Do you want to get rich quick?
Are you sick of hearing all the stories about people snapping up real estate, and becoming rich, while you’re laboring away working a job, supporting your family, and struggling through life? Do YOU want a piece of the real estate investment pie? Well, you’re in luck. I’m going to tell you how to get it!
All of us see the programs on television of somebody with their team, rolling up to a dilapidated house that they’ve purchased, and their team comes in; and transforms the house before your eyes, puts up a sign and viola, it’s sold, and they’re banking the money! Maybe you’ve gone to one of the zillions of seminars being offered across the country from some authority that is going to tell you their secret forumula for becoming wealthy through real estate.
Here’s the truth.
NONE of those things, by themselves, is the way to get you to your goal. I’m sorry, but the only way to make money in real estate, or anything else, is to do the work necessary to get it done. No television program, course, book, etc. can impart the knowledge to you, and you know that.
The Truth About Real Estate Investing
Real estate investing takes time, and work. I’m not saying there aren’t good sources for real information that will help you. Finding someone that knows the business, and can help guide you through the process is invaluable.
To me, BiggerPockets is hands down, one of the best sources I’ve ever seen. On BP we have people from every conceivable background, from fast food workers to rocket scientists. We have newbies to extremely seasoned investors, contractors, and developers, all ready to answer any questions, or offer encouragement to fellow investors. Note: I am not paid by BP to write this blog or push this site. However; as an agent/developer/contractor with close to 30 years experience, I still get stumped, or curious about a new niche, process, etc., and I am constantly amazed at the knowledge, and generosity offered on this site. Take advantage of it! Research, read, and post your questions.
There is No Substitute for Getting Out There
However; even with all the information on BP, and other places, there’s no substitute for getting out and learning the business. For instance, get to KNOW your local market, or the market you wish to invest in. There’s a saying “all real estate is local” and it’s true. Local economies, school systems, political policies, building regulations, etc. all play into the local real estate market. Get familiar with it. There are many people that think it’s all numbers, and base everything on that. However; I believe the local market is important to understand in order to decide if you want to put your money in an area.
What is selling in your area? What are the prices? Go to Open Houses and get familiar with what is being offered, what does the price get you (finishes used in the house, etc.) How big is the lot? What school district? Size of homes? Once you know what is selling and prices, you will be better prepared when a home comes on the market, and you want to make an offer.
Financing. How will you finance your purchase? Do you have cash? Equity in other property? Know what you can and can’t do. If you have credit issues, be honest with yourself about that, and look for private lenders. If you get turned down for loans, figure out exactly what you have to do in order to get your house in order to be able to get financing, and start doing it.
Learn the process of purchasing a home. From the offer through closing. Insurance. Title. If you want to do flips, will you be doing the physical work or hiring a contractor? If you are doing them, are you qualified? What are your skills? Do you know the permit process, etc.?
It all boils down to preparation. While you are reading books, blogs, taking courses, etc., get the practical aspects of the business in order.