Quick draw

3 Replies

I'm new at this and I've attended a great investor seminar and real estate school, I am certain this is my niche. My question is, I am in a tough situation and wanted to start short sale and Reo investing with no money down, how long is the process to close the property? Do I need a realtor? And is wholesaling. the quickest way to obtain a property in 7 days.

Hi!

I think it would be helpful to drill down into one of those areas. Real estate is a rather broad niche. Read blog posts and listen to podcasts (probably not at the same time) about one of those areas get to know it, learn what's in store for you. 

And throw the idea of getting a property in a week, out the window.

Welcome to BP. No money. No experience. Guru-frenzied hype. The perfect storm!

My first tip: don't set yourself random targets like: "obtain a property in 7 days"!

You'll likely be setting yourself up for disappointment and/or mistakes. 

Real Estate is NOT a "get rich QUICK" scheme. Start with a "SLOW draw". 

Not trying to discourage you at all, but are short sales and REO's the best niche for you?

You can read plenty of prior threads about them. Soak it all in. All the best...

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Yeah you're probably right. My first investment would be my place and I would move forward from there. Riches are fun but my goal is to master the art of a successful career. I just want to pull the trigger and short sales, foreclosures and reo interest me.