Hi my name is Terrell
I'm new to investing and need some advice on how to get started. I would love to have a mentor who can point me in the right direction and eventually create a business relationship and do business with. I just became a Realtor in the greater Los Angeles area and been doing a lot of research. It's just the getting started part I need help on. Thanks a million
Hi Terrell, in my opinion i would start investing in multi family units instead of single family. Due to the extra income the other units can potentially bring in each month. Oppose to a single family dewling draining your profit margin.
1. Go to your local REIA and talk to some investor.
2. Offer to be their KEY and Tag along on their home previews,
3. Help them with free CMAs, or searches on MLS
4. Put in any offer, even if you know it won't be accepted, it will get you used to your systems, and learn negotiating skills for the real deal! The thing is the investors are also thinking it's a long shot if low balling. So just use any opportunity to practice real estate
5. Search MLS for VACANT or CALL first and preview homes, see well staged home, and see TLC homes. Test your rehab/renov detection skill (bring seller disclosure)
6. Be friend a contractor, pay him to go through a Foreclosure, learn the cost of renov in your area.
Working with Investors is also a good way to get to know the MLS system to search. They may not buy, you may not earn a cent from them, but you get experience and can learn the tools of your trade. It will take you, say ,1 hour to do your first offer, search etc. and once you have the template, next time you need to put an offer in, it will take you mins ;p
Go to any training your broker have you do to polish your realtor side.
For me it's all about collective learning.
When you meet buyer/seller whether investor or retail, ASK
1. WHERE DO YOU LIVE NOW?
2. HOW IS YOUR MARKET?
3. HOW IS YOUR SCHOOL?
4. WHY ARE YOU SELLING/BUYING?
5. WHY DID YOU CHOSE THIS (new) AREA?
6. OH, YOU ARE A LANDLORD TOO? WHAT IS RENT? WHAT IS YOUR TENANT POPULATION!
Hope that helps
Welcome to BP @Terrell Hurston
This is a great place to grow your network and learn from people that have all done it before. No sense in recreating the wheel. You have an uphill battle to climb starting out in SoCal, but it can be done. Many investors in your area actually team up and invest in other markets throughout the country where the returns are so much better. I would second the suggestion you attend some local REIA meetings to network there and see what everyone else in your area is suggesting and doing.
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