Now what.....

General Real Estate Investing
1

Ok I have now joined a REICLUB in NYC. I haven’t yet made a deal on my first propertie, what if any advice can you share with me to forward me in the right direction? :banghead

2

read books/ebooks
post on forums
listen to audiobooks (found on similar sites)
…
and search this forums for other posts similar to the one you asked. i’m not sure why there isn’t a sticky thread about this…

ryan

3

You have to know about the strategies for real estate investing and which one or two you want to focus on to start. By learning what’s out there (wholesale, subj2, rental, rehab, shortsale, lease-option,etc) you can decide what makes sense for you.

4

Like the others said, but I will add few points to learn:

  1. Learn an investment strategy
  2. Learn how to close the deal and negotiate with sellers
  3. Learn to market to find leads. This is not easy, and the key to your success
  4. Learn the selling process (exit strategy) based on your investment strategy

You need to get good at all 4 keys I listed above. You cannot succeed if you don’t become good at them all.

5

Now that you’ve joined your local REIA, find out who the SUCCESSFUL investors are and make friends with them. You will learn a bunch from them if you put forth the effort. However, successful investors are not going to spoon feed you, so read and study first, so that you can carry an intelligent conversation with them.

Good Luck,

Mike

6

:beer Thanks for the solid input fellas.
What part of the RE business do you target mostly, and why is it so profitable for you? Any help from seasoned investors are much appreciated.

7

Once you figure out what your investment objective is, start talking to people who are doing what you want to do, take them to lunch, and have a specific group of questions to ask so that you actually get something out of the lunch.

8
What part of the RE business do you target mostly, and why is it so profitable for you?

I’m in the rental property business. I like it because I can set my own schedule and still live a nice lifestyle. Also, with rentals, you “make money” at least 5 ways:

  1. Cash flow
  2. Equity picked up at closing
  3. Pay down of principal (by the tenants)
  4. Appreciation
  5. Tax benefits (depreciation, etc)

Good Luck,

Mike

9

Thanks Eric & Mike. Are there any websites or links I can be refered too to learn more about property rentals & wholesaling? I think these are the two areas I most interested in, I would actually be favoring wholesaling right now since I don’t have immediate cash flow to these deals.

10

You can learn quite a bit on this forum, try reading back through the pages of posts in each forum. There are literally tens of thousands of posts on this site covering every possible subject, you’ll learn a lot reading through them. Most of it is from real investors that are actually doing deals, not some guru nonsense that doesn’t apply in reality.