Help on Starting REI compnay
I have been trying to get my hands in the cookie jar for real estate that i can afford. I've even tried trying to get my hands on a small businesses that can bring in residual income to put towards invest along with my own income. What can a new young buyer do to get in the game. There are so many things out there 100% percent financing, angel investors, etc. Any information from the wealth of experience on this site will greatly point me in the right direction. i.e. with 5k or 10 or even 25k, what would you do to get your hands in the game? Where would anybody even start?
Most Popular Reply
First, as the poster above said, you need to figure out what you want to do in the real estate business. Read, read, read, read, and then read some more...
Once you figure out what you want to do, put together a business plan. it doesn't have to be elaborate...it could just be a page or two. But lay out your business model, your strategy, you purchase criteria, etc. This will give you a framework by which to execute on your goals.
Then, if your investing is going to require financing, figure that out. Meet with small, local banks, talk to other investors who may be looking to invest/partner, talk to hard money lenders, talk to friends and family who might have cash to invest, etc.
After that, start building the rest of your team: agents, brokers, title companies, contractors, etc. If you are going to need investor buyers (e.g. you plan to wholesale), start building your buyer list.
Then start looking at properties. Spend a couple weeks looking at literally hundreds of properties until you get an idea of the types of houses in your area, the condition, the prices, how quickly things are selling, etc.
Then start making offers!