just starting and looking for re materials of general information THAT WORK and are FUNCTIONAL!
i’m in houston. it is my understanding that some materials don’t work in some cities.
thanks
Howdy Robette 1 :
Get four things and get started:
1 Newpaper
2 Earnest money contracts
3 Pen
4 Checkbook
It would be easier if you have a car but you can walk or get the bus and go look at property for sale. Find a cheap house that needs work and fix it up and resell it. There is nothing else you need. Education is great but too much is worse, My first partner in investing had read several books about investing but had no clue how to buy a house. He had a 37 page contract that no seller would ever even read full of warranties and contigencies. I threw it away and wrote our first offer together on a $20,000 4 plex that needed $20,000 in rehab. The contract was as is where is all cash close in two weeks or sooner depending only on the title report. HJe had been looking and offering and planning for months. I convinced him to do it and we did.
Houston has a lot of potential. Go find a small low income duplex or house for $30,000 or less and fix it up and make a doll house out of it and sell it for $75,000. Once upon a time Bellaire was a great place to do this when I was there in the 70’s You may need to look in another area today. Those same houses are over $250,000.
LOL
Being new at this I would suggest a basic guide to getting you started as a real estate investor.
You should treat real estate investing just like a formal education, start with the basics and work your way towards more advanced education based upon your own wants and desires.
As a new investor you will find tons of information on the internet, on TV, in your public library, at book stores and the list of sources can go on and on, but the best teacher is experience. The reiclub has some of the best-experienced teachers around who provide their knowledge and time free of charge to you!
You have to get out and take a few steps to become a successful real estate investor.
One vary important step is to research your question on reiclub before posting as this will teach you proper research techniques to become a successful investor.
Your next steps will be to dedicate time each day for investing in real estate.
Treat this as a job and your rate of success will grow.
Get a feel for your market, property prices, property sale prices for your market area by talking to realtors, brokers, researching the tax office and by picking up the real estate magazines.
Look for classified ads that have:
Desperate
VA
Assumable
Owner finance
Discounted
Just to name a few. This will give you a feel for the marketplace.
Drive through local neighborhoods focusing on Vacant, FSBO, & for rent properties. Take down the phone numbers and or address of each property.
Check with an office supply company or the Board of Realtors to acquire a local contract for purchase of real estate.
Invest in business cards and letterhead to let people know you are a professional investor.
You will want to pass out 1,000 business cards per week your first 30 days.
Prepare a contract or an agreement. Check figures and clauses. Be sure you have a couple of ‘out’ clauses such as ‘subject to partners’ approval’. Submit your offer to the homeowner and see what happens. The homeowner could ignore the offer, let the deadline expire or counter offer. In the event the homeowner does not respond to your contract put them in a database with a note to contact them again in 30, 60 or 90 days. Things do change over time!
Get accustomed to viewing property and take a clipboard, notepad, pen, and flashlight before going out to the property.
Evaluate the property and look for the opportunities. Could the property be assigned? Could you acquire the property through assumption? Could you structure the deal with limited money or no money down?
Examine your credit profile and increase your available credit.
Search out other investors and or money sources to finance or assign your deals to.
Talk to your banker let him or her know you are beginning to invest in real estate. Ask for timely information regarding interest rate changes, bank properties, areas to invest in the local market and potential investors they might know.
Inform friends, associates and who ever will talk with you that you are looking for properties, providing an incentive if necessary. “Offer a carrot.” A finders fee for locating a deal, investor, or even a homebuyer.
Visit with real estate attorneys and title companies. Inquire about their fees, services and time it will close a deal. Ask about open title closes, assignments and trust purchases and how they handle them.
Go to the courthouse and research a property. It is not a scary place and you might be surprised how friendly it actually is. Start by researching your own property or a friend’s. The first time or two the clerks will help you in your research or in pointing you in the right direction. While you are there also check out the Tax record office. Inquire about the office that handles tax and mortgage information.
Be present at several foreclosure auctions just to learn the process.
Develop a database of buyers and spread the word among your contacts. You might consider passing out business cards, posting flyers or ads to acquire a buyers’ database.
Look at a minimum of 100 properties per month.
Set up a mailing campaign to:
- Other Investors
- Expired Listings
- Homeowners facing foreclosure
- Homeowners facing legal problems
- Homeowners facing law suits
- Homeowners behind on property tax
- Probate announcements
- Engagement announcements
- And the list goes on
Drive a new way to work or to the store and look for real estate.
Never let lack of money stop you!
Your mission is to never stop, never give up!
“Never, Never, Never, Never Give Up!”