Take Action

Erik Hitzelberger — Fri, 26 Sep 2014 16:08:00 +0000

Here is today’s question. What are you waiting for? Take action!

If you have been thinking about entering the flipping market there is not time like the present. Are you really still thinking… “I don’t know enough. It will take too much time. I don’t have enough money.”?

Sure it is scary starting something new. Yes we are seeing great low interest rates and there are tons of deals to be made. We know some people are still afraid to venture into the market. We here the excuse ” I don’t know enough.” a lot. But you can’t know everything at first right?

Real Estate mogul and Billionaire Donald Trump has acknowledged this. “You can’t know it all. No matter how smart you are, no matter how comprehensive your education, no matter how wide ranging your experience, there is simply no way to acquire all the wisdom you need to make your business thrive.” he says. What a great inspirational quote.

Let’s look at the question “Why do you want to start investing in real estate?” The answer to this can be different for many people. Maybe you want to retire early. Maybe you want to plan that dream vacation. Maybe you are just tired of the daily grind and “working for the man.” All of these questions can be good motivators to achieve the place in life you want to be. Clear goals implement clarity. Along with a goals, setting a clear schedule will compliment your structured goals. How much can you invest? How important is this pursuit? Most people just don’t want to feel like they’re spinning wheels and getting nowhere. Make your time count. Write down your goals and make small steps forward in order to reach them. Do you need to take a class? Do you need to improve your credit score? Do you need to talk to a mentor who is doing what you want to do and ask what your next step should be? However many hours you have to invest, use them to connect with people who are successful at what you want to do.

The important thing to remember is you will get no where if you do nothing. Taking action takes courage but you can gain that confidence by arming yourself with the knowledge and setting the right goals.

To learn more about Part-Time REI visit us at http ://part-timerei.com/

Or connect with us

Some Great Advice on Getting Started

Erik Hitzelberger — Fri, 19 Sep 2014 16:16:57 +0000

When starting out investing in real e state, it is important to do all the research you can. There are tons of helpful tips out there if you know where to look. We strive to provide our readers with just that: the knowledge to be a successful REI. Sometimes we find articles that are just so good we need not write one ourselves because they sum up everything we have been telling our audience. Here’s one of those articles on getting started.

Article originally appeared on the RenTec Aug 25th Blog https://www.rentecdirect.com/blog/2014/08/dont-miss-a-step-in-your-real-estate-investing-plan/

1. Assess Your Finances

Make spreadsheets that include all of your incoming and outgoing cash flow. Tracking your monthly income and expenses for a couple months will give you an idea in variations and possible cash savings giving you more money to invest. If you know there are some big ticket items in the near future (i.e. roofs, paint, European vacations), make sure you take that into consideration in your calculations.

2.Define Your Real Estate Goals

Now that you know how you sit financially it’s time to come up with some goals. Before you start searching for real estate to invest in take the time to sketch out your goals. Explore your desired outcome in investing in the real estate market. You should have a clear idea of how long you want your money tied up for, what type of properties you are interested in investing in, and what type of risk you are willing to take.

3. Educate Yourself and Use The Advice of Trusted Experts

Good deals don’t just land in your lap you have to be willing to set aside a great deal of personal time to research a deal to avoid making an expensive mistake. It pays to do your homework when investing in real estate rushing into a deal without doing basic due diligence could cause you to lose money. Remember the bottom line is what matters when purchasing real estate. Just because a property can be bought for $50,000 and rented for $850 per month doesn´t necessarily mean it´s a great deal. You need to know and keep track of all of the expenses associated with the property. Things like high taxes, homeowners association dues, property management, income taxes, repairs, and vacancies all tap into the bottom line

4. Be Wary of the Deal of a Lifetime

If you find a property that looks to good to be true you are likely not seeing something. Amazing investments don’t stay on the market long and chances are you didn’t find the good deal before everyone else did. A good clue is if it has been on the market for quite sometime and no one has snatched it up. In my opinion the best deals are the ones that are safe and will bring you cashflow for the longterm or be easy to offload if you plan on flipping it.

5. Visit the Property and the Neighborhood in Person

Proper due diligence involves research at home as discussed in number 3 above and actually getting out and seeing things for yourself. In addition, there are many reputable realtors who will give you accurate feedback on different neighborhoods. Check out the neighborhood, the crime rates, demographics, average income, average rent, and sales prices.

6. Just Do It!

If the deal pencils out after you’ve covered all your bases and considered all the foreseen, and have included a buffer for some unforeseen, expenses take the plunge and buy the property.

To learn more about Part-Time REI visit us at http ://part-timerei.com/

Or connect with us

Part Time REI » advice

Take Action

Some Great Advice on Getting Started

Article originally appeared on the RenTec Aug 25th Blog https://www.rentecdirect.com/blog/2014/08/dont-miss-a-step-in-your-real-estate-investing-plan/