Starting out
Question: I have read the Rich Dad book and is interested to start investing in real-estate. Could you please give me some pointers on where to begin, how to build up capital and that sort of thing.
Answer: All these get rich book’s you are read the person getting rich is the person who wrote the book. You are making them rich by buying the book and they getting the royalty’s. If you are young you need to have long term goal’s. Your biggest asset by far is your credit rating. Do not abuse it and do not go applying for credit all over the place. If you want to learn about USA credit go to the yahoo group’s and look up the creidt_repair group. It is the best USA group that I know about credit and if you have bad credit try to use it to learn. Your next step is to decide what to do with your life. What trade or occupation you want to do. Say you want to be a car mechanic you go to trade school and get quailified.If you want to be a nurse or doctor go to medical school etc. If you are a mechanic you can buy and sell car’s and make little profit’s like $500 when you sell that old car that you have fixed up. 20 car’s X $500 give’s you $10,000 that you use as a down payment of that first fixer up house. You fixed it up yourself as has been said by other remembers in the group and you sell it say after a year tax free if you live in Canada and get on to the next one.
When you have $100,000 after selling say serveal houses you have lived in you form a JUDGEMENT FREE company say having the attorney holding the share’s in escrow and he sign’s all the document’s. So you have in the $100,000 in the holding company you are immune to law suit’s and can always win by going for situate of limitation’s. You buy say a smaller apartment block and you fix if up say using a construction crews that you employ. After time you start to hold properties long term. If you are young and take a conservative approached you can be a millionaire in say fifteen years. This is just old idea. You may ask what I do for side money. I make $100 day playing blackjack. I would not suggest this approached as for a long time I lost. I have been playing a long time and know the game inside out and can control myself.
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