Getting Started As a Real Estate Investor

Getting Started As a Real Estate Investor

Member since 2008 · 1 post · 0 votes

Whether you are new to real estate investing, or you have just reached a "plateau" and need some ideas, these reminders will help "jump-start" your real estate investing career and get you back on track.

Surround yourself with like-minded people
"Creative" real estate is non-traditional, which means that most people don't do it this way. Thus, most people you speak with will tell you it won't work. If you tell them you heard it in a seminar or a course you bought from a late-night television "guru," they will laugh and call you "gullible."

Attorneys and other professionals will denounce it because it sounds unusual. Keep in mind that these people are either threatened by their own lack of success or are looking to protect their own butts.

The first thing you should do is join a local real estate investment club. These associations will help you keep your thoughts in the right place and prove to your subconscious that it really does work.

If you cannot find a group, form a "mastermind" group that meets for breakfast once a week. If you don't know what a mastermind group is, you should read Think and Grow Rich by Napoleon Hill. If you have read it already--read it again, again and again.

Have a team
Don't wait until you have a deal brewing to find the players. You need to find the following players on your team right now:

*Attorney
Preferably one who does real estate deals for himself as well as others.

*Title or Escrow Company
Stay away from the big name companies, and find one that caters to investors. Make sure they understand double closings, land contracts etc.

*Insurance Agent
Find one who understands land contracts, landlords, etc.

*CPA
Find one who is aggressive and owns real estate.

*Contractor
One who will give you free estimates and knows how to "cut corners" in the right places.

*Mortgage Broker
One who is savvy, creative, and experienced with investors.

*Partner
In case you need one for money or experience.

*Mentor
Someone you can call to smooth out the rough spots.

Don't talk to unmotivated sellers
This is the biggest mistake I see beginning investors make. They waste time talking to sellers who are marginally motivated. Even worse, they drive by the house and look for comps without even talking to the seller first! Never visit a house before speaking with the seller over the phone.

I love Ray Como's Mastermind Script Book. It has hundreds of questions designed to extract the seller's motivation over the phone. Heck, the course will save you enough gas money to pay for itself!

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  • Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
    17y

    One post and spamming us already!!! I always wonder if it's really a good idea to take advice from someone who can't even follow some simple forum rules?

  • Real Estate Investor · Bedford, NH · Member since 2008 · 45 posts · 3 votes
    17y

    As someone who is new to the forum, I appreciated this post.

    I haven't gone looking for what makes up a "team". Now I don't have to.

    I am not big into buying books, because I feel like I have not discovered everything that this site has to offer.. Jun, anything specific you picked up or really appreciate from either of those texts?

  • Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    17y

    Jeff, I do recommend some time reading books. Don't know about Ray Como's book mentioned above, but "Think And Grow Rich" is a classic. Not specific to real estate, though. There are many books on RE investing. The quality is mixed, and some of the advice is out of date. But, no matter, it will be worth your while to read three or four general RE investing books, then three or four more on the specific areas of interest. Books will be more complete and more organized than what you can find here, and having a good background will make it easier to follow some of the discussions.

    Be careful, there are many many people out there who would be happy to separate you from $500 or $1000 for a "home study course", $3000 for a "boot camp", or more than that for "mentoring." Those things may be worthwhile for you. But you can easily and cheaply educate yourself by 1) reading a half dozen books on RE investing, and 2) attending your local REIA and talking to people. Then decide which of these expensive options may make sense for you.

  • Real Estate Consultant · Member since 2008 · 792 posts · 30 votes
    17y

    As someone who is new to the forum, I appreciated this post.

    Jeff,

    I don't know what that poster is selling because his affiliate link was removed, but he isn't just "providing advice".

    He is selling without providing any new value.

  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    17y
  • AL · Member since 2008 · 21 posts · 0 votes
    17y

    I also suggest joining a local real estate investors club

  • Real Estate Investor · Minneapolis, MN · Member since 2008 · 22 posts · 0 votes
    17y

    In regards to Think and Grow Rich, it is a must read for any entrepreneur or dreamer type that's willing to work to their dreams! :-) I would read it!

    Also, pick up Master Key To Riches by Napolean Hill, this is by far my most favorite book. Specific to REI nope! Specific on how to kick butt at livin'? Yup!

    Just thought I'd throw that out :-)

    $,

    S

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    17y

    You mentioned the word "dreamer". Does that go along with your photo of the car?

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