What would help you get started in Real Estate Investing
Learning the Ropes
Education comes from doing and knowing some basic fundamental precepts. Especially in the field of real estate investing. As far as doing transactions, closing on houses, all you need to learn you’ll get when you engage your real estate attorney. This is the realm of learning where the gurus fearfully never tread. What you can use to start with is an REI forms site for online viewing and download. You are looking for the forms that are compatible with the State the property is in. You need forms for 3 points of the transaction plus 2-3 more if your exit strategy is to hold onto it as landlord. REI Forms are often bought online and I’ll share where you can save money on that but think of them as inactive until they are approved by an attorney licensed practice in that State. This can be your own estate law attorney, in some places a real estate broker, or the lawyer at the Title Company you will use.
Reading Is Fundamental
I have been working on collecting my favorite books and helpful things I have purchased that are building my real estate entrepreneur business. Everything I add to that I will document by placing it on this page. With so many resources out there to choose from it’s way to easy to get overwhelmed by it. Kinda like the fog of war, you can end up losing your bearings and marching the wrong direction. You may notice that there is no guru program content here but I will include some of the links to lenders I have used as this page develops. I only want to use proven systems and so that is what I will end up putting here. I may create another page to catalog any klunkers I wasted my money on as a precautionary tale in web page format if I see the need to but that’s not for this page. If you think I’ve missed other than books. Only comment on the item and your personal experience with it in the comment lines below each item, please. Reviews of these links that provide aid to me will hopefully create motivation for noobie investors coming up in our ranks. ENJOY!
This Is A Business, Not A Hobby
Even if you are an expert user of some push button method of real estate investing, even if you work it 1 hr a day from the beach, you didn’t get there alone. There are many moving parts to a real estate system that keeps you from doing everything yourself and being a slave to your REI business. Treat it like a business, not some kind of pro-hobby. There will be customer management software, deal analyzers, all forms of business automation or outsourcing which can validly be applied here. You will need to set up a presence online, a corporate site and maybe several dedicated project sites and a blog. This doesn’t have to be an expensive or burdensome tack to set up. I use WordPress to produce all my own web site content and maximize the search engine rating. You will have employees at some point and you need a corporate name with a solid corporate profile establishing credibility and in return for the formal mumbo jumbo and tedium comes the ability to get free advertising in the media, business loans apart from your personal credit and no matter what is your own current credit score and FICO score. You will quickly learn that you need a corporation to buy houses if you want private money investment or just short-term bridge loans. It can save a lot of time and frustrating mistakes to ask for professional help in setting up your creative real estate investing company.
Do I Need A Mentor
For some people having a mentor is the fastest way to learn by doing. I won’t endorse having a guru to learn the mechanics of real estate investing, not when that information is available for free online, along with some peer mentor-ship you can luck into while reading REI forums. Frank Zappa said once that “If you had any balls, you’d go to the library and educate yourselves.” and I couldn’t agree more. The guru problem is not so much the players as it is the game. It relys on a marketing paradigm that some find utterly offensive. That will be another blog post topic for another day. Suffice it to say that it is truly a matter of who you know (and $4000 in a side account to prove you can handle holding costs) not what you know.
Where Do I Find Deals?
Half of finding a real deal is recognizing and then proving it’s a good deal and not a money pit.
Where Do I Find Cash Buyers?
These sections are coming soon to help you find deals, run your own comps, and REI training courses. So keep coming back!