Know someone who might be interested in joining BiggerPockets?
Why not invite a friend or import your contacts.
Popular Tags
bulk bulk-reo cash cash-flow cashflow commercial financing florida foreclosure funding hard-money investing investment investor investors loan marketing mentor money multifamily newbie notes private-money real-estate rehab rental reo short-sale wholesale wholesalingStats
224,777 posts in
38,695 topics, across
291 forums.
We have 48,663 registered members and our newest user is skydlimit.
767 users have been online in the past 24 hours, and 242 are online right now.
|
POPULAR LINKS
INVESTOR'S FOCUS
REAL ESTATE TOOLS
FORECLOSURE RESOURCES
LANDLORD CENTER
FIND SPECIALIZED PROPERTIES
LOCAL RESOURCES
Marketplace »
|
Help me understand 
9 posts by 7 users
|
I'm fresh out the womb about Real Estate so I need serious help about this industry. I see alot of people saying you need to know the basics of Real Estate first. Please let me know what are the "Basics" of Real Estate? I need specifics. Help me out please.... |
|||
|
|||
|
spend a lot of time on this site and then come back with specific questions. If you are not willing to work a little, you might as well give up right now. |
|||
|
I'm willing to work as much as I can. I just want to know what are the basics to Real Estate that everyone is acquiring. Do u know what the Basics to Real Estate are Tom C? To my understanding their are no basics to Real Estate. If you don't know then I don't need your criticisim. |
|||
|
If you're asking for a response that give you all the "Basics of Real Estate", then Tom's answer is fair. Do some reading here, and you'll learn a lot. Go to a bookstore or library and pick up a few books on real estate, and you'll get a more organized view, though often less real world experience and fewer hard numbers. I'd hazard a guess that, yes, Tom does know the "basics of real estate". But more specific questions will get more more specific answers. Here's the ultra readers digest version. If you want to fix and flip house, buy them at 70% of ARV, less the costs of repairs. Fix 'em, then sell 'em. Pocket 10-15% of ARV, less taxes. If you want to have rentals, buy them at a price where 50% of the rent, less your P&I payment, will give you $100 in cash flow. Pocket $100 each month. If you want to wholesale, build a buyers list of other investors. Figure out which kind (above) they are. Buy houses cheap enough that you can take a few percent then sell the house to your investors based on the above guidelines. If you want to develop, buy some land. Build some houses on it and sell them for more than it cost you to buy the land and build the houses. |
|||
|
Davin,
1. Wholesaling
If you're going to get into real estate investing you should learn them all or you'll be passing up deals where you otherwise could have made money. Hope this helps! |
|||
|
Thanks for the information. I will learn all of the real estate investing basics and techniques that are involved. |
|||
|
Wow, then you will certainly know more than those of who have been at this for 20+ years. Let's step back a moment, shall we? When someone says you need to learn the basics they are not referring to list of items you check off. When you first posted I almost replied for you to learn the time value of money because all investments involve TMV. The basics of real estate, or any other business, is not something someone can explain in a sentence or two. Heck, I doubt it is something someone could fully explain in a few hundred pages. In fact, you can read any book out there on the subject and from book to book you will find overlap AND wide divergence in the basics of investing in real estate. At a very base level, the basics are buy lower, sell higher, make some profit while holding. But that does not help does it? OF course not. So, let's start at the beginning. Why do you want to invest in real estate? What types of real estate do you find interesting. Now, from that starting point, there are lots of people here who can help you. |
|||
|
That list is a start. But I think there are some things that are more basic. You need to know how to evaluate a deal. You need to know what makes a good deal. And you certainly need to know some of the strategies, that would be Glen's list above. Then you need to know how to apply them and put the whole thing together. |
|||
|
Davin,
Vicky |
|||
Posted: 08/22/2008 at 08:19AM
We've changed how we do Colleague Requests. Simply click the follow link and select the option to add as colleague.