You’ve heard investing real estate lucrative. Be started, he seven questions yourself.
1. Is hobby business?
Ask yf wt invest real estate.
- income stream
- build equity house
- sellers buyers speak wh eh day/week/month
- time invest real estate
- fl time job
- retired looking additional income
- Wt time?
If build real estate investing business, treat le business.
Are landlord? determine mh time wt spend collecting rent, maintaining property, mg repairs, answering tenant calls late night, etc.
Or property management company handle tenants maintenance? nd determine hire manage property mh pay them. Typically property management company charge months rent locate tenant charge 8%-10% monthly rent collecting rent answering calls tenant. set aside reserve fund maintenance.
Maybe don’t landlord wholesale property. Tn nd develop buyer’s list buyers cash purchase house. wl sl wk sellers locate properties, contract. tn wholesale buyer sign assignment contract. he follow closing agent me deal funded wholesale buyer deal closes. yr assignment fee oe deal closes.
Here questions yourself.
- landlord
- time real estate investing
- build business me se extra money while
2. Do directly wh sellers?
There my investors real estate investing business don’ prior sales experience. Yes, cl homeowners directly negotiate purchase home, possible. It’s easier wn speaking wh motivated seller. mean seller ry motivated sell, se sell, price tr home jt doesn’t wait cash buyer tt pay retail price.
Are help motivated sellers? hear stories or over? te sellers break heart wl wt help them. se tt help me profit yourself. Jt be willing deed house ds mean gd deal.
Think at situation seller mortgages, judgments, liens property. Yes, wk ts short sale liens removed negotiate lender sr settlement payoff mortgage. decide time effort takes negotiate short sale liens removed. seen investors short sale negotiation process wh lender 2 months 18 months. wait months close deal?
You decide directly wh homeowners handle ts you.
3. Do wk directly wh buyers?
Once house contract, time yr buyer. build buyers list property. Fd buyers live, tn house area. mh easier house buyer tn fd buyer house.
Do te calls fm buyers? cl hours, dinner, wake morning, wn driving work, etc. willing drop doing cl fm buyer?
4. Where money?
This biggest concerns real estate investors, we money.
Yes, buy house wh little yr money. techniques are:
- Buy house subject-to existing mortgage
- He seller carryback financing form note
- Lease/Option house
You ao build relationships wh people money, as
- Private lenders
- Hard Money Lenders
- Mortgage Brokers
The biggest money concern tt nr hear money market business. buy house subject-to existing mortgage. fd house? he continue MARKET, MARKET, MARKET.
Marketing costs money. Tt wt gurus forget tell you. hear at buy house wh money little money down. Wt ty don’t tell tt spend money marketing house, money marketing buyer.
Before started, marketing plan money started.
5. Do chunks cash cash flow?
What reason wt invest real estate? getting chunks cash? Cash Flow? Both?
What wt real estate investing help determine type real estate investing wt into.
If looking chunks cash, couple choices. Consider wholesaling rehabbing (fix flip).
If looking cash flow, consider landlording, selling home wh seller financing, private lender.
6. Where invest?
- It’s easiest start local familiar house values access local experts answer questions.
7. What plan learn at investing?
The successful real estate investors changes industry constantly learning techniques.
One ts fd local mentor, mg money investing yr local market. Ideally sd investing tt id in. wt wholesale properties, local investor wholesaling properties. tm mentor you, ty buy properties fm you.
If id commercial real estate, tn shouldn’t spend yr time wh investor deals single family homes.
Always continue learn Real estate investing. my gurus tt travel country teaching real estate investing. people yr REIA products purchased helped tm business.
First determine niche wt started. Learn eg tt specific niche create income tt niche be nt niche. Don’t distracted “shiny ball” syndrome.
Real Estate investing vy lucrative. create plan, continue educate yourself, continue market sellers buyers.
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