hey there names cory, Im only 20 years old, soon too be 21. I live in the boston area. I found my self very interested in becoming a real estate agent. I have many questions and advice would be great. As far as getting my license ? Starting with little to no money? being successful? And how do i put my self out there and start, I feel all i need is myself right now, instead of a team, and i really want to start this business and continue and strive with it, i have so much interest for it and would love to make good money and enjoy this trade at the same time as a young single man! i just need some routes to take any advice what so ever would be great thanks so much Cory
My best advice: Find a property that is a “Real Deal”, something you can put under contract for between 40% to 60% of true retail value, the lower the better. Once you find such a property you will have a number of options from which to choose: Buy and rent, wholesale, assign, rehab and flip, etc. The problem is, these type of “real deals” are typically very hard to find. They are rarely listed in the MLS and generally not even actively for sale. Some of these properties could be abandoned, minor fire damaged, owned by failing landlords, neglected properties owned by remote owners who are desperate to get rid of them, part of an estate that needs to be settled, or owned by victims of one of the five "D"s (some of which I already have mentioned) Death, Divorce, Disease, Drugs, or Dumb.
If you find a “Real Deal” you should have no problem finding a local investor who will work with you (probably for a fee or % of the profit) to execute a profitable exit strategy.
i follow what you are saying, but what exactly would it be listed as and where, as a real deal, and how do i get started with the project were do i go for funds, and what not im kind of new so im so sorry i hope you dont mind breaking it down a little more please i appreciate the advice so much
There’s only 150 ways to make money in RE, so I always suggest that you do some light investigating on various topics, and narrow down the top 4or5that really seem toINTEREST you, then list pros and cons of each. Keep in ind, at this point, you are NOT trying to learn the ins and outs of EVERY technique. Then as you narrow down those areas that interest you, now you can delve deeply into those areas in regards to your training.
I feel all i need is myself right now, instead of a team,That's a good start right there. No need for anything right now other than deciding on one strategy that fits your mindset and budget for the time being, and go from there. For most n00bs, that means either wholesaling or lease purchasing. The latter is a heck of a lot easier, in my opinion.
hmm yes i agree can you tell me a little more about wholesaling an leasing?
lease options are the easiest way to get started and actually learn RE, in my opinion.
As AJ said, head over to naked-investor for great info on that subject.
Wholesaling is actually similar, as far as controlling a property then selling your rights, if you will, but there isn’t a lease in place, and you are marketing the property to investors rather than prospective tenant/buyers, so it’s often easier to turn a Lease Option.
In my opinion.
thanks you so much Im going to look into all of that right away, an thanks again i hope i can believe in myself enough lol
Wholesaling is a great way to start. You learn the basic fundamentals of real estate such and finding and evaluating deals, marketing and finding buyers, negotiating and closing the deal.
Most beginners spin their wheels and never focus enough on one strategy or market and they are stuck learning instead of doing. Find an expert who can mentor you and partner with them in some way. Learning by doing is the best way to get started.
Thank you so much that sounds good, i like the whole mentor thing i feel that would really guide me an mold me into something i want in the future :biggrin
A mentor is a great idea. Learning by doing is the best way, but you must also educate yourself. The key is to keep it simple. Most beginners try 10 different strategies in 100 different areas and just spin their wheels. They can’t get their arms around what they are trying to do to see any results. So keep it simple by focusing on one strategy at first and target areas then become a master. Once you are a master you can systemize, delegate and duplicate then go for different strategies. I hope this helps.
that really helps alot!! thank you so much, i just hope i can learn and figure out a good strategy
My immediate thought would be to find out who the best real estate agents are in each major city/town would be and offer to work for them for free. The idea is to shadow them and learn their every move. That’s what John Mcgrath, one of the youngest self-made real estate millionaires in Australia, did when he first started out. He actually flew out to US and shadowed one of the top real estate salespeople back then. I think his name is Bob Bohlen (can’t remember exactly).
Photon has a great suggestion. I would like to add that you should pick a strategy to focus on first. If you want to be an agent then shadow an agent. If you want to be an investor doing flips, apartments, mobile homes, wholesaling, etc then find an expert and shadow them. Basically it is like a free bootcamp, if you make any profits then huge extra bonus.
I’ve never heard that exactly! :biggrin :biggrin :biggrin
I love it!!