I have been searching the wonderful site for weeks. I’ve read book after book and I am currently taking an online course on real estate investing. And after doing all of this, I couldn’t tell you one thing that I learned thus far. Well, I did learn that bird dogging is the way to start.
I have been all of over the place and have just realized that as a beginner, I need to focus my learning on one or two aspects of the business and the other information will come as I go along. Going the route I’m going, I’ll never get started.
I am really interested in rehabbing junk properties. And lease options sound very appealing to me.
I am a visual person - more hands on. I need to be out there in the mix. I learn faster that way. I know that it’s not smart to get started with out first acquiring knowledge of the business, but I think once I know the basics, I can go for it. Whatever they are!
Can someone suggest ways for me to get started with learning the basics of rehabbing and lease options. Also, how do I become a bird dog?
I have found two vacant properties and I have the owners names and addresses, etc. But now what? What do I do If I want to put a contract on one, or should I even be thinking about putting a contract on something at this point?
I really appreciate this site so much and the folks that take time out of their busy schedule to help people like me.
Yes, it can be extremely overwhelming…kinda like drinking from a fire hydrant! It is frightening to think that after all of this reading, how little we really know! My suspicion is that you know more than you think you do. You just need to be able to sort things to their own ‘boxes’ and keep them straight.
My recommendation is that you pick something that interests you and then starting with that if within your means. You note an interest in rehabs…do you have the capital and/or credit to buy a junker and “have at it”? Do you have any skills/experience? Are the properties in your home area within your fiscal reach (can you afford one?)? If so, buy one and go for it! This is the area that I work in…I buy properties, fix them up and then hold them to rent.
If you don’t have the capital to do that, build your capital by doing some bird dogging. You can get an introductiuon to bird dogging with Barry Grimes’ e-book (he calls it “Real Estate Jobbing 101”) – it’s free here at this site for signing up. It gives a decent enopugh overview that you can get the crux of it. Really, all you’re doing is finding leads for other investors and getting paid for it.
Hang in there, there’s a lot of info but you’ll get your arms around it…most of it is not rocket science (more common sense than anything else)!
Great points again Keith as long as something makes common sense what other sense does it really need to make most investors over analyze a situation tell it no longer makes sense. Meaning that they talk themselves out of most deals.
Keith: You are absolutely right - I do need to sort things out - which basically means to get organized and focused. This is my goal before I move any further.
I am definately into the idea of bird dogging, but how can that help a beginner as far as learning the business for when you want to step out on your own, if you’re just finding houses for other people.
Are there any good classes in the DC Metropolitan area on real estate investing, besides the online ones, or the cd courses?
<<Just curious, if you don’t mind expounding, what is the real estate situation?>>
In a word: outtacontrol!
We had a property in NoVA…we listed it on a Thursday and by Tuesday, we had 7 full price offers, six with “escalation clauses” and sold for $18K over list.
Pickings are tough largely because the price you can get for rentals is outstipped by what you have to pay for the property.
I think that there might be some room for rehabs in some of the “iffier” areas (in DC, Baltimore, etc.)
Save $$$ and wait for the whirlwind. Purchase a list of everyone who has originated an adjustable rate mortgage this month in the areas and properties you like. Look for those that have an interest rate higher than 7.5% and will adjust in 2 years with a high Prepayment penalty. If you have the cash ready in two years there will be plenty of “good deals”.
I agree with you on that one! There are so many helpful people on this board full of great experiences and knowledge. To be honest I would be lost without this website; these forums are such a huge compliment to all the books and courses offered out there.
Nothing can compare to the knowledge obtained from people like REOconsultants and all the other active folks on this board.
