Tips For Launching Your Real Estate Investing Career
Attend a seminar on
the subject of real estate investment.
One of the best ways to learn
about real estate investing from well-known experts is to go to a Real Estate
Investing Seminar. Every weekend, several seminars are going on all over the
country. If you live in a big city, finding one won't be hard. If you live in
Billings, Montana, you might have to go out of your way to find one. Now, you
must pay to attend most of the best meetings. Some cost as little as $500 for
three days, while others cost as much as $20,000. I would recommend a few of
them. If so, Merrill is a great speaker you should see. From him, I've learned
a lot. You can look up his business on Google to find it. Also, there are
seminars about Rich Dad and Poor Dad all over the country. I paid $500 to
attend one of their seminars in Billings, Montana, where I learned a lot. There
are also Preston Ely, Larry Goins, and many other speakers. If you read a great
book you liked, you can look up the author online and see if they are giving a
talk or a seminar near you.
One more reason I think you
should go to a seminar is that they get you excited and motivated. I haven't
found anything else that makes you feel like you can do anything. You'll be
full of energy and new information when you return from one of these seminars.
Every time I finish a deal, all I want to do is go out and do another one or
ten.
You will also have several
chances to buy great tools, software, or learning materials for real estate
investing at a fraction of the price. Trust me when all the cheap seminars are
trying to sell you something. But a lot of the time, they are trying to sell
really good things.
Another reason to attend a
seminar is to meet other investors and connect with them. You can meet other
investors with whom you can work on or sell deals. You can also meet people who
will give you deals and so on. You should make a lot of business cards and try
to hand them out. You never know how much money a single business card can
bring in.
Find out how the real
estate market in your area is doing.
Most people who start investing
in real estate do so near their homes. Because of this, I buy and sell houses
in Billings, Montana. You can try something new when you know more. We feel
more comfortable in these places because we know them better and are more
familiar with them. It is also easier to get the information we need about real
estate in our area. Investing in your local market is also less expensive at
first because you don't have to pay for travel; you can see what you're buying,
and it may make you feel better.
First, you must choose where
in town is the best place to spend your money. This depends on the type of real
estate investment you make. I haven't talked about the different ways to invest
in real estate yet, but some are fixing up and selling, finding deals and selling
them to other investors, buying to rent out, and a few others. This is what I
do most of the time when I buy or sell a house. When looking at the market, you
need to see where other investors buy their houses. Most of the best deals will
be in low- to middle-income neighborhoods. I don't mean drug-filled war zones
when I say "low." I mean safe blue-collar neighborhoods with maybe a
few older houses and prices that aren't too high. Now, you can find deals in
neighborhoods with higher prices, but most of them will be in neighborhoods
with low to middle incomes. Ask local real estate agents, other investors, or
appraisers where people buy.
When you talk to investors,
ask them where they like to live, what kind of houses they buy (3 bedrooms, two
bathrooms), and what they do (rehab, rent, wholesale). You shouldn't see other
investors as competition but as people, you can work with.
There are different kinds of
markets, like ones that go up, stay the same, or go down. In markets where
there aren't enough houses or where there's a lot of demand for houses, house
prices go up. Many people are looking for a place to live because there are
more jobs or because the area is very nice. Flat markets do not grow or grow
very little. This means there isn't much demand, so buy just enough to meet
everyone's needs. In a market where prices are going down, there are many more
houses than people to live in. This starts to make house prices go down. This
can happen because a large employer left the area, there was a natural
disaster, or too many homes were built. People used to say, "Buy when the
market is down and sell when it's up." When markets are going down, you
can find many good deals. However, when markets are going up, house prices will
be much higher, and it will be harder to find good deals.
Another key to being
successful is to know your market. The best people to talk to about real estate
in your area are agents and experts. Find out what kind of market you are in by
using them. We are in a pretty stable market in Billings, Montana. Billings,
Montana, hasn't had the same ups and downs as other markets. I have to say that
I have noticed a slight downward trend, but it's not much. When the credit for
first-time home buyers ends, we might see a little drop. Each neighborhood has
its market, so make sure you know yours well. I've seen the same house sell for
different amounts just a mile apart.