Where to start?

[David Pond]

I am living in Colorado, I am just looking for some guidance to where I should start investing i.e. Whole Sale, Foreclosure, etc. Also should I try and flip a property or just flat out buy one. Any information that could be provided would be greatly appreciated. Thank You

David Pond

[Rick H.]

What seems to be a simple question can't really be answered anymore than someone asking what career they should pursue or what major to take in college.

Fact is, there are so many aspects of real estate, including finance, marketing, management, development, that it's easy to ge overwhelmed by the choices.

I would suggest finding ways to get an overview of the different ways people make their living in the industry and the related services ( escrow, title, appraisals, lender, etc.).

If you like the idea of becoming a real estate entrepreneur, find real estate investment clubs in your area, leave your credit cards at home and get a glimpse of what small-time operators do. Some are landlords with perhaps a handful of rental homes. Other may engage in buy-sell speculation. Still other are hard money lenders, offering capital to rehabbers or longer-term investors.

If you wanted to fly airplanes, you might decide if you like the idea of flying fighter jets or jumbo jets. You'd then have a better sense of whether your training would come from the military or if you'd need to pony up the dough for training yourself.

I don't think the U.S. Military has a real estate training program ( Army Corps of Engineers?) however you might learn some aspect as a runner, gopher or assistant for a real estate investor or appraiser, for example. This might get you exposed to the all-important skillset of valuing property. After all, you don't know what to pay for something if you don't know what it's worth.

I'm currently updating my licenses. This means lots of studying and practice testing for questions that really don't help the licensee do deals or make money. So, if you're thinking of getting a license to list and sell properties or to originate loans, for example, remember that getting a license won't necessarily provide you an income or prepare you to become the next Donald Trump. On the other hand, studying ought to become a big part of your preparation both before and during a career as a real estate investor.