As a prequel to an investment club event I am going to teach, I will give beginning real estate investors some nuts and bolts — it may even apply to intermediate investors too! The topic they asked me to teach is “How to get started and where to find deals”. Here are some solid tools for your real estate investor tool chest. Note, below is not legal or tax advice just ideas based on my experience.
- Form an LLC, involve your real estate attorney and your real estate CPA
- Create at least a simple business plan including how you intend to fund deals
- Important sub sections of your real estate investment business plan will include your criteria for purchase, this step is very important for focus and momentum as well as your marketing plan for deals AND for funding purposes
- Use industry professionals that invest and specialize in investment real estate
- Educate and develop yourself
- Work your plan. Take action.
As far as where to find deals, here is a quick insider cheat sheet (yes these are for acquisition): For Rent by Owner signs, Rental Vacancy ads, Real Estate Investment Broker, MLS 90+ days on market or more only, direct mail out of state owners, send letters to sellers of mismanaged property.
For a list of our education events visit http://extantrealty.com/?page_id=809