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 does one start with the business of real estate investing? Let's look at plans to get started buying and selling real estate property:
Everywhere you turn these days someone is a member of a Real Estate group. Find where they meet and be willing 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.
Now dont buy anything just yet. You need to map out your "battle plan". What type of real estate are you interested in? What are you willing to do with it? And what is your exit strategy with it?
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.
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.
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.
Find a real estate agent that understands property investors and their needs and is willing to work with you on a continuing basis. An agent gives you access to property information, including the Multiple Listing Service. An agent who understands real estate investing can also find you good deals within your specific market.
Exit Strategy. How to unload your investment. Think about how youre going to sell it. Are you listing it yourself?? Or using the great agent you found. How long will you stick with a price before you lower it? These are things to make sure you have set up in your plan already.
Every beginning real estate investor will make mistakes that cut into potential profits. It is imperative to recognize these mistakes and correct them before they can cripple the business.
In the end, the investor who runs their business in the most efficient ways will profit, succeed, and grow in real estate investing. - 23212
How does one start with the business of real estate investing? Let's look at plans to get started buying and selling real estate property:
Everywhere you turn these days someone is a member of a Real Estate group. Find where they meet and be willing 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.
Now dont buy anything just yet. You need to map out your "battle plan". What type of real estate are you interested in? What are you willing to do with it? And what is your exit strategy with it?
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.
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.
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.
Find a real estate agent that understands property investors and their needs and is willing to work with you on a continuing basis. An agent gives you access to property information, including the Multiple Listing Service. An agent who understands real estate investing can also find you good deals within your specific market.
Exit Strategy. How to unload your investment. Think about how youre going to sell it. Are you listing it yourself?? Or using the great agent you found. How long will you stick with a price before you lower it? These are things to make sure you have set up in your plan already.
Every beginning real estate investor will make mistakes that cut into potential profits. It is imperative to recognize these mistakes and correct them before they can cripple the business.
In the end, the investor who runs their business in the most efficient ways will profit, succeed, and grow in real estate investing. - 23212
About the Author:
Doc Schmyz has worked with investors all over the US and Canada. His free website shares Real estate investing information for all over the US. Find Real estate investing information by state
posted by X - Men @ 4:26 AM
0 Comments
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home