Info For The New Real Estate Investor

Posted on | December 10, 2009 | No Comments

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.

How do you start? Well lets take a look at a few time tested methods.

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.

Most of these clubs are very open with new members or any one interested in investing. So show up and mingle. Most investors love to share war stories or exchange information on purchases they have mad or services they have used.

Before you spend a dime. Make sure you map out what you want to invest in and what youre going to do with it. BE SPECIFIC. What type of property? Are you going to hold it for appreciation 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)

So lets say you choose to do the “fix and flip” game. People to have on your team are a contractor, electrician, plumber, and to be safe a heating/air condition guy. Now if you can find one…and the property isnt getting major work (like say a room addition) you can get away with a good handyman who does all the above.

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.

Have an exit tactic in mind. This is a critical element of investing in real estate. How are you planning on selling this house once it is fixed and ready for market? How much room do you have on price so you sell it and still make a profit?

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.

Doc Schmyz has invested all over the US and Canada. He built a free website shares Real estate investing information for all over the US. Find real estate information by state

categories: real estate,real estate investing,real estate investor,real estate club,real estate news,investing,investor,finance,real estate finance,home,home improvments,home finance,wealth building,personal wealth

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