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Houses Under Fifty
Thousand |
Your Own Real Estate Investing
Course
Ever ordered a real estate investing course
from a late night infomercial? Hopefully you got just what you
needed, but more often, there is a lot of information there that
just doesn't help. The information isn't necessarily incorrect,
but we all are different, and not all ways of making money in
real estate suit each of us.
The good news is that there are hundreds
of variations based on dozens of basically different ways to
make money in real estate. Some of these will work better than
others - for you. Maybe you don't want to option commercial property,
or lease-option mobile homes - and you are less likely to succeed
doing things you have no real interest in. Perhaps it is time
to design your own real estate investing course.
Researching Your Real Estate Investing
Course
You need to discover what kinds of real
estate investing are best suited to your personality. Spend an
afternoon in the local bookstore for this. A good one will have
at least fifty books on fifteen different ways to make money
with real estate. Read, take notes, and see what types of investing
appeal to you. Consider the three following examples:
1. Fixer upper homes. These can
make you a quick profit, and you can also be very creative in
this type of investing. But are you ready for the risk and uncertainty?
I have a friend who has done very well with fixer uppers, but
he always had unexpected surprises on each project. You'll have
a lot of ongoing decision-making in this kind of investing.
2. Rental properties. A safe
way to get started - especially if you do your homework and buy
only when there is immediate cash flow. Of course, being a landlord
isn't much fun, and you may have to wait a long time for the
big pay-off. Do you like dealing with renters?
3. Flipping contracts. Make an
assignable low offer, then find an investor who actually wants
to buy the property, and sell the contract for say $8,000. You
can make money with no cash to start, and it is also great for
those who like in-and-out projects more than ongoing management.
The downside includes a lot of time making rejected offers and
annoying people.
Each type of real estate investing
in the above examples is suited to a investors with different
personalities and resources. You should
try to look at twenty more ways to invest in real estate. This
will give you a better idea of which ways are best for you.
Designing The Course
When you decide on the type or types of
investing that suit you best, start designing your real estate
investment course. On a piece of paper and make three columns,
labeled "books," "people" and "other
resources," and start filling them in.
For example, seek out books that are most
relevant to the type of investing you'll be doing. You can find
these online, at bookstores, or in the library.
The "people" category is for
those can help teach you. This might be investors with experience
in the area you're interested in - find these at a local real
estate club. It could also include real estate agents - browse advertisements to see which
ones sell a lot of the types of properties you'll be looking
at.
"Other resources" is for seminars,
tapes, course, internet real estate investing forums, and anything
else that can be part of your education. You should also make
a list of everything you need to learn - this will be added to
as you learn what you don't know.
Set goals. Set completion dates for reading
the books. Make appointments to go to real estate club meetings
or to meet with real estate agents. Make it all into a real estate
investing course that takes you from here to your first (or next)
investment.
Houses Under
Fifty Thousand | Your Own Real Estate Investing Course |