For those of you that are real estate investors, what are some tips you can give to a beginner.?

Question

Things you know now,that you wish you knew when you began your investing career. Any info would be great.

Answer 1

First of all you have to determine what type of real estate investor you want to be.

#1 Flipping residential properties for profite

#2 Selling retail to other investors (sort of like a finder, but you make the deal with the owner and then without doing any fix-up or repair sell your interest to someone that want to do the fix-up or repair)

#3 Buying mortgage discount notes

#4 Investing in mortgages

#5 Flipping commercial properties for profit

So until you have decided in which real estate investment you want to engage in there is no advice anyone can give you.

What I suggest is go to your nearest book store and purchase books on the various subjects, see which interest you the most, experiment with a few of the ideas in your book and after awhile decide on which one you like the best.

You might decide to do a little of a few, but what ever you do make yourself an expert in one. Don't dabble in 3 or 4 become and expert in one. Make yourself such an expert that you can fall out of bed and know what you are gonna do and how to do it even if you are asleep.

The reason a lot of people fail in the real estate investment field is because they try to become an expert in 5 different things and can't keep up with current trends and continuing education in the field they really want to do, or become an expert in.

What ever you decide to become an expert in, attend any seminars or classes you can in the field you have selected so you can keep abreast of the current trends and techniques.
There is nothing like using old fashion techniques in your business, when they have changed.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

Buy the home you live in asap! There is no better way to begin investing your money than to start buying down your current living expenses ..truly increase your cash flow! You can gain equity, but if nothing else you eliminate your future rent payment. There will be a time that you cant physically work to pay for it anymore. Your home works while you sleep, while you are at work, and when you are older. RENTS WILL NOT GO DOWN.

Start here with a cheap owner occupied loan (FHA/Conventional with small down). Then a few years later buy a rental and let the renters start paying that off for you too! With a cpa to maximize the tax benefits, you keeping the day job making small steady measured steps in investing on the side, and a inexpensive property managment course will keep it manageable for you to do by yourself...You will be surprised how much you can rack up by being patient and not letting the "flip" get you blindsided by the old buy and hold strategy that is the key to long term wealth.
Tanya F. Realtor
www.oregonfirst.com/tanyafeliu

Answer 3

Think a lot, read a lot and start attending your local real estate meets, Also there are many people out there that want to sell you a real estate course, DONT fall for those.....there maybe a couple good ones, rest are SH*T. www.meetup.com find you local investors meetup, go and listen and learn. And last but not the least, RE is not easy, its hard so be prepared for the hardwork, dont lose focus. Goodluck

Answer 4

Go to foreclosure auctions. If you need to have a mortgage get an option ARM. Buddy up with local real estate agents.