New To RE Investing?
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.
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.
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?
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 familliar 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.
Find a good agent. THis is harder then you might think. You see most agents dont work well with investors. Why? Investors want the agent to do tons of work the normal buyer doesnt. Offers counter offers...spread sheets to show profits and losses..not to mention all the surrounding research on the sales in the area in the last 6-12 months. A good agent will do this. a good agent understand that they may sell you more then one house in a years time..and that means repeat business for the agent.
Have an exit tatic 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.
Be resourcefull and pay attention to your bottom line. build a good team and you will have a nice profit at the end of every investment. - 23226
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.
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.
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?
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 familliar 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.
Find a good agent. THis is harder then you might think. You see most agents dont work well with investors. Why? Investors want the agent to do tons of work the normal buyer doesnt. Offers counter offers...spread sheets to show profits and losses..not to mention all the surrounding research on the sales in the area in the last 6-12 months. A good agent will do this. a good agent understand that they may sell you more then one house in a years time..and that means repeat business for the agent.
Have an exit tatic 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.
Be resourcefull and pay attention to your bottom line. build a good team and you will have a nice profit at the end of every investment. - 23226
About the Author:
Doc Schmyz has invested all over the US. He built a free free website shares Real estate investing information for all over the US. Find Real estate investing information by state
posted by X - Men @ 2:34 AM
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