New to this website

[lvaughnr]

Hello everyone. I must say you all have a great website. I live in Houston and I am new to all this.
Right now I am in the sponge phase of my real estate career i.e. gathering as much information on all real estate ventures as possible.
Like a lot of you I am looking into tax sales and foreclosures - and I will be ordering Mr. Darius's book. From what I have read it is the nuts and bolts of tax sales.  
I have done Carleton Sheets "No money Down" program and I am quite anxious to start. But, I restrain myself and gather more info.
Thanks,
Vaughn...

[Admin]

Vaughn,
Thanks for joining us - glad to have you as a member.

I'm not sure the "sponge phase" ever disappears  

but it does slow some after a while...

[StacyKellams]

Vaughn,

Welcome, and congrats for making the decision to join us in the wonderful business.

 :thumbsup

The learning never stops.

Much success,

Stacy

[David G (OR)]

Do Not restrain yourself from starting!  Almost everyone here
would recommend your Start NOW (Robert Shemin's biggest regret)!
How?  By finding someone who will show you some of the ropes.
First step, start gaining trust from a moderate-experience investor
and ask for their help and recommendations.  They will probably
refer you to some courses but ask if they wouldn't mind you
seeing a deal they've done.  One of the best educations is seeing
someone on the front-lines.

David G.

[$Cash$]

lvaughnr,

The great thing is you can get very valuable creative real estate information from asking questions right here at Texas Real Estate Club.

This site is growing daily and has some real pro's that come here to help the new person.

Welcome on board this board, looking to see more of your posts.

John $Cash$ Locke

[tedjr]

The worst that can happen is you could go broke. I have been there and done that several times. The first time a lost a new #150,000 house that I built but that was in the late 80's when the Austin, Texas, USA was in a re depression. I am broke again but live in a $500,000 house that I too built for $250,000. I am bouncing back again and hopefully pay for this house  and other things. This web site is great and I too am new to it and have started picking up great deals, investors, hard money sources etc. Good luck to you in Houston. :thumbsup

[HtownFixerUpper]

[quote
author=David G (OR) link=; date=0]Do Not restrain yourself from starting!  Almost everyone here
would recommend your Start NOW (Robert Shemin's biggest regret)!
How?  By finding someone who will show you some of the ropes.
First step, start gaining trust from a moderate-experience investor
and ask for their help and recommendations.  They will probably
refer you to some courses but ask if they wouldn't mind you
seeing a deal they've done.  One of the best educations is seeing
someone on the front-lines.

David G.[/quote]

I have a question that has to do with finding someone that will help you.  I know it takes a lot of time for someone to help me like is suggested in the quoted message above, as a newbie to this I'm certain I will have a ton of questions.  I just found out last night that an aquaintence of mine is a  real estate investor.  She is very nice but we haven't known each other for very long and I wouldn't feel right asking her to spend so much time showing me the ropes.  So I was wondering if it would be a good idea to ask her to partner with me on my first house  where the arrangement would be that I do all the work.  She would be there on a consulting basis and give me referrals and leads to good real estate agents, mortgage brokers, general contractors, etc.  She could advise if certain deals were good or bad, and everthing else that goes into making a profitable investment.  And if this is a good idea, what partner/profit split would you suggest?

All comments are welcomed.  I just finished reading Buy It, Fix It, Sell It, Profit! by Kevin Meyer, excellent book and I'm excited about getting started but am very fearful of all the mistakes I could make.

[tedjr]

I am in a partnership with my dad now on a $ 225,000 house we bought in Oak Hill. I found the deal and did all the remodeling and we agreed to split the profit if any now 50/50. He put up the money and I was also paid $20 per hour for the remodeling and no profit over that on the remodeling.

On other deals I have done the money usually gets 50 %. I also have seen lots of deals where the money partner also gets a 10 % annual return plus percentage.

Still in other partnerships each partner puts up an equal share of money. As you see there is really no clear answer to your question in my opinion and experience.

The best thing to remember is to stress what you have to offer to a partnership and what you feel it is worth. Finding a no brainer deal is the key. I am sure she will tell you what she will and will not do and what she will want for her time money and or experience.

I always try to be fair to everyone all the time and that is especially important in partnerships.

Just meet with her and tell her work it out. Ask lots of questions

Hope I helped some

[bukzin]

After reading 30/40 books on real estate only a few truly stand out.
"All Americas Real Estate"  by Janik and Rejnis on Viking Press
600 pages of 'nothing to promote' basics.
This book covers all aspects of owning and running real estate
with readable detail and insight.

I think its out of print but check used bood stores and Ebay.

Does anyone know of other books at the level?

Bukzin

[agkatz]

TedJr. states "The worst that can happen is you could go broke. "

No, actually... the worst that can happen is you can

- Go broke.
- Go broke and end up in debt.
- Go broke and end up in debt and in jail.
- Go broke and end up in debt, jail and having ruined the credit and lives of many other people.
- Go broke and end up in debt, jail and having ruined the credit and lives of many other people PLUS getting a cell-mate/boyfriend named Bubba who likes to dress you up in bed sheets and lipstick.


Be careful who you listen to (especially the courses you buy).  Verify everything you hear (double and triple check the claims) and get a good attorney you like and trust to bounce investment strategies off of.  There is a lot of hype in this business.  Probably more than most, as it is often pitched as a get rich quick/biz. opp.

- Adam.

[StacyKellams]

[bukzin]

I agree.  After owning/running 25 college rentals
and fixing and selling 15 houses over the last 16 years
I have come to learn that the basics are what matter,
not tricks and buzz-words.
What I do is all about 'get rich slow' and hard work.

If someones 'system' looks like a shortcut, watchout.

Bukzin