Getting Started
What is the best way to get started in real estate investing?[ Edited by Mize On Date 18/02/2002 ]
What is the best way to get started in real estate investing?[ Edited by Mize On Date 18/02/2002 ]
I would join the nearest real estate club you can find to start off with. I would also take a look at buying a general course to start off with. Just keep asking questions. 8-) [ Edited by joel On Date 18/02/2002 ]
Have you checked into the local libarary?? Some of the courses you can buy can be found in your library.
The library is a good source. Even if you can't find it there, the library can order it for you with the ISBN number. Sometimes I find a good book at the bookstore and copy the ISBN number down to check it out at the library. Of course the book store would have the latest edition.
Mize, after you do some research on getting started in real estate, then just go out and do it! You probably will never feel completely ready or have an "I know it all attitude". Dive right in and reap the results...you will learn a lot along the way from wiser, more experienced people...like some on this site! Best of luck to you, and let us know how you do!
Keep posting your questions on this site. Any stupid question is a question that isn't asked.
I got started by going to the "Guru" seminars in th '80s. Then I became a licensed agent in the early '90s. Realized the RE agent was not the way I wanted to go, moved, met a REAL RE Investor and
became his right hand man. He took me under his wing and taught me the ropes. The rest is history.
[ Edited by jfmlv1950 on Date 02/27/2002 ]
First, decide what you want to do.
A) Landlord
B) Wholesale
C) Rehab (then landlord, wholesale, or retail)
D) Flip (wholesale or retail)
Landlording is when you buy and hold with renters.
Wholesaling is when you gain possession of a property with the intent to sell to investors (buy very low, and sell quickly low).
Rehabbing is when you buy a property that needs work. After the work is done, you can do any of the others with the property.
Flipping is when you buy a property and then sell it as quickly as is possible at your predetermined gain.
Once you have determined which type of investing you wish to do, go to the library to read up on the topic. Use forums like this to ask questions as you learn.
Once you have read up, determine where you would like to begin. Call the city, and tell them you are interested in buying in the city. Ask them for the name of the department that handles inspections, codes, etc. Call this department, and politely inform a person that you wish to purchase a property as an investor. Ask them what you will need to do to comply with all of the rules for informing all agencies.
Look at sales of properties in the area you wish to invest. Get a feel for fair market value.
Check out neighborhoods to get a feel for your comfort in the area.
Determine how you are going to purchase. If you will need lending, talk to lenders to get an idea of your limits. Be honest with them. Find your credit score. I would take them a copy of a recent credit report. If you pull a copy, it doesn't impact your score. If they do, and you aren't currently in the purchase process, it will hurt your score.
If you need work in correcting your score, ask the lender what you can do. Sometimes closing a revolving account or two can help.
You will need cash!!!! Don't think otherwise. If you don't have any, go find a Saturday and/or Sunday part-time job you can work until you have cash. When you begin investing, you will be working your Saturdays and Sundays anyway, so at first give them up as an employee. Do your best so you can earn the most that is possible until you have the needed cash.
Once you have the needed cash. Purchase.
Good Luck!
Russ
I agree that you will need a little bit of cash to do some deals, but don't let anybody stop your creativeness. I have done little money deals and deals where I took cash out. But those are rare. Keep looking for your first house and let us know what kind of deal you have.