Posts

Real Estate Investing Jump Start

JohnMichael profile photo
  • Friday, September 17, 2004 @ 08:00 AM EDT
  • 0 Comments

There are a few simple steps you can duplicate for success:
Establish your real estate business


  • Determine the business set up

  • Develop a business plan

  • Order business cards, letterhead, and any office supplies and equipment


Set long-term and short-term goals; determine the results you want to achieve; focus on the goal and not the journey. Goals must be:


  • Specific and measurable

  • Use action words

  • Believable and achievable

  • Include target completion dates


Set up your letters to property owners and telephone scripts


  • Call 20 motivated sellers per week

  • Research and inspect properties


Visit Courthouse


  • Obtain property information and valuation at the County Tax Assessor’s office

  • Locate deeds and mortgages at the Recorder’s office

  • Become familiar with researching data


Locate and identify legal newspapers


  • Study types of legal proceedings, lawsuits, judgments, etc…

  • Use Trustee’s Sales and Sheriff’s Sales to find upcoming foreclosure auctions
Attend a foreclosure auction


  • Learn process and terms of the auction

  • Identify what the financial requirements are when purchasing at an auction; which mortgage holder is foreclosing; what happens if a bid is successful; and what are the penalties for non-performance


Establish a working relationship with a realtor. This relationship:


  • Can help you obtain property comparisons known as comparables or COMPS

  • Can be mutually beneficial. You can provide leads to the realtor for listings and sales


Make business contacts


  • Build your power team of: bankers, title companies, attorneys and accountants

  • Join real estate investment club in your area


Spread the word that you are now a real estate investor


  • Distribute business cards

  • Build a referral network


Practice completing contracts and agreements


  • Familiarize yourself with the necessary real estate forms


Attend real estate Training classes and seminars often

Attend with a positive, willing to learn attitude



  • Take extensive notes and ask questions

  • For hands-on training, inquire about "Mentor Programs"


Find a coach that will help you with


  • Answers to specific questions

  • Review of your property proposals

  • Writing an offer


SETTING GOALS
Do you have a target or a goal? Taking responsibility for your actions is a vital element in developing self-discipline. There are some common personality traits that might account for the differences between the "haves" and the "have-nots."

The "Haves":

Desire/Drive
Commitment/Dedication
Education
Courage
Optimism
Determination
Discipline
Experience
Perseverance
Organization

The "Have-Nots":

Fear of the Unknown
Procrastination
Lack of Education
Complacency
Poor Self Control
Fear of Success
World of Scarcity
Skepticism
Low Self-Esteem
Hopelessness



Never share your goals with anyone unless you know they not only believe you can achieve these goals, but they also want you to reach them.

Comments(0)

Add Comment

Login To Comment