Beginners guide to becoming WEALTHY

[stallion]

Wow, this is a great thread. Abnigh, I'm also thinking of doing the same thing but am in the same situation as One on One.

I doubt its illegal to build your credit through whitney's loan cycling but have you done it personally??

Does it really make the banker angry???

Also, any tips on starting out with little money and no job??

 

[Abnigh9]

Originally posted by stallion
Wow, this is a great thread. Abnigh, I'm also thinking of doing the same thing but am in the same situation as One on One.

I doubt its illegal to build your credit through whitney's loan cycling but have you done it personally??

Again, as long as you're not misrepresenting on purpose, lying, or setting the banker up and making people unhappy, it's not illegal.

Does it really make the banker angry???

Anything that's not making the bank enough money or making the bank look good, it makes them angry. If you want to buy a house for 20k and it's worth over 200k from their appraisal, they get mad. Even if the seller agrees, they get mad. You can say jealousy but you can also say they don't like it when people succeed. I wouldn't blame the bank though, my daughter used to be a secretary for this managing bank (a Visa bank) and they were strict with her. They even gave her the "under-the-table" rules. Kind of like the dealer in monopoly, the dealer owns all the money and if you do something like a trick of your own, the dealer is very unhappy... unless you never played monopoly, then nvm.

Also, any tips on starting out with little money and no job??

Pretend you're a homeless, then start from there.. at least I was a real homeless and had to sleep in people's backyard from time to time. And I'll admit it, it was harsh.
How old are you anyway?

 

[stallion]

I'm 23, about to graduate from grad school in only 2 months but I have to go through another 7 months of internship to get my license as a registered dietician.

I was really planning on going back to school, get more degrees but recently read robert kiyosaki, ross whitney, and this thread.

Now, I'm really changing my plan to do the conventional
"study hard, get good grades, get a job" routine.



So far, I have no loan thanks to my parents but I really need to start buying asset. As you can tell from a college grad, I don't have much money but no debts either. I can get a full time job but it would be great if you know how I can start out.

 

[Abnigh9]

Wow, free college education??

 

[Celadus]

Anyone know of any good forums devoted to this subject?

 

[Abnigh9]

Originally posted by Celadus
Anyone know of any good forums devoted to this subject?

richdad.com

 

[Bumble-B]

Getting rich is a science. Just like 1+1=2

I could tell you all about it, but you can get the complete book for free at http://www.scienceofgettingrich.net/

It's a great book that has a scientific approach to how people get rich. It has opened my eyes about a lot of things. I would recommend this to anyone anyday. (and no, this is not my site and i am not affiliated with it)

I'd like to hear some comments about this once you've read the book!

Cheers!

 

[Page]

the mods should perma-sticky this thread.

It belongs at the top of the forum and is too valuable to slip into obscurity again.

 

[Hot Ice]

Is this thread worth reading???

Goddamn long it is..

 

[Abnigh9]

.

 

[Page]

Originally posted by Hot Ice
Is this thread worth reading???

Goddamn long it is..

Pook's be a man post is long too, but no one here would dispute the value of that...

 

[Ryan]

COMMERCIAL REAL ESTATE!!!!

Hey there Guys,

I am very interested and motivated in learning about how I could get into Commercial real estate. Does anyone know of any sites on the internet that teach you more about this?

I would prefer Commercial over Residential real estate, as I know many people who invest in the latter and have major headaches when dealing w/ their residential tenants.

Getting into Commercial Real Estate is a serious goal of mine

How and where can I learn about CRE in Ontario???


PLease help me get started!!!

 

[Abnigh9]

Look in your local club, there's always a club for investors whether it's stock or real estate.

Residential real estate works almost the same as commercial but know this, commercial is a much more money-in-risk business.

 

[jwhite17]

Ryan,
I know a little bit about this subject because I have the same dream. I would recommend getting a undergraduate degree first before trying to get into commercial real estate.

Getting into the commercial real estate field can be accomplished in a couple of easy steps:

1) Join a real estate club at your college or university, or any real estate groups in the Ontario area. Look online and in the phone book. Which will help you.......

2) Get to know someone in the field, and the chances getting in are EASIER.

3) If you are an undergraduate student right now, start off with an internship(likely to be UNPAID) at a large commerical brokerage firm(CB Richard Ellis, Jones Lang Lasalle, Cushman and Wakefield, Grubb and Ellis are some of the largest firms in the world!).

4) I listed the LARGEST firms, but there are hundreds more smaller firms. Go open a phone book and find out if you want.

5) The internship will help facilitate getting a job after graduation. Then you will be flipping through all the cash stuffed in your wallet while rolling down the road in your Ferrari.

Sounds too easy? First, I will give you the not-so-good news. The commercial real estate broker job(which I assume is what you want) requires sacrifice in the beginning. You know that no ones start at the top, right?

From talking to different commercial brokers here in the US, I found out the average starting salary working underneath a broker is between $20,000-$24,000(USD for you). Doesn't look that appealing I know. Also, you would have to live off this salary for one to three years until you get a broker's license and enough contacts to start making huge deals. After you become a broker, the green can multiply to infinity. Sweet!

Ready for the good news? The average salary for a commercial broker at Cushman and Wakefield is about $250,000. Not bad, but who makes the most? The top brokers in the US and the world can make millions of dollars. What!!!! Yes, the amount of money you make is determined by YOU.

Here are some good websites to gather information about the commercial real estate biz and real estate in general:
www.creonline.com
www.cushwake.com
www.cbre.com
www.joneslanglasalle.com
www.grubb-ellis.com

I'm not sure how much involvement these firms have in glorious Canada, but I bet each of them at least have one office in Ontario.

Good luck,
JW

 

[Abnigh9]

jwhite17

While all those are good information, they're the wrong answer to his questions.

He wants to know information on INVESTING in REI (commerce), not become a broker for other people.

That is, he wants the deal for himself, not to other people.

 

[Ryan]

Originally posted by Abnigh9
jwhite17

While all those are good information, they're the wrong answer to his questions.

He wants to know information on INVESTING in REI (commerce), not become a broker for other people.

That is, he wants the deal for himself, not to other people.

Exactly. I want to be able to know how to go about, putting a down on a retail building, zoning regulations, building inspection and insurance costs.

I want to start small of course, like buy a small plaza and rent it to a coffee shop, salon....small business etc.

I am daring though hey, like I want to take a loan just for the downpayment. lol

Think: Take a loan of 20 000, put that on a down for a property worth 200 000, sell the property for 500k.

pay off the mortgage (200 000 + interest) and the mortgage loan (20 000 + interest).......280,000 left!!!! (less capital gains of course) but I heard that you could register the property in the Cayman Islands and GET AWAY WITH PAYING CAPITAL GAINS!


I love real estate

 

[Abnigh9]

Yah, you can do anything in RE. Only thing is, are you creative? RE and business are the only kind of work that require your right side of your brain, while 99% requires left. And yes, there is a difference, going to school makes you use your left side 100,000x times more than you do with your right.

 

[Celadus]

Real estate clubs?

Whats a good way to find these? Do they care if I'm a poor college kid?

 

[Abnigh9]

Originally posted by Celadus
Real estate clubs?

Whats a good way to find these? Do they care if I'm a poor college kid?

Nobody cares if you're a poor homeless or as rich as Donald Trump (ok maybe the attention........).

Your local newspaper, the internet, your friends (if you know any are interested). There's many ways. The yellow book. Yahoo (ok I'll be the first to admit, it's helpful, hands down). Etcetc.

 

[Lt dan]

ooh lets talk about money again