How do I get started in real estate?

Question

I dont know if any are familiar with Robert Kyosaki but he has some great books. I read a couple of them and its changed my way of thinking. The things he says make so much sense. I guess I wanted to know if any one had any good advice.

Answer 1

Yes, it is mind changing. Start to play cashflow, it will only help more and hang out with other like minded people.

-Angela
http://www.ratraceclub.com

Answer 2

Try Rich Dad's coaching program. It's a financial coaching program offered by Kyosaki's company. The cost is about $400.00 a month. www.richdad.com
Generally, there is no magic pill. You buy a property that you can rent out for profit (positive cashflow). Do your numbers: mortgage, taxes, maintenance, vacancy factor, etc. and see if you can profit after expenses.
P.S.
Best real estate investors make their money in a bad market, when there are more foreclosures and the property values are going down. Why? Because the market will eventually come back and that's when you are going to make a lot of money. Whatever you do, Think Big.

Answer 3

You could go one of two ways, buy property live in it and fix it up for 2 or 3 years--then resale for a profit. Or get a license to sell real estate of which only takes about 6 weeks.
U r not out money except for the license, u would be selling other people's property and making commission which really adds up--it is about 7% on one home less what the company u work for charges. There are also all kinds of tax write offs depending on the vehicle u drive.

Answer 4

I think he offers good common sense advice - but I would never pay $400 a month for his program. I know Kiyosaki has said he likes investing in gold and silver right now. I think real estate is still overvalued right now, and I wouldn't be surprised if the real estate market stays weak for a few years.

I would rather invest in the stock market right now. If you are looking for stock market investment ideas, I would suggest http://www.top10traders.com - this is a free site that lets you see what the best investors are buying. You can create a portfolio of stocks with $100,000 in "play" money. Each day the site ranks the best performing portfolios, so you can see how your picks perform compared to other investors. You can also read posts on investing from the best traders, as well as share your own investing ideas.

Here are this month's best traders:

http://www.top10traders.com/Top10Standings.aspx

Good luck!