I want to tell the newbies out there that it is possible to make big money in this fun business. First of all I need to say EDUCATION!!!! You need to find one field that you are interested in and BUY the programs, go to the boot camps, and love what you are doing.
I LOVE the abandoned properties.I have studied with REGGIE BROOKS,and learned to specialize in that field. I will tell you of 2 properties that I completed this year..First property was abandoned, but by a bank…I guess they forgot they had it! I finally got through to the person responsible for the property. I bought it for 125K, put 10K into it (rehab and holding costs) and sold it in 3 months for 185,500.
Another property was abandoned by the owner who lives 2 hours away, and didn't have time to take care of it. The property was about to go into foreclosure, as she did not care what happened to it. I purchased it for what she owed on it, 105K. With the closing costs, and misc. charges, I paid 113K. I went on vacation for a month (to Las Vegas to meet with other investors and hear a few gurus speak). I returned home, spent 25.00 for cleaning materials and started to work. There was a knock on the door…a contractor wanted to purchase the house. We settled for 175K as is… 62K and I never made a payment on the house…and spent $25.00!
Like I said..EDUCATION…buy your OWN books and CD's, support the teachers and they will support you. After each sale, give away 10% to your favorite charity or church, spend 5% on education, buy yourself something you have always wanted with 10% (don't forget Uncle Sam!!) ENJOY LIFE!!! Don't make this business out to be hard..it isn't!!
May your 2006 be filled with fun, passion and the belief that God will help you through anything that you can't do yourself. Go out, make some money and enjoy your life.