A problem most new real estate investors have is wanting it all by trying to learn all aspects of investing. There are tremendous opportunities across the board, but it may be better for you to define a market learn it be successful and then spread your wings. 5 ways to become successful in your market will help you bring larger profits faster. 1.Residential Real Estate The single-family home is the place to start with the most abundant readily available product. Homes are every where people are. You can buy properties easily without bank financing or using very much of your own money. A great place to get experience working with people and learning the investment purchase, hold, and sale process. 2.Determine Your Area Research the entire marketplace (city, county, or region) find out what area has the biggest turn over of properties. Look at how the properties change hands foreclosures and distress sales are your best bet. Select a small portion of about 20,000 homes within the foreclosure distress sale area. You might also consider selecting by subdivisions to get up to 20,000. 3.Learn Your Market Know the values of homes sold in a distressed situations versus resale homes. Know the repair values of the homes how old are these homes in each subdivision a home built in 1982 may need a complete rehab as compared to a home built in 2003. 4.Advertise Your Service - Direct mail on a regular basis get your message out to every home owner. Monthly would be best, starting out you may want to send 5,000 per month so every home gets hit 4 times per year. Flyers hand deliver to doors less expensive than mailing but who is going to walk all those streets? Bandit signs pepper the area use at the main entrances and along main streets. Use an 800# with a pre recorded message or a phone answering service. 5.Join Your Area REIA By joining a Real Estate Investment Association you are now in with the people doing business. The best place to meet other investors and real estate agents and lenders who work with investors. These are the people you want to know you as a professional full time investor. Leads of homes for sale and services to investors are all right there. By defining what it is you do and where you do it will get you along way moving towards a profitable real estate investment business. With advertising and staying close to your defined market you will become the go to person regarding real estate. |
