I have read about tax liens, short sales and foreclosures. I don’t want to get rich quick, I am realistic. Which of the above is the easiest for someone who knows nothing about the business.
Please feel free to give me step by step advice. Thanks in advance
LBL,
welcome to reiclub. only you can answer that question. if you have read up on each, you should have a good idea of what is “easiest for you”.
me personally? i think preforeclosure wholesaling would be the best route.
ryan
First i would try to figure out what kind of game is it in your market area. Depending on where you live, the market is all wholesale, short sale, passive, etc… Once you figure that out, i would then look for a local mentor that does what it is you want to learn in your givein area. Make sure you do a little research on them before ever commit to learning. If possible, find a class that is locally as well. No point going out to a big fancy class out of state when they don’t teach you how to invest within your laws and market.
LBL
I think it all depends on what state you’re in and if you have any mentors to help you in any of those areas. I would say tax liens if you don’t have a lot of money to invest. But then again I’m biased because I’m a tax lien investor. The important thing is to just pick one and start doing something. To check out if tax lien investing is a viable option for you in your state, attend a couple of tax sales and see what their like, at the same time you could go to some foreclosure sales and you could also look for a good realtor to work with and look at a few bank owned properties that are on the market. This might give you a good idea of what the market is in your area.
Hope this helps,
Joanne
I know what you are saying, but I think we need to look at things with a new set of eyes. Don’t talk like the herd. Rich people never say they want to wait to get money riches or wealth. There are only 2 ways to get rich. Get rich quick and get rich slow. Getting rich slow is to put $200 every month into your 401k and when you are too old to enjoy it you are rich. Get rich quick is to invest in 10 houses per year each getting $200 cash flow per month capturing $20,000 equity per house and in 5 years you have a $1million worth of real estate and $120k/year in income. Quick is better than slow.
There are so many ways to invest in real estate its ridiculous. There are some investors that send mass offers to banks and institutions with reo listings, there are some that prefer to negotiate with motivated fsbos, there are some the catch tax lien homes or auction homes. Then once you acquire the home there’s a whole other slew of strategies to cash in: assignment, rehab, property management, rent to own, even ebay. And don’t think you need to be limited by your area or state. Right now I’m looking at foreclosed homes in atlanta and I live in ny and have no intention of even looking at these homes. Truly no limit to the ways you can invest.
Like Joanne said, pick a strategy and stick to it. Become very verse at one particular type of investment strategy, become an expert in a particular market. It really doesn’t matter with one. I know a guy who bought a 81 unit apartment building his forst deal. I also second the notion to find a mentor or strong source of knowledge to teach walk you through the first deal. Once that’s done, the fear vanishes real quick and your well on your way to becoming a master investor. And don’t be shy about wanting to get rich quick. That’s why we’re all here.
Right ON BLUEMOON!!! Lets get rich quick… yep I totaly agree!!!
If i was starting out I would Certainly Find a Mentor, The first question i would ask him/her, is what is there net worth, and how financialy Free they are, If they still have a 9-5 or any type of J.O.B. they are selling U something.
that can be hard to find, another thing you might do is talk to other seasoned investors in your area about what they do and how they like it…
But the best advise is: find out what works in your area you are going to do business, wether its, shortsale, rent2own, multi units rents, whole sale, subject 2 flips, double closing private lending, down payments assistance, etc. Choose what works, I know its kind of hard to find out right away, but ask around what people want, what other investors are doing and what type they are doing…
The area does Matter!!! Not all style will work, it can be very discouraging when every thing you do in the Rent 2 own industry doesnt work in your city… I know I have been there!
*The only warning I would give is this: Where ware of people trying to sell you something!!!
There are alot of sharks out there… most successful
investors in there area willl give you advise for free…
I know, I do…
There are also some great E-book cheap too $10-50 …
Ok good luck !!!
Mat, I agree that area matters in that some strategies simply don’t work well in some markets. But it goesnt mean that you need to start in the area you live in if the type of investing you want to do doesn’t work great there. There are dozen of big cities all over the country where investors are thinking of creative ways to cash in on the great market opportunities available right now. You don’t have to be limited to the area you live in. And yes, even beginners can do it.
Back to the original question, LBL pick a method you’d like to learn, imagine your ideal work day, what you’d like to do based on your personality, whether you like to talk to home owners one on one, or sit on the computer and communicate that way, or deal with big corporations, or a team environment, etc. Then you will know the type of investing for you.
There are as many answers to this question as there are people reading this question. I spent the last 6 years as a National Real Estate Mentor training the novice to the expert in the different fields of investing. I have had students with $500 to $5,000,000 and they all wanted the same question. “How do make more money with less effort” The answer was easy, do something different. for the beginner I would have them work the wholesale strategy to gain the cash needed for the other strategies. I would set a plan for each student I mentored and would be glad to forward my action plan I created to help the beginner. I had all my students plan for the future in which they need cash flow, equity and future wealth. I found a way to incorporate Tax Liens into almost all cases. Every year I buy tax liens, tax deeds and properties wholesale. I may not be the richest one out here, but I am very happy with life.
Tommy
You can start also by just browsing different websites that feature information on foreclosures.
a few decent sites are www.lispendenslists.com or www.lispendensbytown.com - I found these on my local mls message board.
there’s also links for information on this site.