I’m also a beginner investor and I want to share with you information that I found very helpful in how to books, here is a few names; MAKING BIG MONEY INVESTING IN REALESTATE WITHOUT TENANTS, BANKS, OR REHAB PROJECTS; BY Peter Conti & David Finkel, also HOW TO FIND HIDDEN REALESTATE BARGAINS; BY Robert Irwin, I hope this will help assist you,also you should locate an investment club in your region to help in learning more and you will be able to contact other investors whom may help you. Good luck
My name is Sarah, and I’m ready to dive into real estate investing! In the Greater Cleveland (Ohio) Area, the real estate market is ripe for the picking.
I’ve done my research, and have a general grasp on the creative financing I would need to purchase my first investment. I’ve also done the field work, and have several good deals on my desk.
Now, I find myself at a standstill. Here is my question to you successful investors…How do I begin? How do I “make an offer?” What paperwork belongs in which steps of the purchase? What happens when I meet the seller, and they say, “Make me an offer?” How do I offer creative financing, such as seller-financing, or a promissory note in lieu of cash?
Sorry if these are broad questions, I simply find myself very motivated with very little sense of direction. Real estate investing seems like one of those “its so easy, its hard” problems.
Sara, I am a real estate broker in PA. I would suggest you interview a couple of agents in your area who offer buyer agency. Ask friends for (agent) referrals. In PA the agent works for the sellers best interest, unless a buyer agency is entered into. Your (buyer) agent will be able to show you how much the house is worth, start low and work high. With a buyer agent, you have to insure he/she gets paid (usually from seller) or you don’t buy that house, or you could pay them directly. I get 3%. Your agent should know market rents or should be able to determine the value based on the income approach as used in appraisals. Good luck! Jim