through real estate investing and know that it can work however I have no money and with 5 kids to support a great deal of responsibility. My goal is to quit my job someday to do real estate investing full-time.
I have read 3 of Dean’s books, purchased the Edge 2010 series and read countless numbers of other investor articles. I am working with a realtor who is very willing and flexible in his methods. I also have a mortgage broker who I have been working with as well.
Dave's Journal Day 1
Posted on: Wed, 03/09/2011 - 17:48
Dave's Journal Day 1
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- by davejinpa
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Well, the Journal is certainly a kind of virtual accountability partner! I got up today thinking about what I would say in my journal and how significant it would be toward my progress in real estate investing. I may have mentioned that I have been working on a deal for a multifamily housing unit. This property has two units, both rented and near by a local medical school. The rental history has been excellent and I think it will cash flow immediately even if I pay the asking price which is $109,900. However the property has been on the market for sometime and the owner seems motivated to sell. Current rents are 570 and 580. Taxes are around $2,000 and insurance around $600.
I am guessing that I can get this property for under $100,000 and it will cash flow immediately. My problem is coming up with the down payment of $10,000 which I don't have. Any ideas or suggestions would be welcomed.