I am wondering if this is what I have to do to make this investing work...
I got my financing in order, I have a real estate agent, I know where I want to buy "farm area", I know my criteria for what I want to buy, I got my team of contractors i want to work with, now do I just let my agent find a deal and if the numbers look good GO FOR IT?? I have a full time job will I have to hire a property manager to over look things when I am away? I still need quite a bit of education in this area of flipping real estate such as lingo and the process but how do I know if i am ready?? Can some one give me some advice. Thanks
It sounds like you are ready to go, but I have one suggestion. Don't depend on your agent to find you a deal. Find it yourself. If you depend on an agent for deals, you probably won't find any. Most agents have no clue what a deal is.
I agree with Austin, find your own deals. Contact FSBO listings, get on realtytrac and look at PRE-FORECLOSURES if they are not motivated sellers, I don't know who is. Don't expect deals to fall into your lap. Be selective, run the comps and the numbers.
but how do I know if i am ready??
It is called real estate investing not real estate speculation. You don't guess at the numbers or hope something will go up in value. You need to know what makes a good deal.
When you are confident that something is a good deal because you know the risks and understand them, you know the hidden costs and how to calculate them, you know what makes a good deal and how to evaluate one, then move forward.
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