How Do I Get Started?

milenka profile photo

Hi, everyone
I would like to invest and make money of real estate. I guest, my first question will be: What is the difference betwee rehab and pre-foreclosure properties? Also while trying to find any possible property that I would like to make a fast sell, what county or city would you sugest(I am Illinois) would be good? As you can easilly gues I do not a lot about this business. I am also trying to fing any good foreclosure, pre-foreclosure, rehab properties to get an idea of prices, areas and ext. I do not whan to invest before get any type orientaion. That is way I am looking for any free sites. If any one knows it please help me out?

Thank you !!! confused

Comments(3)

  • homeinvestor2nd February, 2004

    There's many books you'll have to read throughout this process of obtaining the info you need, but remeber, real estate is real estate is real estate. The best thing to do is start in an area (your hometown) that you're familiar with, within driving distance. Then you have to put your team in place:
    1) Real Estate Agent (optional)
    2) Title Company
    3) Mortgage Broker / Private Lender / Adventure Capitalist
    4) Real Estate Attorney
    5) The courage to seek, and the discipline to accept no as an answer!
    6) Never get emotionally involved in a deal.
    7) Always do your due dilligence!
    I hope that helps.

  • milenka2nd February, 2004

    Thank you !
    That is very helpful.
    I am open for sugestions and advice.

    Thank you

  • telemon2nd February, 2004

    I think your best bet is to read everything you can on this website. There is a plethura of useful information contained within, which should answer most of your questions.

    As you seem very new to REI, I would suggest NOT doing a rehab for your first venture. These are pretty involved and costs can get out of hand quickly. Rather get involved birddogging to make some quick cash.

    [addsig]

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