Posted by Anne_ND on July 02, 2003 at 09:51:59:
open houses (talk to the agents, ask lots of questions)
learn to navigate the courthouse (deeds, records, etc)
subscribe to the local attorneys’ newsletter for announcements of foreclosures, legal actions, etc.
call lots of FSBOs and ask questions about their houses
read the classified ads for houses for rent to find out local rental rates
join your local investment club
-All of this activity is meant to gather info about the area, not necessarily to buy something right away. You may come across a few deals in the process (great!) but don’t be disappointed if you don’t. The goal is to learn your area, learn how to talk to people about their houses, and learn to discriminate between motivated vs nonmotivated sellers.
Yes, it’s a lot of work, but it will pay off in the long run. If you find this excruciatingly boring, you might want to switch gears and invest in a different kind of vehicle.
Good luck, Anne
selecting a farm neighborhood part-time - Posted by Barbara
Posted by Barbara on July 02, 2003 at 08:29:58:
Hello:
I am new to REI, have just set up my LLC, am working with a mentor, and have decided to start with lease options. Problem is, I have a full-time job 7:30am-4pm and a 1 1/2 hr commute round-trip. I’ve been reading through the archives on this particular issue, it seems that although it’s hard work, people do start up their REI business part-time with dedication and consistency.
Right now I am trying to select my farm neighborhoods. Seeing as I don’t have a real estate background I’ve been finding this a daunting task. Originally I was chatting with a couple of real estate agents, and had come to the agreement that if they would help me select the neighborhoods, I would refer potential client leads during my marketing launch. However at that point I was sent overseas for a month by my employer and although I’ve gotten back in touch with them, the interest and perhaps credibility has cooled off, since now it’s clear I’m not doing this full-time.
Aside from working with agents, what other methods have you all used to select your farm areas? One thing I’ve been thinking of is attending open houses and using those as a way to learn about property, talk with other agents, learn about those neighborhoods and then start doing some web research.
Other ideas or methods that have worked for you? I would really appreciate your feedback! I will be working in MD by the way. I know I just need to close on my first few deals to get momentum going, but until then it is seeming an uphill battle.
Thanks, Barbara