Question:
55. How can I guarantee my success in the real estate investing business?
Response:
When I became interested in real estate about 40 years ago, it was not easy to figure out how to get up to speed in real estate investing; those wealthy/successful investors in my community had no interest in helping a newbie like me (I later learned that they really didn't know that much about creative real estate. They just had money, they did their due diligence, they attended foreclose auctions and picked up bargains at the court house steps). Those investors weren't creative, the only skill they had was knowledge of local market values, and the ability to pay cash. What a great formula!
I knew I had to learn about creative real estate techniques, (also known as creative finance or buying property without money or credit) I had to find a way to buy, control and make money in real estate without credit, experience or money. I felt lost and confused about the real estate investing business.
I took every seminar that was advertised, studied real estate books, purchased tapes (they didn't have CD's at that time), calculators, renovation tools, attended auctions, called FSBO's, expired listings and spend thousands of dollars on printing flyers and on postage. I was so desperate to learn and make money in the real estate business that I even became a real estate agent. I thank my wife who put up with this craziness and my passion for the pursuit of real estate profits.
I hope you will not have to go through these same painful activities. I am 64 now and I am humbled and in appreciation of the good fortune I've had in this business. My learning curve was long, but rewarding.
I suggest you look at some of the available courses being sold. Stick with the simple ones; how to find wholesale real estate, how to make offers, creative financing and formulas. Do not get involved with cute formulas and the far out buying techniques. Be a creative real estate generalist.
Find an experience, honest investor in your area. Propose that you will act as a "locater" for him. Develop this person as your mentor; make your mentor an offer; you find bargain properties, help with the due diligence, negotiating offers and perform the necessary leg work. Agree to a fast turn over, take the property to public auction within 3-4 weeks, sell-assign and split the profits. Master this formula and you'll learn fast and build a cash reserve. Make sure you write up a simple agreement that will protect you when it comes time to collect your portion of the profit.
Getting started is not easy, but with personal help and a good system, a newbie can accelerate their learning.
Charles Parrish
Detailed Report: ww.Charles@InvestorsUnited.com Free report in subject line
;)
;)
