A good way to get your feet wet in this business is to locate properties for other investors, put the properties under contract and assign the contract to another investor for a small finders fee. This will not only give you a feel for the business, but is very low risk starting out. By starting out this way, you will learn how to make offers, and learn the fair market value for properties in your area.
I just came across this website today, and have now been on it for the last 5 hrs. reading success stories that I hope to be a part of someday! I am a small business owner who is happy to being my own boss, but would like to get into real estate investing, at least part time to start. I purchased Mr.Sheets program in 1995 and did start to go through it, but ultimatly did not follow through with anything. I believe in real estate investing, but just don’t know how to get started. My credit is very good and if need be am willing to put up my own money to get the ball rolling once I get the know how and find the right “first deal” My goal is to continue working my business and perhaps complete 2 deals in my first year. If there is anyone out there that has some advise for an eager first timer I would love to hear from you. I’m now off to read more success stories, they are VERY motivating. Thanks to all at CRE and happy investing!
Adam, Glad to have you aboard! My first deal was my neighbors moved out in the middle of the night because they received a Notice of Default. They had a first for 88K and a second for 22K, the value was @ 100K. The property was only three years old so the structure of the house was sound but the weeds were shoulder high and the place was left messy. I tracked down the owners who had fled but they wouldn’t participate. I found the First had bought the second when I went to the courthouse recorder. I located the lending company and offered them 75K for the property. My partner is going crazy that I won’t flip it, But I live here and want to Lease Option it for two years to a young family and then sell it to them after they have it all fixed up=higher Appraised value. My loan will cost me about 345 a month and they will pay me 650. I put 100 into an account to help with a down when they are ready to buy in two years. That is how I started and I hadn’t read a book or took a course.
PS: the tax advantage is nice also.