As a newbie real estate investor, you can get bombarded with so much information that you get thrown off and left in confusion.
These few tips will help you get organized and be more successful as a real estate investor.
1) Get a business name
A business name is important, but it is no excuse for waiting before you can do your next deal. If you get a deal before your business name, what do you do? Go make some money, get your name later!
2) Pick out a business model
You cannot do everything at the same time. Pick one business model at a time. You are a newbie; all the pieces will make sense in due course.
The first step is to make money as a real estate investor and reduce confusion.
Do not be surprised that you will try most business models in due course. It’s part of the learning process.
3) Get a real estate investing website
A website is a must for successful real estate investing. It tells your story for you and saves you from repeating yourself over and over.
It pre-screens and pre-negotiates with motivated sellers so you save lots of time and effort and delivers deals ready to go.
And selling houses becomes real easy with the right website. Most importantly, it builds your buyers list for you, making selling future properties a snap. Of course a good website also helps you manage all types of contacts.
You can attract private money investors on the website to finance your deals, as well as attract and reward bird dogs or people that send you motivated sellers.
Of course, get a real estate investing website that is adaptable so you can use it as your business model changes.
A good real estate investing website is suggested at the end of this article.
4) Put your dream team together
Get a title company that works with real estate investors. Get an inspector, Realtor, contractors, plumbers, etc.
Keep these contacts on your real estate investing website and open a folder for them.
5) Join a real estate club
Join a local real estate group. Attend all meetings. This is where you meet people who do exactly what you are trying to do. Talking to them will reduce your learning curve drastically.
You will know what works, what does not, and how to be successful as a real estate investor.
Most groups hold classes; never under-estimate what you can learn even when you think you are experienced.
You will learn how to get motivated sellers and some of them may be buyers for your properties. Some of them buy properties at wholesale prices for cash!
6) Manage your time
Time is money. Schedule some time for marketing and growing your business. Do more productive tasks first. Maintain a diary to make work easier.
7) Keep business tools handy
Keep some contracts in your truck that you can fill by hand. A digital camera for taking pictures. A voice recorder for recording property addresses when you cannot write. My iphone does wonders in this respect. Keep some trash bags, hammer and other simple tools you might need from time to time.
In your office, each property should be filed in its own folder along with closings documents, spare keys, etc.
In a market full of deals in default on their mortgage, whether you buy houses, sell houses or even wholesale them, you can close a lot of deals more efficiently using a real estate investor website for wholesaling houses that also build your buyers list automatically.