I’m in joliet, Illinois so if anyone is from the area I’d love to get to know you for a little help.
I know the first piece of advise everyone gives is read the forums, so I have done that. 2nd seems to be join a local club. I’m planning on checking out one or two in January. I’m also taking a couple of weekend classes in RE investing at the local community college in February. But I have a couple of questions now.
What exactly do you mean by “I take control of 2 properties a month” I assume it’s not that you actually buy them with money???
Where is the first and second place to look for private investors? Will they work with someone without a track record?
Do you more experienced readers reccommend dealing with more than one realtor?
You’re right about ‘taking control’ it means putting yourself in a position, i.e., by getting an offer accepted on a contingency basis, or through a lease option arrangement, in order to be in the middle of two different transactions where there is a profit to be made. Different states have different regulations as to what is legal to do and what is not, so just know those for your locale.
Regarding private investors, yahoo groups has a couple of forums where private investors post all the time. You need to contact them yourself and find out what types of ‘partners’ they work with. Assuming you don’t have cash to start with, you’ll have to have something to offer them, i.e. you find the property, you’ll put in some sweat equity, etc., but something to contribute to the deal.
Regarding working with more than one realtor, please see my post under thread ‘Realtor???’ in this forum.
Look in your area and find some ugly houses. If they’re ugly and the people are out of town owners, they are the best… Flip those to a another investor that does rehabs with enough left for them as profit.
Get a little bit of cash built up and get some education…I PERSONALLY wouldn’t waste the money on a course at the local community college. A lot of those people haven’t got the foggiest idea of what it REALLY takes to be successful.
This is going to be like anything else in the world, you talk to 50 different people, and you hear 50 different answers. You need to hitch your wagon to one mentor or philosophy and stick to that. I’ve been listening to different guru’s for the past 5 years and have found one that I think is the best.
Let me know how far Joilet is from Chicago, I know someone who might be able to help you.
Shoot me an email and I may be able set you up with some material from the stuff I’ve accumulated over the years.