I listened to a CD recently from my Cashflow 202 game that talked about real estate and here are the notes on it.
Know what collateral means. Know what equity means. 8 years for phd. 8 weeks to learn half of what you need to know for real estate investing. Other half comes with experience.
5 golden rules of real estate investing.
Never fall in love with the property.
Only buy from a motivated seller.
Never be the first to name a figure.
If they’ve listed the property/asking price then they’ve named a figure.
Always buy with zero or little down, put in as little money as possible.
The steal of the decade comes around once a week.
What do you do to get started in real estate? Live a frugal lifestyle and build up your savings. Use other people’s money. “Use your house as collateral/20% down and we’ll use the bank for the other 80%” Then cut the people in on the deal. If you’re bad at managing your money then managing a property is a bad idea. Start with a small deal. Get started and look at a lot of deals. Allot the time.
Dolf laruse.
APPLIED KNOWLEDGE IS POWER!!!
I never knew you and I had so much in common! I love Rich Dad Poor Dad philosophy. My brothers and I talk all the time about how we are going to get rich and our plans and stuff like this. I also love the Ratrace game!
ReplyDeleteNice blog! I'll be coming back often!