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Info for the new Real estate investor
So you have decided to increase your personal wealth, and you lokking at real estate a a means to get there...good for you! some times 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.
Where to start? Well lets look at a few basic tatics for a new investor.
Every where you turn these days some one is a member of a Real Estate group. Find where they meet and be willing to ask the most basic of questions.
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 tatics 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 you spend a dime. Make sure you map out what you want to invest in and what your going to do with it. BE SPECIFIC. What type of property. are you going to hold it for apprecation or are you going to turn it over?
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 familliar 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 good agent. THis is harder then 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 understand that they may sell you more then one house in a years time..and that means repeat business for the agent.
Time is always a key factor in real estate investing, so always look to ways to "turn" a property in the least amount of time. A property that remains unsold or not rented is eating up profits every day it in your possession. Learn to cut the losses on properties that fail to meet their profit potential.
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.
Be resourcefull and pay attention to your bottom line. build a good team and you will have a nice profit at the end of every investment.
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