hi everyone…new member here…
i’m sure everyone has been asked questions from new investors seeking help/guidance…
but i’m just wondering, what would be 3 concrete steps i can take to really get going?
any feedback would be greatly appreciated…
hi,
heres what i would do:
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put together a 12 month strategy. are you buying and holding or buying and flipping?
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find a competent lender
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find a competent Realtor or bird dog
#1 is the toughest. have a good plan!!!
-h
- have fun
3 concrete steps huh.
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find out what think you want to do?
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find out how and where to start?
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build a bankroll.
stating the obvious…
would you care to go into detail on #2?
EDUCATION is key. tons of free information is on the site . read all you can in the forums and down load the free e-books and audio tapes.
once you have a good basic understanding get out and start doing it .one thing i have found myself guilty of is studying to much , i dont think you could ever know it all , there are so many difrent ways to invest in RE. just start small and low risk , like wholesaleing . continue to learn as you go an take it from there .
dont give up. it may take 100 no’s before you get a yes. its all worth it.
dmharp is giving a great piece of advice. Read, study, learn. Then read some more. Analyze real and hypothetical deals until you can determine in your head whether a deal is good, bad, or mediocre. Then you can put a calculator to the deal and decide whether it’s a go.
Most of the time, when an inexperienced investor posts “Is this a good deal?” type questions on this board, the deals make absolutely no sense. I mean they are horrible deals. The questions asked tell me that the investor is far from ready.
Immerse yourself in thought about REI and always continue learning. The market will change and that may require that you change your strategies. The things I was doing 2 years ago won’t work now because of changes in the market. So I have different strategies now.
IMO, the strongest investor is the one who is not married to a particular strategy. What I mean by that is don’t get hung up with the idea that it is all about cash flow, or appreciation, or long term holds, or quick turns (I hate the term “flip”). These things are all viable when the place and time are right. Just learn about the possibilities and determine what the market will give you and what fits your needs.
If you find yourself thinking about REI when you are mowing the lawn or driving down the road, then I think that success will be there for you, eventually.
thanks for your insight…i am going to familiarize myself with a few basic steps until i feel confident, and branch myself out…and not get “married” to one set strategy…
somebody mentioned finding a competent realtor.
alot of talk on investment sites like this deal with finding a good real estate agent.
first you have to appeal to them. real estate agents can be very picky (i know i’m one of them now). lol
but seriously, when you talk shop with them about real estate, they’re going to probe to see where you stand as an “investor”. if they think you’re all about the late night infomercial, you’ll lose there interest real quick. i guess in the long run, if that’s the case, then you’re better off without them.
this also depends HIGHLY on your local market. creative financing and the like (i believe) is very keen to market conditions and areas. for instance, in my local market - long island - it’s a complete joke. land contracts are very rare and seller notes are very rare unless it’s an investor offering to hold one because the amount of money we’re talking about is A LOT.
i mean in N. Babylon, just this morning. a nice split level ranch (eeewww), built in like 82, with 4 br, 2 ba and an ig pool is listed at $519,000.
your average investment property will run you (minimum) $140k - and that’s very very cheap in this area.
anyhow, my point was…oh yeah - realtors - don’t be mistaken, they’re analyzing YOU just as much as you are analyzing them.