subject: Info For The New Real Estate Investor [print this page] So you have decided to increase your personal wealth, and you looking at real estate a means to get there...good for you! Sometimes people get over whelmed by the amount of information that is out there on the subject. Dont let this get to you. If you invest well, you will be rewarded with returns for years.
How do you start? Well lets take a look at a few time tested methods.
Plug into your local real estate investors association. Most medium to large communities have a real estate club where other real estate investors attend regular meetings. These are other investors with the same goals and dreams as you.
RE investors, are for the most part, a great group of people, from all walks of life? The one thing we all share is our passion for what we do. We discuss tactics and ideas about what to invest in as well as where. We share tips on things that have worked...and warnings about things that dont.
Before actually buying any investment properties, beginning real estate investors should begin to put their organizations together by outlining a specific business plan. The plan should go over every step in the purchase of a property, from the marketing strategies on through the sale or leasing of a property.
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.
So lets say you choose to do the "fix and flip" game. People to have on your team are a contractor, electrician, plumber, and to be safe a heating/air condition guy. Now if you can find one...and the property isnt getting major work (like say a room addition) you can get away with a good handyman who does all the above.
Find a real estate agent that understands property investors and their needs and is willing to work with you on a continuing basis. An agent gives you access to property information, including the Multiple Listing Service. An agent who understands real estate investing can also find you good deals within your specific market.
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.
Are mistakes going to happen? Yes. They happen to every real estate investor...the trick is to learn how to spot them. The longer you hold on to a property the lower your profit.
In the end, the investor who runs their business in the most efficient ways will profit, succeed, and grow in real estate investing.
