Posted by Arthur on July 19, 2003 at 14:13:12:
I’d suggest you pick up a few books and start reading. They don’t have to be expensive, i’ve learnt alot from my under $20 books. Books have been written on what you have asked, so don’t expect a useful answer on this board.
Good luck.
Getting Started - Posted by Nathan Atkins
Posted by Nathan Atkins on July 19, 2003 at 12:08:09:
I am looking at getting started in real estate investment and I need some
help. It seems like there is a mountain of information and resources
available out there but I don’t know where to start. I am looking at
commercial investment but possibly residential as well. I have several
questions if anybody can answer them or point in a possible direction I
would appreciate it!
Re: Getting Started - Posted by GL - ON
Posted by GL - ON on July 19, 2003 at 14:20:06:
Hi Nathan, welcome to CREonline. I’m sure you can find the answers you are looking for here. I suggest you look at the menu at the top left of the page, especially How TO and Success Stories.
To answer your questions:
1). How do you find real estate property for purchase and investment?
The best way is to avoid real estate agents and deal with sellers directly. To do this you need to advertise. Signs, flyers and newspaper ads are the most popular methods. Get sellers calling you.
2)What kinds of property should I focus on or avoid?
I always recommend buying properties that make money and avoid those that lose money. This is not as easy as it looks. Every day we get messages on this board from newbies who are all enthused about deals they shouldn’t touch with a ten foot pole.
If you want to know how to tell a good deal on an income property, do an archive search for GRM and Cap Rate or Capitalisation Rate.
3)If it is bank financing your income (job) is important, your experience less so. Unless you are very lucky you will not be able to find a banker who has a clue about real estate investing. You will soon hit a wall when it comes to borrowing and have to get “creative” meaning non traditional financing.
4). What are the best resources or avenues to pursue when getting
started?
You are looking at it. I suggest you read this board plus the articles section, and when you have a question do an archive search.
Once you have an idea what is possible, and what is being done, ask yourself some questions. What are your goals? Where do you see yourself in one year, five years, ten years? How does real estate fit in with this? Then work out a plan that will take you from where you are now to where you want to be.