Any home based business success stories out there?

[73-Driver]

If you do a search on Kiyosaki you will find he is pretty much a fraud. He is nothing more than a guy selling books. He is a good writer and is able to get you really pysched about real estate, but when people started looking at what he really has, his background, his questionable military service, they found a lot of questions that he could not answer.

I'm not knocking real-estate, it's something I'm interested in as well, but I wouldn't waste any money on Kiyosaki's books. Do a search and decide for yourselves.

While looking up Kiyosaki I found this guy's web site. He pretty much discredits RDPD page by page. Again, read and decide for yourself.

http://www.johntreed.com/Kiyosaki.html

I'm willing to bet you never picked up one of his books?

 

[MINIME]

You know, Kyosaki might be a scam all you want. For all I know, he's never owned a single piece of realestate in his whole entire life. He might not know the first thing about finding, financing and ultimately running a property.

What I believe he does know, is motivate you to get off your you know what and look for something to do. I'll admit, I read a couple of his books and it did that much for me. He didn't say didly about how to go about it and how to make it easy. He just pointed a few obvious things about human nature and why most of us never really become comfortable in life, no matter what our salaries might be.

Just to be clear, this is not an endorsement of his product, rather pure personal experience.

 

[73-Driver]

What I believe he does know, is motivate you to get off your you know what and look for something to do. I'll admit, I read a couple of his books and it did that much for me. He didn't say didly about how to go about it and how to make it easy. He just pointed a few obvious things about human nature and why most of us never really become comfortable in life, no matter what our salaries might be.

Just to be clear, this is not an endorsement of his product, rather pure personal experience.

You can't just pick up Kiyosaki's books and instantly become a millionare or a real-estate tycoon. It just doesn't work that way. If you pick up one of his books looking for all the answers you're going to be dissapointed. Unlike many other business self-help books this one is well written and motivating. If you look at it as a starting point and not the "bible of financial real-estate know how", you will not be dissapointed.

 

[wms]

I found the difficult part to be getting started. We bought our primary residence a year and a half ago and want to buy some foreclosures to turn over, but at a regional captain's salary we don't qualify because of cash flow. Even though we don't have alot of debt, our house expenses are modest and our credit scores are excellent.

Does anyone have some creative answers for conservative, fairly low-risk financing?

 

[73-Driver]

I found the difficult part to be getting started. We bought our primary residence a year and a half ago and want to buy some foreclosures to turn over, but at a regional captain's salary we don't qualify because of cash flow. Even though we don't have alot of debt, our house expenses are modest and our credit scores are excellent.

Does anyone have some creative answers for conservative, fairly low-risk financing?

Have you thought about finding some investors? Present your business plan to family and friends looking to get a bigger return on money they have invested.

The other alternative which is a little bit more extreme is to move into the property that you are going to fix up and flip. When you sell it, take the profits and re-invest in your next property. This worked for us on our last two homes, but it can be quite trying.

 

[Phaedrus]

Present your business plan to family and friends looking to get a bigger return on money they have invested.

Sounds like a good plan...if you want no peace.

[FONT=Times New Roman,Times,Serif] Going into business with friends or family? Prepare for disaster. If you're naive -- er, I mean optimistic -- enough to think you can make it work, be sure you can handle the business pitfalls that can damage a personal relationship.
[/FONT][FONT=Times New Roman,Times,Serif] Success breeds its own dissent; business with friends or family members gets even more complicated when dividing the spoils. Partners don't always contribute equal capital to the project. Often, one person supplies the idea and another provides the cash -- then the business takes off and becomes worth millions. If stock was divided unequally at the start, 20-20 hindsight makes smaller shareholders realize they should have twice the stake they were given. If the stock was divided equally, that same hindsight makes some shareholders realize they worked harder and deserve more stock. It happens every time.[/FONT]

 

[rudderdog]

I found the difficult part to be getting started. We bought our primary residence a year and a half ago and want to buy some foreclosures to turn over, but at a regional captain's salary we don't qualify because of cash flow. Even though we don't have alot of debt, our house expenses are modest and our credit scores are excellent.

Does anyone have some creative answers for conservative, fairly low-risk financing?

I was furloughed for the second time about 7 months ago. We had a home equity line of credit set up (about 100,000) and used that along with ALL of our savings to buy our first two properties for cash. We paid our bills with the line of credit for several months. Sold the first in September and bought another. We'll be finished with one next week. I think we'll make about $100,000 for the 12 month period on 3 properties. I work on them 3 to 5 days a week, sometimes more, sometimes a lot less. Love being home. Have had 3 or 4 friends want to do the investing and have my wife and I do the work for a 50/50 split. I may do that if I get into a crunch or want more volume, but, I don't need it yet.

Good luck, and pm me if you have any questions.

 

[psysicx]

Is there a way to find a foreclosuer list?

 

[rudderdog]

Is there a way to find a foreclosuer list?

Check out realitor.com and hook up with an agent to help with the buying/contracts. They will send you a list of properties to sell "as is". That's what you want......a real dump.

 

[skiav8tor]

Thats true the average in Socal is between $85-100 sf.

Living in SoCal, I'm here to tell you that you CANNOT build or buy a home in Socal for $85-100/sf...it's much closer to $300-400/sf...!! And more if you live in OC or by the coast in LA County...