How do get started as a Real Estate Investor?

How do I get started? Is probably the most common question I get asked when people here about what I do.  The answer is very difficult and specific to what you bring to the table.  The first thing I always suggest to anyone new, especially in this market, is to get access to their local MLS.  You will become successful by looking at more properties then anyone else.

Here is a summary of the three main ways people get started in this market:

To Flip Homes

• You need to have some money saved.
• Good Credit, if you need to put a loan on the property.  More money can usually fix bad credit.
• At least some construction experience.
• No need for income for at least 6 months.

To Wholesale

• You need to be willing to make 1000′s of offers.
• A buyers list and some idea of the inventory they are looking for.
• No need for income for 2-3 months.

To Buy Rentals

• Another source of monthly income.
• Cash on hand for down payments.
• Good credit.
• Be in for the “long-term” as your payday is 3+ years away.

You can get more fancy and do Subject 2′s, etc, but there is very little equity in this market to pursue that strategy.  You can also do a mixture of all three (that is what we do).  This business is fun and the people who work smark usually get the biggest reward.

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