Questions and Answers
I think it would be interesting to see the demographics of people that are into real estate investing. I have always had in interest in real estate but I've never really took the opporunity to delve deeper. My primary interest is to become an investor but I do believe it would be to my benefit to optain a real estate license.
What are some really good websites/books that offer information about real estate investing? I what are some good tools to use when you are searching market criteria? Like…the crime rate, schools, employment patterns, demographics, etc?
I use city data alot but I need more resources.
Median home prices in the market im looking to invest range from 150k to 170k.
What is a good startup 500k to 700k?
Whats wrong with you people? Do I have a sign that says "sucker"? I dont plan to purchase on credit…just liquid assets…
No, it's just the opposite. I got out of real estate to become an investor because if you're an agent you must disclose that you are an agent each and every time you buy property and then you are scrutinized to make sure you're doing nothing illegal by the Division of Real Estate in your state wher eyou hold your license.
However a course in real estate (actually two, the pre-salesman and post course) taken at your junior college would be beneficial to you, and in the meantime you can search your library for what books interest you on investing before you go to buy your own on Amazon.com.
To begin investing you have to have your own start-up money of course, and you get that by working for years and years on other jobs before you get into real estate investing.
I do not want some get rich quick (no money down themed) book.
I do not want a book on flipping houses.
I do not want a book written for people with a million dollars to play with.
I am looking for a book that will talk about what the realistic opportunities for a few individuals (my brother, my uncle and I) with about $100,000 each to invest on cash flow producing properties (4+units) Any section/s on forming an LLC, or REIT would bet great too. Thanks for any help.
There are many such books for many different levels of investors. You might check with your local book store, browse through the section on real estate investing. You should purchase several of the books on the various methods of investing, that include pre-foreclosures, distress sales, no money down deals.
Most real estate investing is done for leverage, tax advantages and a few other things, using as few of your investing dollars as possible to get the property under your control for a certain length of time in order to rehab the property, or wholesale the property for a profit.
You should learn as many possible methods of purchasing and resale of properties and not rely on one as the method might not work for a certain situation, whereas another might work, therefore learn as many as possible. Don't leave out a certain procedure or method.
Getting one of the TV guru programs might help as they have forms, contracts and scripts to use in speaking with the various homeowners, real estate agents, terminology and other things that you might find useful. The investment in their course is not that expensive, most are less than $50.00. Even though there are certain things you might not like you don't have to reinvent the wheel
You should consider joining your local real estate investment group. There might be several in your area. Google real estate investment club or groups followed by the city and state in which you reside. Networking with these investors will make you acquainted with the local customs and methods of doing thing in your area.
Learn as much as you can so as you are able to make intelligent decisions and not lose your shirt, pants and underwear on your first attempt
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Keep your mind open, treat your potential sellers (Clients) with respect. You would also want to build a network of professionals to work with you to be successful. Chose these people carefully as they can make or break you. There might be times when you would want to add or eliminate one or more of them.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
I am working thinking about going into the real estate business. What are the requirements and procedures, etc?
I am thinking about become real estate agent. Does that helps with my question.
According to Investing Without Losing, a book on real estate investments — there are two main ways to go through real estate. As a real estate agent (sell for people) or as an investor.
Real estate agents go through usually 1-2 weeks of school, sign up for a board exam, and then pass it. To have an active license they would need to be hired by a broker. The continuing education classes, etc. Then find contacts, then try to sell properties for someone. The schooling, application process and your association fees plus background checks by the state — the startup cost usually are within $2-$4,000.
Investors are a bit different. Usually they fix their credit, apply certain strategies like flipping or bidding on real estate tax auctions, and start making money but they sell what they own instead of going through a real estate license. According to Investing Without Losing, 9 out of 10 millionaires are real estate investors.
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Books On Real Estate Investing
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