Can some one explain to me how to get started in the business. I am anxious to learn the pro and con .
Howdy Beginner:
This is really a broad question. Like asking how do I learn to fish. Get a hook and a cane pole and put a worm on it and put it in a lake is the answer but that leaves out tons of vital information that a professionl fisherman would spend a century teaching and learning themselves. It is a never ending process of doing and learning.
A lot of gurus suggest starting by helping other pro investors find deals. This for sure is a low risk and cost method to learn the ropes while at the same time making some money.
You can learn by doing for yourself too. Just buy a duplex and live in one side and rent out the other. You will surely learn how to pick tenants if they are your close neighbors. I wish I had picked tenants this closely in my landlording days.
The best advice I can really give you without knowing your background or goals or your financials is just to find really motivated sellers. Either folks that are losing their home to foreclosure, taxes, divorce, etc and try to help them solve their problems. These folks are motivated and if you can help them and at the same time help yourself you have a win win deal. If you find a deal with substantial equity and can not buy it yourself you can make some money helping another investor buy it and maybe they in turn will teach you how to buy the next deal you find. This kind of networking too is great as one deal may lead to several