Local Real Estate Investment Strategies for 2023 - (coming soon)
On Becoming a Real Estate Investor
You will find that many people are not supportive of paying for an education to learn to be a real estate investor. Most will discredit Coaching & Mentoring Programs and play them down as swindles and frauds without understanding the value of education.
Many will tell you that you simply can learn from forums, reading books, buying courses on ebay, joining clubs, and the list goes on. This does indeed provide some help with the knowledge base of the part-time practitioner or hobbyist.
Entering the real estate profession on a full-time basis offers several advantages over a part-time commitment. Being successful requires you to develop knowledge in many
aspects of real estate, and more time focused on real estate leads to greater investment knowledge. The decision to buy rental properties versus diversifying your stock market portfolio is one example where advance knowledge is needed.
One point you should consider is whether you want to be self-employed, and along with that handle a lot of varying duties such as setting up your business, dealing with marketing, managing overhead cost, supplies, tax returns, finding and negotiating deals, acquiring and disposing of properties, managing your time well, and the list goes on. Real estate investing is quite similar to operating any other type of small business.
Starting out you will need to make many sacrifices in both time and money! Education will cost, either in advance or through the "school of hard knocks". You will need to investigate what teacher will reach you deep down inside. You will want a teacher who communicates well with you, who will motivate you, who will drive you to success, and NOT one who makes the business sound easy, or applies the "get rich overnight" type of motivation as this will only take from your finances.
You will face personal sacrifices starting out such as losing recreational weekends, family time will be compromised, hobbies will be limited, and the list goes on. But I will say, that over time with the proper education, real estate investing has great rewards. Including that of allowing you to become totally self-employed.
Starting out you should also:
A. Establish your real estate business
1. Determine what business form to use
2. Develop a business plan
3. Order business cards, letterhead, and any office supplies
B. Set long-term and short-term goals
1. Determine the results you want to achieve
2. Focus on the goal and not the journey
3. Goals must be:
a. Specific and measurable
b. Use action words
c. Believable and achievable
d. Include target completion dates
C. Establish a working relationship with a REALTOR. This relationship:
1. Can help you obtain property comparisons known as comparables or Comps
2. Can help you locate potential deals and save a lot of time
3. Can be mutually beneficial, since you can help provide leads to the REALTOR for
listings and sales
D. Visit government offices and courthouse
1. Obtain property information and valuation at the County Tax Assessor's office
2. Locate deeds and mortgages at the Register of Deeds office
3. Become familiar with researching data, including on the internet
E. Locate and identify legal newspapers
1. Study types of legal proceedings, lawsuits, judgments, etc.
2. Use Trustee's Sales and Sheriff's Sales to find upcoming foreclosure auctions
3. Attend a foreclosure auction
4. Learn processes and terms of the auction
5. Identify what the financial requirements are when purchasing at an auction, which
mortgage holder is foreclosing, what happens if a bid is successful, and what are
the penalties for non-performance
F. Make business contacts
1. Build your power team of: bankers, title companies, attorneys, and accountants
2. Join a real estate investment club in your area
3. Spread the word that you are now a real estate investor
4. Distribute business cards
5. Build a referral network
G. Complete sample contracts and agreements
Familiarize yourself with the necessary real estate forms
The value of education can only be determined by you, but the cost of ignorance only leads to poverty!
LET US TAKE CARE OF EVERYTHING FOR YOU. If you would perfer not to get involved in all of the above, we offer a comprehensive program wherein my firm handles all four redevelopment phases of income-producing (investment) projects: acquisition, rehabilitation, lease-up, and property management.
Regigie Fluker, Cs.D., MBA, CED
Broker, Adviser, Trainer, Investor