Starting Out As A RE Investor
So you have decided to increase your personal wealth, and you lokking at real estate a a means to get there...good for you! some times people get over whelmed by the amount of information that is out there on the subject. Dont let this get to you. if you invest well, you will be rewarded with returns for years.
Where to start? Well lets look at a few basic tatics for a new investor.
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 tatics 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 intrested in? What are you willing to do with it? And what is your exit stratagy 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.
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 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.
Exit Stratagy. How to unload your investment. think about how your going to sell it. are you listing it yourself?? Or useing 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. - 23223
Where to start? Well lets look at a few basic tatics for a new investor.
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 tatics 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 intrested in? What are you willing to do with it? And what is your exit stratagy 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.
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 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.
Exit Stratagy. How to unload your investment. think about how your going to sell it. are you listing it yourself?? Or useing 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. - 23223
About the Author:
Doc Schmyz has worked with investors all over the US. He built a free website shares Real estate investing information for all over the US. Find Real estate investing information by state
posted by X - Men @ 3:47 AM
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