Im relatively new to this forum as well as Real estate in general.
As of right now Im just getting myself familiar with the terminologies and articles on REI. Can someone point me to the right direction as to how I can begin my real estate investing career? I was told in order to invest in certain properties one must first have his or her liscense, is this true? Im really eager and excited about venturing off to the unknown and getting as much knowledge and advice I can get?
I plan on starting classes in the fall at REInstuition for my salesperson liscense, any reccomendations as to what I need to do in order to get my foot in the door?
Thanks in advance…
You do not need a RE license to buy real estate. A lot of folks are in the same boat as you wondering where and how to start and have tons of excuses why they have not started. My opinion is just start. Find a seller that does not want their property and make a creative offer where you at least have control to wholesale or flip or buy it and rehab or buy and keep as a rentals.
Thanks tedjr…but what happens if for instant I dont have enough collateral to actually invest in getting a motivated seller, is there a strategy one can use in order to start investing without going through the hassle of spending his or her money, especially since I dont have that kind of money to begin with? How longhave you been in the game tedjr?
Finding fix-up deals that are 30% below market will be all you need. With a little appraisal money and earnest money you can get hard money lenders to loan you almost 100% of the costs to buy and rehab the property. I just did a $400,000 deal and I did not spend a dime of my own money. I did front the appraisal and earnest money of about $2000 but borrowed it back at closing.
I just restarted a few months ago after a few years of being out of the market. You may want to read my success story “We Had To Build This House” to get some insight on me. I do not like to talk about myself very much. I am coming back and stronger and faster than ever. I will not fail this time partly thanks to this web site, The more I help others the more fire I light under myself. Great to have you on board.
Hello Kato, Ted is right. But you could “what if” yourself right out of this business. You need to get your feet wet. Not all your deals will go through, but none will go through if you don’t start. Their is so much experience on the forum. There are millionaires in the making. Ask questions, get answers and take it one step at a time. Crawl, then walk, then run like crazy. Find the deals then find the lender. Try traditional lenders first. Use Hard Money Lenders as a last resort. Myself and many others on this forum have been where you are now. Follow the experience and you will learn and grow. Make a plan, make some goals and make your dreams come true. GOOD LUCK!
I appreciate the valuable insight on this topic.
Ted & Chris thanks a bunch.
As I stated before I am new to this and right Im only taking baby steps, who, where do I go to get my feet wet and start tackling down some of these lucrative investments?
Ted what happens if your trying to get a loan from the bank to make your first deal, but unfortunately have bad credit? Is there a way to receive these bank loans and still make a profitable deal thru investing? Also, I’ve been reading some articles re: single family apartments & multi-family apartments is that the way to go or is it just better to fix-rehab some properties and then sell?
There are so many loan programs out there for people with bad credit I don’t see how some of them CAN’T get loans. Don’t let your credit stop you. Just make sure that the things that got you bad credit in the first place don’t continue to occur. You can expect to pay more for financing with bad credit though. If you can manage your debt wisely, your score will go up over time. Just be patient and do NOT repeat bad mistakes.
Thanks a lot. I was under the impression that with my bad credit it would be nearly impossible for me to take loans & buy some propertie.
I notice you guys have an abundance amount of knowledge and even wisdom from being in the Real estate business. If you dont mind me asking how long have you been in the game?
Hello Kato, I have several years of experience. My grandfather was an investor and my mother was a loan processor. My best advice currently for you is to find an investment club in your area. Learn your market. Find deals and find lenders. To find a club near you, use this website: www.creonline.com/real-estate-clubs/index.html
If I can help you in any way, please feel free to ask.
Thanks for the info chris…I’ll be doing some research tonight on that… Thanks again for taking the time to show me how this done?