Four Proven Ways to Jumpstart Your Real Estate Fortune

Several years ago, one of my relatives was struggling to get his start. He was young, ambitious and poor. That Christmas he arrived with gifts wrapped in comics. Turned out his resourcefulness was the big hit that year. It was the only time I can remember us delaying the opening of our presents.

 

Several years ago, one of my relatives was struggling to get his start.  He was young, ambitious and poor.  That Christmas he arrived with  gifts wrapped in comics.  Turned out his resourcefulness was the big hit that year.  It was the only time I can remember us delaying the opening of  our presents.

 

“Wait!  I haven’t  finished reading that package.”

 

Now there’s a new crop of [tag-tec investors]ambitious[/tag-tec] investors who are getting started. Many of them  are sacrificing to scrap together just enough cash to put down on their first properties.  Exactly what are the guidelines for this group?  How can  a real estate future and fortune  begin  with very little?

 

Here’s  priceless  advice from seasoned investors: 

 

1.  Be on the lookout for the motivated seller.

That’s the “don’t wanter”.  The homeowner who has to get out from underneath that mortgage so badly he’ll  practically hand the keys over to you.  People like that do exist and there will be more of them in the future as this new markets [tag-ice seller]mature[/tag-ice].

 

These are the homeowners who are stressed out because of a divorce, job loss, or ARM (adjustable rate mortgage).  They desperately  want to salvage their credit and get a new start themselves.   Take care of their headache and they’ll reward you with a very  good property.

 

2. Don’t do a lot of rehabbing on your first few deals

Concentrate on properties that are distressed because  of the sellers.  Avoid those houses with a lot of  physical problems-for now.   Massive amounts of improvements to properties  can pull  you in over your head fast.  Instead put your efforts into a house which only needs a few cosmetic changes. That will get you started. 

 

Later, as you become more confident you can invest in properties which may  need more work.  Stick with the basics first.  Growth will come.    

 

3.  Know your market

The best buys with terms will generally be from November to February.  Get ready.  Go out and farm.  What that means is drive around  the  neighborhoods you’ve chosen to invest in  until you know them  like the back of your hand. Then as opportunities present themselves you’ll be able to make your offers and get results.  You can  succeed if you’ve done your homework. 

 

4. Find your mentor(s) at your local real estate club

Here’s where you’ll make the contacts.  We can’t emphasize how important this is.  You can meet mentors and seasoned investors who will be more willing to take you under their wings.  There are folks out there with encyclopedic knowledge of the markets.  Connect with  one of two of them and you may have made one of the most important moves of your life. There is plenty of room for new investors who can do a lot for the older ones.  It’s a win-win.     This alone can open big doors for you.  

 

Keep reminding yourself that real estate has been the way more millionaires have made their money in America.  Build a strong foundation and you’ll be set for the excitement of making massive  bank deposits for many years to come.   

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