Starting out as a RE investor

One of the best ways to get started with building your own personal wealth-building system is by investing in real estate. Becoming a real estate investor is a daunting task, but one that will, if operated efficiently, pay dividends forever.

Where to start? Well lets look at a few basic tatics for a new investor.

Every where you turn these days some one is a member of a Real Estate group. Find where they meet and be willing to ask the most basic of questions.

People gathered together with like minds create a social atmosphere that motivates new investors to take action. Club members share ideas with other members, discussing what works and what does not work in real estate investing.

Now dont buy anything just yet. You need to map out your "battle plan". What type of real estate are you intrested in? What are you willing to do with it? And what is your exit stratagy with it?

In the beginning it is important to decide what types of properties to focus on. If you wish to buy rental properties, then focus on those. If flipping houses is in your plans, then concentrate on those types of properties. This is important because it allows the new investor to become a specialist within that area. Becoming a specialist leads to fewer costly mistakes.

Begin to get together a group of contractors and sub-contractors who you can trust to work within your new system and according to your business plans and your budget.

Lets say you choose a "fixer" for your first project. Be ready to put on your team a contractor, a electrician, heating and AC guy..and of course a plumber. Now a word to the wise. IF you can find one...a GREAT handyman will be able to do all the above metioned and normally at a far cheaper cost.

Working with a investors real estate agent in a dream....but they are a nightmare to find. Interview your agent. Tell them exactly what you want to do. Tell them.."I want to invest in real estate...I want to buy x amount of properties a year". this means you need to have an agent thats willing to do far more for you then just show you a house or two. A good agent will write offers..LOTS of offers, and show you the selling history for a given area.

Time is always a key factor in real estate investing, so always look to ways to "turn" a property in the least amount of time. A property that remains unsold or not rented is eating up profits every day it in your possession. Learn to cut the losses on properties that fail to meet their profit potential.

Understand your going to make mistakes. We all do. the goal is to see them before they eat in to your profit.

In the end, the investor who runs their business in the most efficient ways will profit, succeed, and grow in real estate investing.

About the Author

Doc has been a investor since the early 90's. He started a real estate investing information website. His goal is to help others by giving them the information on real estate services that will help them

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