As a beginner Real Estate Investor, I’m wondering what to do next?
There are no foreclusure auctions in my county or surrounding counties currently. I’ve mailed to all Notice of Default and Tax Lien guys. I’ve posted signs that I Buy Houses.
What else do I do to find properties? What do REI’s do on a day-to-day basis?
thanks.
Define your market, and know that market inside and out. Know every detail that can relate to REI. A few examples and I’m sure I’ll forget a bunch. CMA’s, Rents, Days On Market, Median Price for area, schools, known hazards, city/county upgrade/zoing plans, etc…
What to do? Depends on what you plan to do. But why not go look at every house for sale, know your competition. See ever listed & FSBO out there.
Then, and this was the hardest part for many (myself included)…Make offers on everything you take you time to look at. If they are worth you time, the are worth an offer.
Good Luck
Hi Chrisj,
Good advice from Dmiller. You may also drive all the neighborhoods and make note of anything that looks distressed. Then check with the assessor’s office and get the mailing addresses of the owners and send them a letter to see if they are interested in selling the property. If they are absentee owners (their mailing address is different from the site address) they may be a good candidate for follow up on a regular basis.
If they indicate even slightly they are interested in selling or maybe thinking about it or their kids want them to sell, any comment that could be construed as a potential interest in selling, find out their needs or wants, be respectful, address concerns, essentially become their friend who has arrived to help them.
Hope this helps! Good luck.
Cate
Real Estate Investor
Job Description
Locate homeowners who are in default on their monthly payments, conduct a market analysis of the property to determine its suitability for our program; submit written offer to homeowner; obtain homeowner’s signature on necessary documents; submit documents to trust company; close escrows.
Detailed Work Activities:
access media advertising services
apply knowledge of contract, property, or insurance laws
make presentations
advise clients or customers
inspect property
write business correspondence
analyze financial data
collect fees
apply advanced business math (accounting, finance, statistics, MIS etc.)
apply principles or theories of financial management
arrange for financing
maintain relationships with clients
schedule real estate closings
understand government real estate sales regulations
apply interpersonal communication techniques
apply sales techniques
arrange for title search
compute financial data
apply knowledge of economic trends
apply knowledge of written communication in sales work
apply real estate terminology
appraise value of real estate
arrange teleconference calls
maintain records, reports, or files
sell real estate property to clients
negotiate real estate sales or rental contracts
obtain information from individuals
use computers to enter, access or retrieve data
Tasks include:
Investigates client’s financial and credit status to determine eligibility for financing.
Appraises client’s unimproved property to determine loan value.
Plans and organizes sales promotion programs and materials, including newspaper advertisements and real estate promotional booklets.
Answers client’s questions regarding work under construction, financing, maintenance, repairs, and appraisals.
Reviews plans and recommends to client construction features, and enumerates options on new home sales.
Displays and explains features of property to client and discusses conditions of sale or terms of lease.
Reviews trade journals and relevant literature and attends staff and association meetings to remain knowledgeable about real estate market.
Searches public records to ascertain that client has clear title to property.
Conducts seminars and training sessions for sales agents to improve sales techniques.
Collects rental deposit.
Contacts utility companies for service hookup to client’s property.
Secures construction financing with own firm or mortgage company.
Inspects condition of premises and arranges for or notifies owner of necessary maintenance.
Prepares real estate contracts, such as closing statements, deeds, leases, and mortgages, and negotiates loans on property.
Interviews prospective tenants and records information to ascertain needs and qualifications.
The following knowledge is required:
Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Although not required for the position, the following knowledge is preferred:
Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Occupation Report
Wage Comparison
Description: Advise clients on financial plans utilizing knowledge of tax and investment strategies and real estate. Duties include assessing clients’ assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives to establish investment strategies.
Wages
Location 2001
10% 25% Median 75% 90%
hourly annual hourly annual hourly annual hourly annual hourly annual
United States $12.77 $26,600 $17.47 $36,300 $27.75 $57,700 $47.66 $99,100 $70.01+ $145,600+
California $15.26 $31,700 $20.21 $42,000 $31.04 $64,600 $50.87 $105,800 $70.01+ $145,600+
Source: Bureau of Labor Statistics, Occupational Employment Statistics Survey; California Employment Development Department, Labor Market Information