| One of the things that many new real estate | | | | but you know that's definitely not going to happen. |
| investors lack is the feeling of power. With little or no | | | | You most likely will never use the real estate broker |
| money to invest in real estate, the daunting task of | | | | for this deal because before you even bought it, you |
| actually investing can seem very elusive. The problem | | | | had a half dozen buyers in mind that would be very |
| is the lack of tangibles or concrete resources the | | | | interested. That's why you bought it in the first place. |
| investor has at his disposal to start investing. | | | | Who has control here? The buyer walking in the |
| Consider these two scenarios. You're sitting at a desk | | | | door, or you? The answer is obvious. The point is, |
| and someone slides across the table a contract for | | | | the more concrete items you have possession of, |
| you to sign, that you didn't read or write. Who's in | | | | the more control you have over the investment. |
| control? Who has the power in this scenario? | | | | When you lack control, you don't have the |
| The second scenario puts you on the other side of | | | | confidence it takes to make good sound decisions. |
| the desk. You've written the contract, understand it | | | | So some additional tangible items that increase your |
| completely and slide it across the table to someone | | | | confidence because they increase your control are: a |
| you know is going to sign it. Who's in control now? | | | | buyers list, a network with contact information, |
| So what is the first "power item" you should seek as | | | | mortgage broker, real estate broker (if needed), for |
| a new real estate investor? Bingo! The real estate | | | | sale signs, business cards, and cost data on |
| contract is a very important document that will | | | | advertising. Some other items not mentioned here |
| enable you to understand the nuances of investing. It | | | | would be cost data on material, insurance, |
| will provide you with strength as a result of increased | | | | commissions and contractors as well as financial |
| control over your investment strategies. | | | | backers/investors if possible that will fund your |
| What other items might help you to develop real | | | | project or work directly with you. |
| estate investment power? Let's say you buy a single | | | | The main point to focus on is to acquire as much |
| family home to rehab and sell. You buy it, with no | | | | concrete items that real estate investors use as |
| signs to put on the front yard or prospects for | | | | possible. If you can look at your situation with |
| buying it. Additionally, you have no contacts for | | | | confidence, you won't hesitate as much. Being new |
| advertising the property or any available financing to | | | | to real estate investing obviously won't land you with |
| offer potential buyers so you have to rely on | | | | a cash investor who will fund your investment |
| whatever they bring to the table. Who has the | | | | aspirations (we should all be so lucky), but acquiring |
| control here? | | | | some of the concrete tools that real estate investors |
| What can we take out of this scenario and make it a | | | | use is definitely a good starting point. |
| more powerful situation for you? Let's say you buy a | | | | From experience in life, most of us can easily say |
| property to rehab and sell it. You put a sign on it the | | | | that a lack of information and understanding will |
| day you own it and contact several investors who | | | | definitely strike fear in anyone of us. Hesitation and |
| you know may be interested in it. You start doing | | | | second-guessing will plague our goals. Once you start |
| renovations and neighbors take notice of your sign | | | | to develop the tools and understanding, finding the |
| and inquire about it. You've already got your | | | | investment properties is the easy and fun part! |
| mortgage brokers cards with you and hand them out | | | | So the message here is clear. Don't jump ahead of |
| to everyone who stops by. All your contacts know | | | | yourself and start looking at investment properties |
| what you're up to. You've got a real estate broker | | | | without doing the prep work first! |
| lined up that you know sells houses fast and just to | | | | ©2007 noobdogs. |
| be prepared, the broker can find a renter if needed, | | | | |