Subscribe Feed (RSS)So you decided to get into real estate investing. Good for you! While at first, real estate investing can seem a bit overwhelming, if you pay attention, you will be paid in rewards and dividends for years.
How does one start with the business of real estate investing? Let’s look at plans to get started buying and selling real estate property:
Everywhere you turn these days someone is a member of a Real Estate group. Find where they meet and be willing to ask the most basic of questions.
People gathered together with like minds create a social atmosphere that motivates new investors to take action. Club members share ideas with other members, discussing what works and what does not work in real estate investing.
Now dont buy anything just yet. You need to map out your “battle plan”. What type of real estate are you interested in? What are you willing to do with it? And what is your exit strategy with it?
So know you need to decide on the type of investment property you want to invest in. do you like the idea of duplexes? Single family homes? Small apartments? Remember this, if you start out with one type and become familiar with it, then you will learn exactly what you need to do to make the profit from it. Being a specialist in this manner can lead to faster profits.
Begin to get together a group of contractors and sub-contractors who you can trust to work within your new system and according to your business plans and your budget.
Lets say you choose a “fixer” for your first project. Be ready to put on your team a contractor, an electrician, heating and AC guy…and of course a plumber. Now a word to the wise. IF you can find one…a GREAT handyman will be able to do all the above mentioned and normally at a far cheaper cost.
Find a good agent. This is harder than you might think. You see most agents dont work well with investors. Why? Investors want the agent to do tons of work the normal buyer doesnt. Offers counter offers…spread sheets to show profits and losses…not to mention all the surrounding research on the sales in the area in the last 6-12 months. A good agent will do this. A good agent understands that they may sell you more than one house in a years time…and that means repeat business for the agent.
Exit Strategy. How to unload your investment. Think about how youre going to sell it. Are you listing it yourself?? Or using the great agent you found. How long will you stick with a price before you lower it? These are things to make sure you have set up in your plan already.
Every beginning real estate investor will make mistakes that cut into potential profits. It is imperative to recognize these mistakes and correct them before they can cripple the business.
In the end, the investor who runs their business in the most efficient ways will profit, succeed, and grow in real estate investing.
Doc Schmyz has worked with investors all over the US. He owns a free website that shares Real estate investing information for all over the US. Find real estate information by state
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