Anyone Have Advice on Getting Started in Real Estate Investing?

I wasn't going to answer this just because there are libraries written about this subject. However, I noticed that the first two posts are smoke and mirrors. I'm a real estate investor, and I hope these thoughts help.

The first post is a search engine organizer advertising itself. Waste of time.

The second post is a lead generation or instruction group who wants you to fill out some information in hopes of selling it to people who want your business. There is an enormous market out there for selling products or instruction regarding real estate investing, and it is very difficult to sort out what is good and bad. Most of it is overpriced and leads to dead ends. Most of the people who come to a forum like this will offer you direct answers, be weary of somebody telling you to go look somewhere else for the information. It is not what this forum was designed for.

A couple thoughts to get you started with your question:

1) You already have a map to start with. It is a strategy (buy and hold) that I personally employ and have been successful with, but it takes more patience to see the returns. Stay the course and you will see success.

2) In the recent weeks the lending market has changed so that banks are far more careful about lending 100% of the value of a home. Even 5% down is difficult to find. The banks that do offer this financing will want to see impeccable credit as well as documentable income, a stable employment history and at least some assets. Interview a number of lenders as well as your local bank, and if you need to prepare a little longer, you will at least have the information to set a goal.

3) Spend time searching. Lots of it. Sellers know that there are new investors out there who just want to own a property. Don't be that guy. Search many properties through classifieds, foreclosures, real estate agents, etc. before making a decision.

4) After searching hard for the right property, search the property itself. New investors often forget that what looks rosy on the outside can be filled with problems. It is very difficult to sue a previous owner of a property. Find an inspector who is willing to give you an honest opinion, and when they find problems, work out the numbers to see if the property still makes sense. When the numbers don't make sense, don't be afraid to walk away quickly. You will be holding the property for years, and old roofs, bad brick, old electrical, old plumbing, and items out of code can come back to haunt you.

4) Set aside some money for any disasters. You can't check everything, and even a quality property can give you problems. Set aside the money.

5) Have fun with it. Don't be afraid to be creative and make your own map. I encourage you to read and study about real estate investing, because there have been so many before us that have been successful. However, you will find you have your own ideas along the way. Real estate is incredible forgiving, and I enjoy the hands on aspect of it. I take a lot of pride in the success I've had with my own ideas, and I've been safe when some of my ideas of been sour apples.

Finally, my favorite literature for a new real estate investor is a book called "Real Estate Riches" by Dolf De Roos. De Roos employs the exact method of investing that you've talked about, and his writing is easy to read. You can find it at your local bookstore or on line. I recommend the 2nd edition.

Best of luck! Real estate investing is a lot of work, but I don't think I need to tell you how many people have been made wealthy by doing so.

You can also order a free DVD from http://www.freeinvestordvd.com/ on learning how to invest in real estate. Its one of the best DVDs I have ever seen.

I've read the explanation in a web online directory about it. Maybe you can find there too. I put a link to that site below

The biggest part to getting started is making offers. Do not over analyze make offers. You most certainly have to make offers to get started, so go and make some offers.

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