Rookie Innvestor In Need Of Some Guidance
Hello to all,
I am new to real estate investing. In fact, Jan 6, 2004, I bought an inexpensive course on lease options from TC and Vickie Bradley. Since then, I've been working leads on FSBO sites and have been in communication with sellers. Just haven't hit anything yet.
I am currently in New York City but planning to move to North Carolina next year where my girlfriend is from. In fact, I think I am going to propose to her this summer. With that said, I am now more than ever, motivaded and determined to pursue my dream of real estate investing. I will succeed because I must. My desire to secure my financial future and that of my immediate and future family has overcome me completely. I just need a little more help and guidance to put together an effective master plan.
To help myself a bit, last week I picked up a copy of "Think and Grow Rich" by Napoleon Hill. I think the book is great and I am actually starting to understand the principles taught. In trying to follow those principles, I come here seeking advice and more specialized knowledge so I can continue to put together an effective plan of action. Specifically, I need advice in structuring my support team such as a real estate attorney, lender contacts, appraisers, etc. What is the best way to find professionals in these fields who I can trust? What should I look for or ask specifically?
I would also love to hear form investor currently working in New York. I am deeply intimidated by the real estate market in NY and would love to have someone I can correspond with who's had success and continues to have success here. Specifically, are lease/options a viable business in this market? What about subject-to's?
So far, here's what I have done to get the ball rolling:
1. I have completed and launched my website to promote lease/options and also screen potential deals
2. I've set a dedicated business line and added an toll free number to it
3. Last week, I ordered my first batch of "I BUY HOUSES" classified ads scheduled to run Feb 5th.
4. I've teamed up with my brother in Florida to tap into his mortgage brokerage knowledge—he's currently a broker himself
5. Today, I have ordered Scott Rister's "How to Find all the Motivated Sellers you can Handle." I feel that my biggest hurdle right now is not knowing exactly where and how to concetrate my efforts in terms of finding truly motivated sellers. I feel this course will help tremendously.
6. Been contacting website FSBO listings in the meantime to at least practice lingo and shake the jitters of this new venture. I may even have a lease/option deal in line, but just found out I am dealing with a fellow investor. Might be hard to structure a win-win for both of us.
If anyone has any comments or suggestions, I am all ears. I've spent hours upon hours reading the forums on this site and it has been great. It has kept the fire burning and the desire growing stronger.
Thanks for all the great contributions and for your time.
Camilo[ Edited by camilomachado on Date 02/02/2004 ]
Whats up Cam,
I to am in new york ( staten island) and I understand exactly what your going through! I left wall street to pursue real estate. I got my license in august and have just made the decision to focus on pre foreclosures and not to even contmeplate retail sales as a broker! Here is what I have been doing:
First I read 2 books. Buying real estate foreclosures by Melissa rice and Making big money in foreclosures without cash or credit by Conti and Finkle
1) Subscribed to a good lead source for pre foreclosure list
2)Checked local newspapers for legal announcements
3)Put up 3 ads on ****Must Reach Freshman Investor status before posting URL's*** which I strongly reccomend you do
3) Put together a BUYERS list from the response to my ads ( to date I have 5 solid investor contacts and over 10 retail buyers in my buyers list) Took about 5 days to aquire that many names on craigslist.
4)Mailed out over 40 intro letters to pre f/c list that I put together.
5) Tracked the phone numbers of over 20 names on my pre f/c list
6) Located 2 reputable Real Estate attorneys who specialize in my niche area ( Pre foreclosure investing)
7) Found a good title company
Read as many of the posts and articles on this site
9) Contacted 3 hardmoney lenders and found out there criteria is for borrowing i.e LTV %`s
10) Now I will be following up with my letters with phone calls and actually knocking on doors in search of the "MOTIVATED SELLER" so I can get a deal under contract and decide if I want to "flip" or do it myself.
So I hope this gives you an idea of some other prospects and resources for you to utilize! Keep your head up at the end of the day Its a numbers game, The more people you come in direct contact with the more deals you will get under contract . Every "NO" brings you that much closer to a "YES".
Thank you LARGE for all your input. I appreciate you taking the time respond. If I may, I would like to ask how you went about getting your buyer and investor list together. Your URL was blocked. Did you simply put out an online ad requesting buyers and investors?
Also, does your title company do double closings? And what was your criteria for finding and selecting them? Ditto with your lawyers.
Basically, I realize I can pick up a phone book and find most of these services on my own. But I'm looking for specific criteria that I should focus on to select the right partnerships. After all, these professionals will become part of my "master mind" group or my team members, in other words. I need to be careful with my selection.
If you can, please email me if you can't post URLs or other information that may not be allowed on the forum due to our Newbie status.[ Edited by camilomachado on Date 02/03/2004 ]
Thanks large, thats a nice checklist for newbies!