I’m looking at getting started in the real estate investment industry. I have little cash but plenty of heart, can someone point me in the right direction?
I currently live in the Hampton Roads, Virginia area and will be relocating to Cleveland, OH in a few months.
Thanks to all in advance.
To get some help your going to have to be more specific on what direction you want to go. You don’t stop for directions at a gas station and say “Point me in the right direction, I’m not sure where I want to go though.”
Start by reading everything you can online and buy a few real estate investing books. That will get you thinking about which area you want to work in. There are several different areas as you can see by the investor resources on the left of this page.
Maybe take a course or two, and position yourself to be able to really help other people.
Good luck and I hope this helps.
Good suggestion Property_Girl…
More specifically, here’s a hyperlink to free books and audios that you’ll find under the Site Navigation of this website.
http://www.reiclub.com/freebies.php
Personally speaking, I wouldn’t come within 10 feet of an Offer to Purchase until I had at least 6 months of learning under my belt…it’s taken me quite a while to formulate some semblance of a plan and I’m not talking “analysis paralysis”.
Without a doubt, there’s a lot to consider.
-Mike
P.S. You’ll really need to also mix it up with successful real estate investors…only then can you get a feel for numbers that will make your deals work.
Allagash is right on the button…when you mix it up with other successful investors you will learn twice as fast. 
Thanks for all the suggestions. Some were more useful than others, but I guess sarcasism is huge on a thread like this.
At least I know those that are willing to be helpful now.
Thanks.
All were being helpful, in their own way. There are many successful investors on this board who will answer questions. The problem is that your question is so vague that it is meaningless. If you want help then start by helping yourself. Read all the free articles on this site. Learn something. Then ask some specific questions.
Little cash but plenty of heart? IMO, this stuff comes much easier if you have some cash, good credit, an analytical mind, persistence, and the guts (heart?) to make decisions and take well-calculated risks. It can be done without cash or good credit, but many deals require both of those.
Good credit allows you to borrow more money on better terms. Cash equals staying power (time) which keeps the credit strong. Decisiveness will get you into deals before they get away. Persistence allows you to look at the 100 deals which are losers, so you can find one winner.
And of course, you must develop the ability to analyze a deal to determine whether it is worth doing. Determine some deal criteria which work for you. Then stick to those criteria. If you spend much time on this board you will see noobies posting “Analyze This Deal For Me”. Then they post numbers which aren’t even close to a workable deal. Typically huge negative cashflows.
Some of the nice patient folks will go through the deal by the numbers and explain why it is a terrible deal. I never respond to those, but if I did my advice would be LEARN THE NUMBERS OF THIS BUSINESS BEFORE YOU DO ANYTHING ELSE. IF YOU DON’T UNDERSTAND THE NUMBERS THEN YOU WILL NOT SUCCEED.
What I would suggest to you is to network and work for an investor in your area. When I first started out, a friend of my family was a real estate investor and I told him that I want to learn the business and I will work for free. I did not care that I wasn’t making any money I just wanted to learn the business.
If you do not know any investors right now that is alright. You should find your local real estate investment association and go there to network with other investors. Do whatever you can to learn from them.
I also agree with Allagash. The last thing you want to do is submit an offer to purchase the property and you forgot or do not know how to protect yourself.
Good luck!
Brandon
davsdn-
I believe I am responsible for the post you called sarcastic. Allow me to inform you that I meant every word of what I said. Since you refuse to clarify your vague statement of “Point me in the right direction.” Your best responses have been to simply learn about real estate. If you need that type of help because you lack the resourcefulness, motivation and initiative, perhaps you should exit this business entirely and immediately.
Had you clarified your statement, here are a few helpful directions you may have received:
-Recommended books pertaining to the subject you were interested in
-Recommended courses to do the same
-Maybe a mentor in Cleveland who was willing to take you under their wing
-Contacts of every person you will need in OH, (Loan Officers, Real Estate Agents, etc.)
-Helpful strategies from others who were once in your position.
Have a good 'un!
Another angle might be to go work for a real estate lender/bank assisting in the underwriting process. You will see all kinds of deals from every product type and see exactly how the borrowers pulled them off. This, in my opinion, is a great opportunity to learn while you are getting paid.
Cap