Tips On Getting Started DOING The Real Estate Business

Sit at your kitchen table, and answer these questions:

1. Decide what you want to do & WHY?

2. Choose a specific Target Market (neighborhood, city, price band/range, type of property - single family residence, 2 to 4 residential income units, etc.) & commit to learning all there is to know about that market just as if YOU were going to live there the rest of your life.

3- Load your GPS®- EXAMPLE:

GOAL - Write a specific Goal

“I want to find one, below market priced property and flip it to someone else and make at least $10,000 or I want to end up with 3 or 10 rental properties free & clear, OR $10,000,000 in ten years, whatever... “

PLAN - Write down a plan that details how you will get to that Goal.

For example:Break down the business into the individual components you think are necessary to reach your goal- acquisitions/finding the deal, capital Improvements/repairing the property, financing/securing loans, exit strategy/taking the profit, assigning/ selling or renting the deal... Then write as much detail as you need under each category to make it clear and real to yourself.

SYSTEMS- Systems RULE! This is where the rubber meets the road. These are the actual Daily Action Steps tied to a timeline that YOU MUST TAKE to give life to your Plan and fulfill your Goal.

For example:
1. Drive by my favorite neighborhood daily from 8AM – 9AM looking for houses:vacant, for sale or for rent.
2. Call at least 5 agents on active listings and interview agents daily from 10AM – 12PM.
3. Drive by and meet one local Banker/Hard Money lender, personally from 1PM - 3 PM.
4. Inspect 1-3 houses For Sale, daily, located within my chosen Target Market (convenient to where you live). Just go, look & ask questions.
5. Walk into 1 local real estate office daily. Ask to speak to the agent in charge of training their NEW licensees. Ask for a referral to one or a few new agents. Talk to them and see if you can find just one willing to provide you with information on the local Multiple Listing Service (MLS). Have them set you up on their Auto Prospecting (a service that will deliver listed properties right to your email several times a day) for things like Price Reductions, BOM (these are listed properties that have fallen out of escrow and are being placed " back on the market," usually more flexible on price). Ask questions about THEIR opinion of what's happening in your local real estate market- connect with REAL folks making their living from those same houses you drive by every day.
6. Mail out 100 solicitation letters or cards daily to absentee owners (property owners that own rental properties) asking if they want to sell their property.
7. Connect on Facebook and other sites for other investors in your local market daily from 5PM to 6PM.
8. Search www.Craigslist.org for properties For Sale locally from 6 to 7pm.