Posted by Jon Richards on February 23, 2002 at 11:57:37:
Randy
It’s not clear what you are asking. Do you want to be a RE investor? Start your own company? Property manager? Real Estate agent? Tycoon?
I assume you want to go the “tycoon” route and become an investor. If that’s true, you need to buy that first property, and buy it below market. That means 20% under its fair market value. And with luck, if you can add value, by fix up, or improving the rental income, you can sell it for a profit.
I think all of your study, “lurking” on this site, and others should be directed at how do I find that first deal. And how do I buy it below market?
The answer will be to look at 100 properties, make 10 offers, and maybe 1 will be accepted. If you cannot make that type of committment of time and energy, I don’t think you can become a real estate tycoon.
You ask about gaining experience: I recommend getting a job in one of the areas you indicated in your question. Subscribing to some good newsletters by such people as John Schwab, Jack Miller, Peter Fortunato, or Jimmy Napier. (do a google search). Join and attend a local real estate investment club. Read books, but avoid infomerical classes. Only in real estate will you find that the more expensive a class, the more of a rip off it will be.
I am still looking for that great book for beginning investors. If you find one. Let me know.
Best of luck, let me know if this is the kind of answer you were looking for.
Hi
This is my first post to the forum but I have been “lurking” and learning for about 2-3 months.
There seems to be a bunch of RE companys out there. I realize it is a big industry. I guess the best way to learn the ropes would be to get a job at one.
Since there are a lot of different types of companys how would one break them down?
So far from my basic knowledge there are–
Title/escrow companys
Sales- RE brokers/realtors
Apprasiers
Banks-lenders
Property managers
Legal/tax
Are there any left out?
There seems to be a lot of (large)
REAL ESTATE INVESTMENT companys out there.
Does any one out there own one of these companys or work for one?
What exactly do they do? (buy low sell high?)
How would one start a RE investment company?
I am sure a lot of you have your own small corps and hold your real estate in that. Is that what the large firms do?
How do they make money then? Are they renting out huge buildings for profit or constantly buying and selling. How do they afford such large buildings (share holders)?
What are some large US based RE investment firms?
I realize I am asking a lot of questions.
I am hoping anyone with any knowledge will chip in and we can all have an on going discussion.
I am sure many other readers out there will learn a lot also. Thanks