Ok, so, I’m pretty new to REI. I haven’t made any offers, or deals, yet, but I have a pretty good idea of how everything works. But, as the saying goes, “The difference between knowledge and wisdom is experience.” Anyway, I’m taking a real estate principles class, as well as a real estate finance class at my local community college. The textbooks are almost 2 inches thick each, and are full of concrete information. I also bought the RE Practice textbook, which is all about being an agent and/or a broker. I would recommend that anyone new to REI should look and see if there are classes similar to these near them, because it’s a good, solid foundation to start on. Anyway, enough with the introduction.
When you’re buying property, do you usually use an agent? From a lot of articles and posts that I’ve read, I don’t think that agents are used often, but if not, then you have to do the purchase offers and comps yourself, correct? Also, if you don’t use an agent, where do you get the forms you use? I’ve seen some home office software that provides forms, as well as some websites, etc, but I was curious as to what the longtime investors actually use. After years of doing this, I’m pretty sure they’re very familiar with the whole procedure, etc…
Anyway, I’m sure I’ll have a lot more questions, once I get more involved. I’ve been driving around getting information on vacant and abandoned properties, FSBOs and forrents. Reading a lot of books at the library and bookstore, checking articles and posts on this site and similar sites (creonline.com). Thanks for reading, and I look forward to posting a success story sometime soon.
Also, I’m located in the San Fernando Valley, in Los Angeles county. I haven’t joined any local REI clubs yet, but will soon.