i want to know the trick of the trade on real estate?
Sep 30, 2009
in
Wealth Building
courisousgeorge asked:
i have some money saved up and want to invest in real estate. i dont want to bother with the license. i just wanat to start investing. i want to read a book that will teach me some really good ideas on how to build wealth in the real estate business. any really good books. i dont want a get rich quick book. just something that will point me in the right direction
i have some money saved up and want to invest in real estate. i dont want to bother with the license. i just wanat to start investing. i want to read a book that will teach me some really good ideas on how to build wealth in the real estate business. any really good books. i dont want a get rich quick book. just something that will point me in the right direction
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6 comments
zocko on October 1, 2009 at 7:37 am
do you want to buy and rent? Buy, fix and sell? Buy, move in, fix and sell? commercial or residential? Do you plan to do any work yourself?
gregtkt120012002 on October 2, 2009 at 6:08 pm
well you don’t need a license in some states if you buy or sell houses/apartments for yourself and by yourself. It’s ok to help friends/family buy/sell homes aswell as long as they don’t pay you.
Skip on October 4, 2009 at 2:57 am
I almost past your question up. I had thought you wante to become a real estate agent.
This is a good field to become pretty well off over a period of time add become more than well off if you are able to sustain your passion and help people out.
There are several books you can buy at your favorite book store about concerning flipping and foreclosures. You might also check out the same books at the library in most cases. You can also find them on-line.
You might also purchase one of the lae night TV guru’s foreclosure and distressed property programs. These programs will give you legal forms as well as scripts to use on your potential clients. They will also give you the figures in which to work so you may earn a profit.
There a certain things you can do, so as to save some of your cash. Put as little down as possible to control the property.
My method of obtaining my goals are that I keep one out of every three properties for rental. This gives you some tax write off as well as income for later in life.
You should contact your tax advisor or cpa for tax advice.
I have also learned to use a ROTH IRA for retirement. It is a good tool to use and will also save you on taxes in the long run. You can check with your financial advisor or information on these instruments.
You will need to put together a professisonal team to assist you in your new business. They will assist you in finding properties as well as you will also help them in their business.
Look for the following individuals to make friends with, an appraiser, an attorney, a notary, an insurance agent that sells homeowner’s policies, a mortgage banker and most of all get to know by name the vice president of the bank in which you will be banking. These people should pass out your card to individuals that need your serevices and you should pass out their cards of clients that need your services.
You will also need to know how you are gonna market yourself so others will know that you are in the business of buying distressed properties.
#1 You can advertise in the local news paper each week, could be expensive, but might pay off in the long run.
#2. Advertise in those throw away weekly magizines. I understand they are helpful in away.
#3 Select an area to work in exclusively directing all your advertisement into this one area, sending out flyers each and every month thus becoming known in the area as the foreclosure consultant. I find this method to be of the most benefits as I walk and pass out the flyers, thus getting to know those that live there. I also get additional information when I meet someone in the yard, I speak with them, ask for their email address so I can email them a flyer or other material I want them to have.
After about 2-4 months you should be getting about 1-2 houses out of the area plus a number of referrals.
I hope this has been of some use to you, good luck.
“FIGHT ON”
ramman on October 5, 2009 at 5:59 am
Most of the books all say the same things. Most of the books I have read always left me with a feeling that they left out the one “key”.
Better would be to find a real estate investment club in your area, and possibly a mentor.
Also, you may find a Realtor in your area that specializes in investment properties (but some are better than others as far as helping and educating you).
If you need a referral to an agent in your area, I can help.
tianaramal on October 6, 2009 at 4:59 pm
There is tons of info on real estate investing. You first must decide what type of investments you want to do flipping, development or rentals. I work with a few investors and they key is to know your market very well so you can spot a good deal wether it’s a flip, land or a rental property. You should build a strong network of realtors, bankers, attorneys and contactors. You should also know about real estate law, zoning, construction costs,financing and most of all market value and trends in your target area. A book can help you but you really have to take it upon yourself to learn from all these things on your own.
James Kyle Sanders on October 7, 2009 at 12:30 am
If you want an excellent rapid education in real estate, go to. I offer a complete on-line real estate course together with many others. I hope I can be of assistance.
-Kyle Sanders
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