Re: Understanding the market! - Posted by Buck
Posted by Buck on July 20, 2002 at 14:01:05:
I can’t be a mentor, but I will try to help answer your questions.
Where does one start?
I would start by quickly evaluating the different strategies in REI. Then pick one or two that you feel comfortable in working on. I chose to work on a combination of Lease Option, Subject 2 and Home Flipping. The reason for my selection is because the risk is minimal, the rewards are fast and I can generate immediate or quick cash.
The next step would be to pick one of the methods and study it. Don’t spend the next month researching the method and learning EVERYTHING, just learn enough to know how to make it work.
Then put together a file of all the required forms and paperwork.
Finally, start your search. Your study should have taught you how to find prospects, etc. Start the process.
At the same time, spend time studying the next method on your list. Again, put together all the required paperwork, forms, etc.
Start the search process there.
Next, start the third study, if you have that many, and put together all the paperwork, etc.
As you get leads, follow up according to your study and make the offers. Continue studying in your spare time.
Eventually, you will get most comfortable with one or more methods and focus only on that method or strategy.
Once you have made your first chunk of profit, then see a good account or tax attorney and learn about what kind of corporate shelter you need.
I have decided that for me, I will use 4 corps. A personal trust for myself and my personal belongings. A corp for flipping since there are tax risks inherent to the nature of the business. A series of corps, one for each property I buy and hold. Finally, I will put together a corp for financing and paper trading so I can fund some of my own ventures. This company will own a portion of each of my other real-estate corps so it receives a percentage of their profits. This corp is planed for the future when I have so much money I can’t spend it all…
I spent 17 years off and on studying real estate investing. I have yet to buy my first property. That is my fault! Don’t follow that strategy. It isn’t very successful. Instead, focus on success. Success is buying and profiting from your first piece of realestate.
- Choose a path
- Learn enough to get started
- Organize the paperwork
- Get started
- In your spare time, study more
- Close and celebrate.
- go back to #4.
- Protect your assetts.
- Enjoy your retirement.
I hope this helps.