Regardless of your real estate guru, most of them share the same general tips for getting off to a successful start in real estate investing. The following 5 tips should be a review. If you are a new investor, I urge you to go through this list carefully. Oftentimes, we walk away from a “bootcamp” with only 20% of the information so review your notes and fill in the gaps if neccesary.
1. Build a power team: You need to surround yourself with people who have expertise in areas which you do not. Real estate investing is all about building relationships. The most important professionals you need to build relationships with include: accountant, attorney, home inspector, insurance agent, title company (in NY this is through your attorney) mortgage broker, and real estate agent.
2. Attend Real Estate Investor meetings to stay connected with like-mined people and to continue to support one another. It’s important to network and this is a good place to start. Be careful of only relying on RE investor associations as a way to conducting business since most of these people are looking for the same thing you are– you need to be pounding the pavement looking for deals.
3. Qualify sellers to see if they are motivated. One of the biggest mistakes new investors (myself included) often make is not making sure that the seller is motivated. Talk to them and listen carefully to find out why they are selling. An unmotivated seller can be a waste of time so find out from the beginning if the seller is motivated. There are several way to do this, the most direct way is to just ask “on a scale of 1 to 10 how motivated are you to sell this property at a discount?”
4. Let the seller initiate the price negotiation. The rule of the game is “he who names a price first, loses.” So ask “what is the least you’ll take for this property?” and then see if you can get them even lower. That way you avoid the risk of offering too much.
5. Make offers. Real estate is a numbers game. Particularly in NYC where the competition is high, it just means more numbers. Look at more properties, make more offers and above all, never, ever give up.
Be blessed.
5.
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greetings kalimah,
i visited your website for the first time today…very informative.
you mentioned attending a MMI event. i have too. we may have been in attendance at the same time. i say that because you look familiar.
nicole gentry
If you were in Secaucus in May, then yes, we were there together. Will you be back in the Fall?
Hey Kalimah! What a great site! I haven’t seen it all yet…too much to review after 11pm! LOL. But I will definitely visit again. You are creating a wonderful source of knowledge here and I applaud you for that. You are one dynamic young lady! Keep up the great work! Please keep me in your network circle…I’ll need all the help and knowledge you have to give. Peace.
Miguel.