You can get tons of information from this forum and others, but the best teacher is experience.
You have to get out and take a few steps.
Below you will find a list of activities that will get you up and running.
Be sure you dedicate a specific amount of time each day or week for investing in real estate.
If you get into the habit of looking at properties each and every week, you will find a property.
Learn the market and prices for REI - you will find that local real estate magazines can help with this.
Review and circle classified ads that have the motivated seller phrases such as desperate, VA, and assumable.
Reviewing ads will give you a feel for the marketplace and you will begin to find opportunities.
Drive through local neighborhoods looking for vacant property and property for sale. Be sure to take down address and phone numbers as applies.
Check with an office supply company or the Board of Realtors to acquire a local contract for purchase of real estate.
Invest in business cards and letterhead to let people know you are a serious investor.
You will want to pass out 1,000 business cards per week your first 30 days.
Prepare a contract or an agreement. Check figures and clauses. Be sure you have a couple of ‘out’ clauses such as ‘subject to partners’ approval’.
Submit your offers.
After you have contacted homeowners make an appointment to review the property.
Take a clipboard, notepad, pen, and flashlight before going out to the property.
Evaluate the property and look for the opportunities like:
Could the property be assigned?
Acquire the property through assumption of the financing
Or you could structure limited money down deals.
Call on rental properties and see if they would consider a lease option purchase.
Inform your friends, associates and peers that you are looking for properties, providing an incentive if necessary. “Offer a carrot” “Finders Fee”.
See a real estate lawyer or stop by a title company. Inquire about volume discounts and the general process as well as their fees and services.
Stop by the courthouse and research a property.
Start by researching your own property or a friend’s. The first time or two some clerks will help you in your research or in pointing you in the right direction.
Be present at several foreclosure auctions just to learn the process.
Develop a database of buyers and spread the word among your contacts. You might consider passing out business cards, posting flyers or ads to acquire buyers’ database.
Most of all, keep the commitment to spend a specific amount of time examining real estate, studying strategies and learning more about the industry.
Look at a minimum of 100 properties per month.
Set up a mailing campaign to:
Homeowners facing foreclosure
Homeowners facing legal problems
Homeowners facing law suits
Homeowners behind on property tax
And the list goes on
Drive a new way to work or to the store and look for real estate.
Never let lack of money stop you!
Your mission, if you choose to accept it is too never stop, never give up!