Read a book on real estate, have some questions.

[daninri]

Hey everyone, this is my first post on here, so let me introduce myself. My name is Dan, I am from Rhode Island. Currently I am in the sales field (non related to real estate). I am going on 20. I just have a few simple questions. I had just recently finished reading a book titled "How to Make Millions in Real Estate in 3 Years Starting With No Cash" by Tyler Hicks.

Now, my mother works at a real estate firm, though she is not an agent, knows her share of what is going on in the business. I told her I read the book and she told me that it was a waste of time and money. To me, this book was very intriguing. There were many different ideas on getting into the business. It tells you that you can get 100% financing, meaning no money down. And it constantly refers to borrowing OPM (other peoples money), as in loans from banks and what not. And use that money to purchase a house, condo, a condo complex/apartment complex and so on, to rent or sell to other people at a profit.

There are many great ideas in this book, and I was wondering if it was legit. I really would like to get into real estate, but I dont want to waste my time, or money on doing this. I was wondering if anyone had any experience with this book, or similar ones that could give me some advice. All input is greatful.

Thanks

[Homesurfer]

Read John T. Reed's review of Tyler G. Hicks at:

http://www.johntreed.com/Reedgururat...l#anchor527974

[Phoenix]

Nice Terry. LMAO!!!

Oh, BTW "If it sounds too good to be true, it probably is."

Otherwise, wouldn't everyone else be doing it?

[daninri]

Thanks guys, that is what I figured, but after reading it, it really does sound good. I don't have a whole lot of knowledge in the field, but would love to work in it. This summer I will be going to classes to get my liscense in real estate, but where would I start from there?

[daninri]

Also, am I too young to do something like this, I mean.. are there really people out there that will buy a house from a 20 year old??

[ResaleBroker]

Also, am I too young to do something like this, I mean.. are there really people out there that will buy a house from a 20 year old??

If you're old enough to get a license then you're not too young to start a career in real estate.

[Phoenix]

Don't let age get in your way.

Your only downfall is lack of experience. But, if you acknowledge that, you'll be way ahead of others your age/experience level.

[daninri]

Thanks for the insite guys (and girls) i appreciate it. Keep it coming

[kensmith]

If you are thinking of investing in real estate you want to work with an experienced real estate agent that also has investing experience. You can get 100% financing from banks if you have really good credit at very competative rates, at 95% things get really easy to finance. Investors make up a good part of my client base and I have been investing in real estate since I was 20. Age doesn't matter BTW.

The book your read is very out of date, but some of the general concepts are ok. The hardest part about buying investment property today is finding one that will give you a positive cash flow. Some investors don't really care about the cash flow as the write offs and apreciation make it worth while to them, but many don't have the extra cash to cover a negative cash flow investment. Again, you really need to talk to a real estate agent that specializes in working with investors.

Best of luck to you.

[Duncan Pollock]

Just want to second the idea of reading what John Reed has to say about all these Get Rich Quick self proclaimed geniuses. The only ones making any money are the geniuses themselves. They prey on the innocent and the gullible, parting them from their money for information that just doesn't bear analysis. Throw the book in the trash can!

Duncan