Join A Local Real Estate Investment Group

Category: Finance, Real Estate.

Are you like me and have both watched and wondered about those real estate infomercials that are on television late at night? . No money down and get a house?

You know the ones I am talking about. Get cash back at closing? Because of my financial situation, (or more for fear of what my wife would say) , I never bought any of those courses. Spend 15 minutes a week, make$ 150, 000 a year? But I can tell you I have spend the amount that those tv ad programs cost and more on books. I will give some credit for trying.

And while I will tell you that books on different aspects of real estate investing have broadened my horizons, no one book ever put it all together for me. They painted a picture of what should be done( buy off of motivated sellers, people that need to sell, but at a substantial discount as compared to the retail price of a home) but all of them left out the part on" how" to perform such a feat. Taking vacations when I want, work when I want. If you are just starting out in real estate and have cable, you can t help having watched those" Flip this house" , "Curb Appeal" , and many other tv shows thinking, "Wow, even if I am just half as good as those folks, I am going to make a killing in real estate. " Then you start thinking, "You know I am vaguely familiar with what a hammer looks like, so why don t I just quit my job and 6 months down the road, I will be rich. In fact I am going to tell my boss today to take this job. " Well, you know the rest, because we have all had those thoughts at one time or another. And sitting here a year later, people look at me like I am some kind of" wunderkind" of sorts.

At the end of the day, I wish it were as simple as they make it seem. The things that seemed daunting to me when I began to invest are merely an afterthought at this point in time. My monthly marketing budget is more than some people make. Funny, how 25 homes will do that do you. To be sure, it wasn t always that way. To be clear, I am not here to toot my own horn. Looking back over the last 15 months, I want to impart to others who either are in the same situation that I was or just want or need to a change how they are going about the business of real estate investing to become even more successful than I have been.

I was making good money at the job I had. I missed important family functions both scheduled and unscheduled. But I was on the road 50 weeks a year to get it done. No matter what amount of money you make, you want a, at some point different way of life. But I would like to have some people after they have finished reading this article say, "Yea, I get it. I knew I did.

I understand what he was talking about. I am going to be a real estate investor starting. This time is different. NOW! " We all have the opportunity to be a real estate investor. After all, the largest expenditure most people make is a home. But fear usually comes into play at some point for all of us when it comes to real estate investing.

Making a mistake there can seem catastrophic. Well, she comes from a family that by and large needs the security of a regular paycheck coming in, a structured retirement program( she is going to start getting$ 150 a month next year on her program) and believes that health insurance needs to be partially funded by an employer. Remember that same fearful wife who I took into consideration when contemplating buying some of those tv real estate programs? In her nicest of ways, she would tell me all of those benefits were too much to give up on to do real estate investing. And those type of deals aren t a once in a lifetime experience. (Nor are they weekly either! ) So where do you start if you want to be a real estate investor? This is kind of amusing to me because in one deal the profit I made was over 75% of what I earn from my job. Be clear about the" why" .

I don t have a problem with that. I have had several folks having seen my success want to jump on and learn. There is enough business for everyone. They are quick buck specialists. But the question they have to answer before I take them on is: "Why real estate? " For some real estate investors were the stock day traders of a few years back. I am not saying you can t make money quickly here. But you also earn your money as well.

You can. So figure out for yourself why you want to do real estate. What are your financial goals? The answer may surprise you. People by and large get in this business to make money. But what type of money do you need currently? I know that.

If you don t have any cash, creating wealth isn t as important to you. You can re- evaluate it then. Determine where you are currently and where you want to be in six months. How are you going to make money in this business? This can be a moving target over time. The above two answers will greatly drive this. But I would recommend sticking to a certain model until you get comfortable.

If you are interested in additional cash flow, acquiring property might be a way for you to go. If you need cash, then flipping or bird- dogging might be for you. Analyze this fully. Find a partner if necessary to help you through the first few deals. Do you have the temperament and the expertise to be a landlord( and yes if you have managed these for any period of time, there is an expertise to it) Review your SWOT( Strength, Opportunities, Weaknesses, Threats) for your approach to the business. Get educated always.

Join a local real estate investment group. The laws are constantly changing. When you have all that done. While a lot of days will be good, you will need to remind yourself WHY you are doing this business on some days. Write it down on paper and put it into a place you will see it. That s a good start. But if you get the above done, I have found that you are way ahead of the competition.

Obviously, there is much more to the business than that.

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