So, you want to get started in real estate investing?
First thing I suggest is to get licensed … if you can afford it. It is an expensive process. You can definitely get started without getting licensed, but it opens up more doors and makes it easier to talk the talk when getting started if you do get licensed. The main advantage to getting licensed is access to your local MLS. This gives you access to run comps (CMA's) and any market analysis in your local area that you want to run on a subject property in your area. If you do get licensed or you do not … you MUST, MUST, MUST network with other investors. I know you have heard it before … your network equals your networth. Networking and attending your local REIAs are your most profitable money-making actions you can take when first starting out in real estate investing … given that you actually network and talk to people at these meetings. At most of these meetings they will be trying to sell you something and that is fine, just leverage this conglomeration of like-minded people as an opportunity to grab business cards and add them to your buyers list, sellers list, rehabbers list, etc. The more meetings you attend, the more you will learn, like it or not!
If you can not afford to get your license at first, attend as many REIAs and “meetups” as you can. A lot of them will be “pitch fests” do not pay for anything you can not afford. Go and absorb any information you can without paying for anything. A lot of companies will give you a “finders fee” if you find a vacant property that they buy and fix up. If you find a vacant property you can be furnished a “finders fee” if an investor buys the property fixes it up and resells at retail value.
To start building your buyers list from online resources go to craigslist.com and then navigate to services -> real estate. Then look for keywords like “i buy houses” or “we buy houses” or “cash for your house” or “cash for your house today” or “cash for your house now” or “looking for cash buyers” or “need investors for cheap homes “or” handyman specials “. Next, sign up on all these email lists to be notified of wholesale deals as soon as they become available. Then, ask these wholesalers if you can help market their property that they have under contract. You can use what some call a flex option. This gives you the legal right to market their property. When you help market their property a few things happen. You begin to learn how to market, you build your buyers list and you also may find a buyer and receive a part of the wholesale fee. This process is called co-wholesaling, it is a very effective strategy to use until you go and get your own property under contract to wholesale. Once you start marketing other properties you will gain confidence and when you have your own property to market and sell you will already have built a list to blast to when you get it under contract.
Take care and get your own blog to start making money