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Congratulations! You recognize that today’s real estate investing opportunities are the best that we have experienced in many years. But real estate appears to be so complicated and risky that you never do your first deal.
Are you prepared and know exactly what strategy to use to succeed?
Many new real estate investors get stuck at the starting line, and so many others start down the wrong path. How can you avoid the mistakes and risks associated with being a brand new real estate investor?
What Should You Do First?
What should you do first? They make “fixing and flipping” look so easy and profitable on TV , so why not fix and flip a house?
Some guru’s say just take over someone’s payments and do “subject-to” deals. Other guru’s say invest in tax liens, lease options, use hard money lenders, or just buy houses with cash and rent them out.
What about wholesaling? Why do gurus make it so complicated now? New wholesaling terminology comes out every couple weeks. It’s flipping houses, flipping contracts, virtual wholesaling, front flip, back flip, sideways flip, and so on.
I just have to laugh at all the hocus pocus. Wholesaling is…well, just that. Buy low, sell higher. No matter what you call it, that’s what it is. Done the right way, it’s simple, easy, and very low risk.
It Doesn’t Have to Be Complicated – Start with Wholesaling
The good news is that investing in today’s market is very forgiving if you apply some simple concepts and follow some simple steps to minimize your risk. Instead of starting with complicated transactions that are speculative and risky, why not start creating income by wholesaling houses?
When you wholesale houses, you learn to buy houses directly from sellers, without needing a bank and without needing an agent or broker. You learn to control real estate without owning it. By controlling it, you gain equitable interest, and you can assign or sell your interest to another real estate investor.
You learn about contracts and about the settlement process, without the risk of attempting a complicated transaction. Wholesaling teaches rookie real estate investors to do some deals, create income, and learn about real estate investing without risk. It’s not complicated when you follow the right roadmap.
Add “Buy and Hold” for Cash Flow and Long-Term Wealth
After you learn to do some wholesale deals and enjoy your success, you will gain the confidence that will lead you to wanting to buy and hold. That is the key to long-term wealth and residual cash flow streams.
The key to buy and hold with minimal risk is buying the right house at the right price without needing a bank and becoming a great property manager.
Your wholesaling transactions will teach you to buy houses directly from the seller with the big discounts that minimize your risk. Once you begin to buy and hold without banks, you can create excellent cash flow while building your net-worth with a portfolio of rentals.
Fix and Flip – For Experience Investors Only
Along the way, you may want to venture into the fix and flip arena. Trust me, this is the riskiest form of short-term investing, and there are a lot of moving parts.
You have to buy the right house, at the right price, get the renovations done, and resell the house for a quick profit. The good news is that this is working great in most markets right now, but you need to follow specific steps to make it work well.
You Need a Road map
If you were driving from Boston to San Francisco, you would not venture out without a roadmap and a specific plan. The same is true of your real estate investing plans. Don’t jump in blindly and get off to a bad start. Choose your investments and strategies wisely, create a specific step-by-step plan, then execute it while minimizing risk and maximizing your profit. Don’t let the jargon and latest guru craze of the day prevent you from creating your personal road map. It all starts with your personal starting point and where you want to be 6 month, 3 years and 5 years from right now.
Not sure how to start? Leave me a comment or email me at firstname.lastname@example.org