How do you get started into the real estate buisness?
Love sales but don’t know the first steps into real estate. I know theres alot of scams promising success within a week, but i don’t believe that’s true.
I am a real estate birddog, investor and mentor and I am not a fan of the no money down, make a million dollars in real estate your first month B.S. However you can make a lot of money in real estate if you set yourself up right from the beginning and treat it like a business. My partner and I work with people to first establish their skill level, interests (rehabbing, buying and flipping, landlording, etc) and we also discuss risk tolerance. If you are 36 years old with a mortgage, wife and three children, you have more at stake than a 22 year old who rents a cheap apartment and only has to worry about himself. And different people have different comfort levels when it comes to risking capital or even taking on the responsibility of property.
That being said, I believe the best way to start is to read as many real estate books that you can get your hands on. I usually go to the library and take out books and if I think the book has good info, I will buy it. Also, you can go to ebay and half.com and look for real estate courses at greatly reduced prices. A lot of these have never been opened.
While you are doing that, look for a real estate investor group near you (go to nationalreia.com and click on groups). You can meet other investors and they can give you tips on who has better courses.
To me, if you are working with little money and are not sure of yourself yet, I recommend birddogging houses for other investors. You can learn your local market and also learn what other investors look for (this is called a clue). While you are learning, you should also make sure your credit is good (yeah, I know the no money, no job, no credit line. You dont need them, but it sure makes your life easier if you have them!). Also, line up your money, whether it is a line of credit, bank, mortgage broker and/or hard money lender or private investors.
I have generated $10,000 in a weeks time (with about 6 hours worth of work) tho it took a couple of weeks for the first $3,000 to be paid and about two months until the house closed and the rest came in. So, yes. You can make big and fast money in real estate. But it is better to go in with knowledge because there are sharks in the waters and scammers are out there.
If you want more info, you can email me at barb@nobledeeds.com.
Barbara Grassey
www.therealestatebirddog.com
www.nobledeeds. com
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