How Did You Get Your First Deal?
I am curious to find out how all of the experienced investors got their start. I have been researching REI for a few months and now I am ready to start making things happen. I have posted ads in the newspaper, located a farm area, etc. But I have not talked to any real motivated sellers. I think my next step will be moving onto foreclosures where there is urgency. What do you think?
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On 2004-01-05 17:01, kjack871 wrote:
I am curious to find out how all of the experienced investors got their start. I have been researching REI for a few months and now I am ready to start making things happen. I have posted ads in the newspaper, located a farm area, etc. But I have not talked to any real motivated sellers. I think my next step will be moving onto foreclosures where there is urgency. What do you think?
I think once you find your niche exploit it ... as far as getting started that story is as varied as the opportuities you will come across.
Here's a suggestion, get in tune with the vernacular of this wonderful occupation.
And let me reiterate ... find your niche and exploit it. Start out understanding that there is a slightly different mindset involve in the acquisition of a particular piece of realty. Different rates and fees association with residential as opposed to commerical.
And don't be like me ... whose credit as taken a bump, however, I do have a back up plan. Make sure your credit score is in line, secure your financing and then pursue your acquisition ... not the other way around. I know from personal experience this lessens one's creditability. Much success to you.
If noone is answering your ads, then take another approach. Try riding around and looking for what looks to be vacant homes. Get the address and find the owner, contact the owner and offer to buy his property.
This should open the door for dialog
Good Luck
I put up signs. Same spot, keep them coming. When they get taken down, put them back up. They will generate calls. Find busy intersections near the neighborhoods you wish to buy homes. We buy houses and a phone number is all you need. Then be prepared for calls. I decided to specialize in one thing. I bought a study system on lease to own to get educated on the process, the techniques, and the legalities. Doing more than one thing when getting started is way too crazy and ultimately increases your risk. I chose to lease option because it is the least amount of capital down with a mega return over time.
Our first one was a rehab house in Puyallup, Wa. (Near Seattle/Tacoma) Foound it through a Real Estate Agent. Second (also a Rehab) we found driving around, and called the listing