Starting Out As A RE Investor
One of the best ways to get started with building your own personal wealth-building system is by investing in real estate. Becoming a real estate investor is a daunting task, but one that will, if operated efficiently, pay dividends forever.
How do you start? Well lets take a look at a few time tested methods.
First things first, where to find the information? In the last several years the amount of real estate investment groups has exploded. Find a local one and attend a meeting. And dont be afraid to ask the most basic of questions.
RE investors, are for the most part, a great group of people, from all walks of life? The one thing we all share is our passion for what we do. We discuss tactics and ideas about what to invest in as well as where. We share tips on things that have worked...and warnings about things that dont.
Before actually buying any investment properties, beginning real estate investors should begin to put their organizations together by outlining a specific business plan. The plan should go over every step in the purchase of a property, from the marketing strategies on through the sale or leasing of a property.
So know you need to decide on the type of investment property you want to invest in. do you like the idea of duplexes? Single family homes? Small apartments? Remember this, if you start out with one type and become familiar with it, then you will learn exactly what you need to do to make the profit from it. Being a specialist in this manner can lead to faster profits.
Begin to get together a group of contractors and sub-contractors who you can trust to work within your new system and according to your business plans and your budget.
If you will be working with "fixer-upper" houses, line up a plumber and an electrician, as well as heating and air-conditioning experts. Better yet, find a reliable "handyman" who is capable of doing many of the jobs needed in fixing up houses.
Working with an 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.
Are mistakes going to happen? Yes. They happen to every real estate investor...the trick is to learn how to spot them. The longer you hold on to a property the lower your profit.
Be efficient, and resourceful. Keep your eye on your bottom line and you will grow a nice little investment business. - 23208
How do you start? Well lets take a look at a few time tested methods.
First things first, where to find the information? In the last several years the amount of real estate investment groups has exploded. Find a local one and attend a meeting. And dont be afraid to ask the most basic of questions.
RE investors, are for the most part, a great group of people, from all walks of life? The one thing we all share is our passion for what we do. We discuss tactics and ideas about what to invest in as well as where. We share tips on things that have worked...and warnings about things that dont.
Before actually buying any investment properties, beginning real estate investors should begin to put their organizations together by outlining a specific business plan. The plan should go over every step in the purchase of a property, from the marketing strategies on through the sale or leasing of a property.
So know you need to decide on the type of investment property you want to invest in. do you like the idea of duplexes? Single family homes? Small apartments? Remember this, if you start out with one type and become familiar with it, then you will learn exactly what you need to do to make the profit from it. Being a specialist in this manner can lead to faster profits.
Begin to get together a group of contractors and sub-contractors who you can trust to work within your new system and according to your business plans and your budget.
If you will be working with "fixer-upper" houses, line up a plumber and an electrician, as well as heating and air-conditioning experts. Better yet, find a reliable "handyman" who is capable of doing many of the jobs needed in fixing up houses.
Working with an 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.
Are mistakes going to happen? Yes. They happen to every real estate investor...the trick is to learn how to spot them. The longer you hold on to a property the lower your profit.
Be efficient, and resourceful. Keep your eye on your bottom line and you will grow a nice little investment business. - 23208
About the Author:
Doc Schmyz has worked with investors all over the US and Mexico. He built a free free website shares Real estate investing information for all over the US. Find real estate information by state
posted by X - Men @ 8:59 AM
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