Starting out in real estate can be very difficult for beginners. There are a lot of unknowns and comfort barriers that must be overcome not to mention the time it takes. Here are 10 tips to jump start your real estate investing career.
1. Learn - Read every book, article and forum you can. Some boot camps, seminars, webinars, etc are very informative but can be costly. Also become active in online forums.
2. Join REI Clubs and Groups - Join your local REI Club, networking groups and online groups. Network like crazy and make contacts with experienced people who Do.
3. Find a Mentor - Always always always have a mentor and other experts in the area look over your deals. They will help you avoid mistakes and if you found a home run deal, you will build a lot of credibility.
4. Pick a strategy to master - Pick one strategy and master it, do not spread yourself too thin on 5-10 different strategies and never put in the effort it takes to find the first great deal using one strategy.
5. Partner - It is never a bad idea to partner with an expert who has experience. You can avoid costly mistakes and learn a ton which you can utilize in future deals.
6. Build Systems and a Team - Find quality experts, align your goals, build efficient and effective systems and duplicate over and over.
7. Slow Down - Greed often gets the best of people and they go too fast and get in over their head. Pace yourself and do not take unnecessary risks.
8. Build reserves - Always keep some reserves on hand for each deal in case of surprises.
9. Generate Private Money Investors - Buying with cash and quick has so many advantages, Private investors allow you to be extremely creative and fund great deals that conventional financing will not allow.
10. Analyze -Critique-Improve - Look at what you know, your strategy, partners, systems, team, financing and reserves. Analyze, critique and come up with solutions to improve every aspect of your business. Continuous Improvement.
Real Return Real Estate™ for years has bought property at extreme discounts, sells and rents with tremendous cash flow. We also provide FREE tips, articles, guides and Educational Webinars. Visit our site http://www.realreturnrealestate.com for all the helpful resources.
http://www.realreturnrealestate.com
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Showing posts with label flipping house. Show all posts
Showing posts with label flipping house. Show all posts
Thursday, July 8, 2010
Sunday, June 27, 2010
Real Estate Investing Book- Hard Money
Hard money can be a great way to invest in real estate if done properly. In real estate investing hard money lenders can be your best friend. One example of how hard money can work to your advantage for real estate investing is that they look at the value of the deal, not your credit score, or how much you can put down. If you find a house that is worth $200,000 and can purchase it for $130,000 most hard money lenders will loan you up to 70% of what the property is worth. This would leave you $10,000 for repairs, fixing up, or cash in your pocket. You will have to pay points for the loan,usually 1-5, and you can negotiate to defer the points to the end of the loan. A point is one percent of the total loan. So in this example you can borrow $140,000 for a $200,000 house. If your flipping the house for $200,000 you will make $70,000 minus your points, attorney fees, and your rehab costs.
Monday, June 7, 2010
How to Make Money in Real Estate
Can you imagine a time when you could make a profit from $30,000 to $50,000 or even more for just a few hours of your time? You can do this when you learn all there is to know about flipping Real Estate. Real Estate investing is still one of the best ways to make money and you can do this even if you have never been a Real Estate agent. With these easy guidelines to follow you can become another big time Real Estate investor. It is possible to locate a property, buy it and sell it to someone else within minutes of the original purchase even without doing any rehabbing. Sounds impossible, doesn't it. By going to websites you can find all the information you need to get yourself started. Of course you first have to make an offer on the property, keeping in mind your customer and the rehabber. Before doing this you should be aware of the market value of the property and then factor in things such as closing costs, money for repairs and so on.
You can find many of these rehab properties by searching the newspapers and calling on FSBO's, or for sale by owner. Once you make the offer and it is accepted, give them an earnest money deposit then you should contact the title company of your choice to begin the title search etc. It is very important to qualify the buyer before stepping into the above processes. You want to be sure they have the money available and or a line of credit and ask for proof of this.
Flipping homes is a simple way to kick start your career and move into a higher tax bracket. With little or no cash investment to rehab a property, you can easily make a profit. Remember the old adage, buyer beware. This holds true even in Real Estate. Take control of the situation in a professional manner and line up the qualified persons you need to settle and complete the sale. While all this may sound time consuming, if you have all your people lined up properly, all will go smoothly and you can pick up your FAT fee check.
AC Ramos is a Real Estate expert in Houston, Texas with Citiscape Home Buyers. http://www.CitiscapeRealEstate.com
Article Source: http://EzineArticles.com/?expert=AC_Ramos
You can find many of these rehab properties by searching the newspapers and calling on FSBO's, or for sale by owner. Once you make the offer and it is accepted, give them an earnest money deposit then you should contact the title company of your choice to begin the title search etc. It is very important to qualify the buyer before stepping into the above processes. You want to be sure they have the money available and or a line of credit and ask for proof of this.
Flipping homes is a simple way to kick start your career and move into a higher tax bracket. With little or no cash investment to rehab a property, you can easily make a profit. Remember the old adage, buyer beware. This holds true even in Real Estate. Take control of the situation in a professional manner and line up the qualified persons you need to settle and complete the sale. While all this may sound time consuming, if you have all your people lined up properly, all will go smoothly and you can pick up your FAT fee check.
AC Ramos is a Real Estate expert in Houston, Texas with Citiscape Home Buyers. http://www.CitiscapeRealEstate.com
Article Source: http://EzineArticles.com/?expert=AC_Ramos
Thursday, May 27, 2010
What is the most easiest way to get into real estate investing?
What are some ways to begin in real estate investing with little or no money? Can you start in real estate investing with no money?
Best Answer - Chosen by Asker
Join a real estate investing club if there is one in your area. The education is priceless.
Find a wholesaler...these are mostly the guys that have the "I Buy Houses" ads on the street corners and newspapers.
Find a lender who will lend based on Appraised Value rather than on Purchase price. This is not easy to do, but it is possible. You can also work with Hard Money Lenders...steep rates, but often worth it.
My first deal was a house from a wholesaler. It appraised for $51,500 and he was selling it for $26,200. (He got it from a bank for $10,000 I later found out).
I had a hard money lender loan me all the money and then refinanced one week later (which is not easy but can be done) and cashed out at 80%. The hard money lender arranged everything.
In short, I bought a house for $32,000 ($26,200 plus fees and closing costs) with hard money. Refinanced at $42,000. Left closing with approx. $10,000 (42k-32k) and still had almost $10,000 in equity. Not one dime of my own money.
Best Answer - Chosen by Asker
Join a real estate investing club if there is one in your area. The education is priceless.
Find a wholesaler...these are mostly the guys that have the "I Buy Houses" ads on the street corners and newspapers.
Find a lender who will lend based on Appraised Value rather than on Purchase price. This is not easy to do, but it is possible. You can also work with Hard Money Lenders...steep rates, but often worth it.
My first deal was a house from a wholesaler. It appraised for $51,500 and he was selling it for $26,200. (He got it from a bank for $10,000 I later found out).
I had a hard money lender loan me all the money and then refinanced one week later (which is not easy but can be done) and cashed out at 80%. The hard money lender arranged everything.
In short, I bought a house for $32,000 ($26,200 plus fees and closing costs) with hard money. Refinanced at $42,000. Left closing with approx. $10,000 (42k-32k) and still had almost $10,000 in equity. Not one dime of my own money.
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