Hey there real estate investors! I know you've been diligently scanning all the usual sources to find great potential house flips that you can buy low and sell high. Some of those properties just fall into your lap - but others may take a little extra work. The truth is, taking on real estate investment projects that nobody else wants to touch can result in big dividends. Let's look at some of the "major issues" that some people don't want to touch, but can lead to BIG PROFITS for you! I give you: 4 things to look for in a possible rehab or flip!
As a Realtor, investor, and real estate investment coach, I see a lot of houses. (Maybe that's an understatement.) I've done my share of finding properties that need a little TLC, fixing them up, and making a good profit on the sale. If you are wiling to do some learning, and some SMART legwork, you can get there too! Here are a few tips to look for when evaluating potential investment properties.
Investors get plenty of advice when they are starting out, but just don't receive the consistent support they need to make the transition from beginner to expert when it comes to getting their career going. Sometimes this disconnect costs "newbie" real estate investors thousands- and can result in an early end to what would have been successful careers in investing.
Using Local Resources Can Mean Success for Your Investing Career
Getting started in real estate investing isn't necessarily hard, right? Get some money, buy a place, fix it up, sell it. Anybody can do that, at least according to all the "gurus" who sell big seminars where you com in for a weekend and go out knowing exactly how to do what I just said and make a killing. No problem, right?
You might sense a hint of sarcasm, here. That's because, in my humble professional opinion, there is a wealth of information out there about starting out in investing (which is great), but unfortunately, once you GET the information, it's totally up to you to take that information and apply it. Meaning - you are on your own!
This is one of my pet peeves - the fact that investors get plenty of advice when they are starting out, but just don't receive the consistent support they need to make the transition from beginner to expert when it comes to getting their career going.
How to Resist the "One and Done" Trap
What do I mean by "one and done?" What I'm referring to is the trend of new, super-enthusiastic newbies jumping in like gangbusters, sinking all their resources into their first property, and exiting the game forever when their first effort goes sour. Here's why this happens: Many new investors have unrealistic expectations. Unfortunately, some of the "National" real estate investing coaches make their living by visiting big cities, selling one-size-fits all programs, and creating the impression that "anybody can get rich quick". Bolstered by this attitude, some new investors have flat out unrealistic expectations of how much money they will make on their first deal (and how much work it takes to make this happen.)
Here's How to Resist the One and Done Trap
1. Think Local. National guys can tell you all sorts of great info on how to get started in investing. But do they have any idea about your own local market? If most of the business they do is in Phoenix, Southern California, or Salt Lake City, do they really know the in's and outs of Milwaukee, Green Bay, or Minneapolis? Probably not! So start doing some research into your local area. On that point...
2. Check out your local REIA. I run a REIA myself, so I can speak to this! I truly believe one of the best steps you can take to make success MUCH more likely for yourself is to get yourself straight down to your local REIA and start taking advantage of the extreme wealth of knowledge that is available just by attending a free meeting or investing a very minimal fee in a membership. I've seen so many people kick their career off on the right foot and move on to great investing careers by starting off at their local REIA. Here are some people you are sure to run into at your local REIA:
- Potential Investing Partners
- Potential Money Lenders
- Financial Experts
- Investors who are active in your local market and will share advice
- And more!
3. Consider a local coach. Again, full disclosure - I'm a real estate coach myself, so I obviously have a positive impression on coaches. Let me get a little more specific - I have a strong positive impression of local coaches. Why do I think local coaches are the way to go? Well, for one thing, they work in your local market, so they know the realities, travails, and opportunities of your local market better then anyone.
Secondly, since they are local, you can ask around and do research about what other people think about the coach you are considering working with.
And last (and most importantly), your local coach will actually CARE about how you do, personally! You will have more access to them, more chances to pick their brain, and more opportunities to take advanrage of THEIR local resources.
So what are you waiting for! Go local today and get started with your real estate investing career.
Live in the Appleton, Green Bay, Oshkosh, or Fox Valley (Wisconsin) area? Click below to visit the Appleton REIA!