Starting out as a RE investor
So you decided to get into real estate investing.Good for you! While at first, real estate investing can seem a bit overwhelming, if you pay attention, you will be paid in rewards and dividends for years.
Where to start? Well lets look at a few basic tatics for a new investor.
Plug into your local real estate investors association. Most medium to large communities have a real estate club where other real estate investors attend regular meetings. These are other investors with the same goals and dreams as you.
People gathered together with like minds create a social atmosphere that motivates new investors to take action. Club members share ideas with other members, discussing what works and what does not work in real estate investing.
Before you spend a dime. Make sure you map out what you want to invest in and what your going to do with it. BE SPECIFIC. What type of property. are you going to hold it for apprecation or are you going to turn it over?
At first you need to decide on what type of property to start with. If your goal is to find distressed houses then focus on those. If you want to deal with the condo market..then thats where you look. Keep in mind when you focus on one area you will become more understanding of what those types of property can be sold for, not to mention how much it cost to get them sale ready.
Ok now comes the fun part. you need to find the people that offer the skills you need to accomplish your plan. Contractors,handy men, sub-contractors etc. Finding the right people to make your team is the hardest part of this game. (I use the same people for the same job on EVERY property I buy)
Lets say you choose a “fixer” for your first project. Be ready to put on your team a contractor, a electrician, heating and AC guy..and of course a plumber. Now a word to the wise. IF you can find one…a GREAT handyman will be able to do all the above metioned and normally at a far cheaper cost.
Working with a investors real estate agent in a dream….but they are a nightmare to find. Interview your agent. Tell them exactly what you want to do. Tell them..”I want to invest in real estate…I want to buy x amount of properties a year”. this means you need to have an agent thats willing to do far more for you then just show you a house or two. A good agent will write offers..LOTS of offers, and show you the selling history for a given area.
Time is always a key factor in real estate investing, so always look to ways to “turn” a property in the least amount of time. A property that remains unsold or not rented is eating up profits every day it in your possession. Learn to cut the losses on properties that fail to meet their profit potential.
Understand your going to make mistakes. We all do. the goal is to see them before they eat in to your profit.
In the end, the investor who runs their business in the most efficient ways will profit, succeed, and grow in real estate investing.
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