I am looking to move into investing and have no idea where to start. I am in the social service field and am eager to make this BIG change in my life. I recently received a NYS real estate license and plan on investing in the NJ, NY and PA area. All help will be :help :smile greatly appreciated.
Start by reading everything on this website. Then, decide which area of real estate investing you are interested in: wholesaling, rehabbing, rentals, etc.
After you choose the area that you will pursue, study until you thoroughly understand that business. Join your local REIA and make friends with a few SUCCESSFUL investors. Go and look at 100 or more houses in your target investment area (inside and out). Keep looking until you KNOW your market.
Then, write a short business plan detailing how you will get from where you are now to where you want to be.
Stacey, another n00b made a similar post about getting started. I’ll repeat to you the advice I replied with to him:
Before spending any money you should narrow your focus and decide just what specific strategy/technique you want to learn to get started as an investor. You can’t be all things to all sellers right out of the box. You’ll end up more confused than ever and remain on the sidelines because of fear.
From personal experience, I’ll say that lease options and options are the beginners best friend. They are easy to understand and use, and safe as can be. Good luck.
Has any one heard anything Good or Bad about the Discovering Foreclosure Profits Mentoring program? They charge 10K for a 3 day in the field training, finding deals using thier GPS system (which you get use of for 1 year), out validaing properties, and making offers. Any feed back would be helpful. Thanks, Josh
The guys saying to specialize are right. I’ve seen too many people get all excited then be overwhelmed with indecision. Saying I want to invest in real estate is about as specific as saying you want to be a doctor. There are a ton of specialties.
understand your strengths and what you can bring to real estate deal. for example, how much cash do you have, how much during the day do you have, what is your tolerance to risk, etc, etc.
don’t buy random stuff that “looks like a good deal”; especially based upon some agent or friends input. Not to sound cocky, but when I write an offer, I know why and how I can make money onthe deal and why I want the property.
If you take nothing else from this post, I offer that you must 1) absolutely understand your market and 2) understand the strengths and pitfalls of your technique.
Here’s my feedback: hold onto your wallet, since that is their primary concern: your wallet! $10K for three days and they toss in some bells and whistles to sweeten the pot. :bs
And if you’re brand new in this biz, you probably have no right starting out with foreclosures. High risk with a lot of potential pitfalls for a n00b.