2,704,367
What kind of real estate investing? Residential rental property? Options? Flipping? Condo conversion? Land development? Strip mall rentals? Commercial leases? REIT? There are lots of choices out there. Narrow it down, learn everything you can, then get started.
Some caveats:
Whatever you think it will cost, be assured that it will go over budget. Plan accordingly.
However long you think it will take (to build, develop, repair, see an ROI), double that number.
No matter how smart you may be (or think you may be), run it past an attorney, and see a CPA. Unintended legal and tax consequences can wreak havoc on your plans.
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Ray Henson
Goodyear, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Ron and Alexandra Seigel
Carpinteria, CA
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Pete Xavier
Pacific Palisades, CA
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Eve Alexander
Tampa, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Celia Moore
Portland, OR
3,421,337
Do not accept cash tips from clients ...
I wish you all the best, much success, and happiness.
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Ray Henson
Goodyear, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Ron and Alexandra Seigel
Carpinteria, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Eve Alexander
Tampa, FL
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Pete Xavier
Pacific Palisades, CA
2,840,001
The general rule? Anything you hold onto and maintain will appreciate. Short term allow 5 years to recapture funds or make money. Long term is subjective, lucrative and can be used to trade-up or keep and rent out.
If flipping, determine your rate of return and time on investment. Risk is a wild card and for first time out investors, a savvy person is a must! Buy low sell high is not a myth. Property management is an art. What lots of agents do is buy potentials, rent them out and keep that up for years. Over ten-twenty years, your properties are positive cash flows, appreciated and it gets better when they are free and clear. Exceeds pensions, social security for retirement income but requires ongoing management and maintenace investments all deductible. Now if you like all this, you are not alone. Its the doing of it that remains...shall we say....challenging? However all doable. Caveat: Watch the greed, impatience and your own ignorance
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Ray Henson
Goodyear, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
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Celia Moore
Portland, OR
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Lyn Sims
Schaumburg, IL
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Fred Griffin Florida R...
Tallahassee, FL
5,774,095
First of all,
I would recommend researching the subject. It may not be for you, or it may be the perfect thing for you. I would also speak to your trusted financial advisor, CPA, etc to seek their advice. Knowledge is power. A
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Ray Henson
Goodyear, AZ
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Eve Alexander
Tampa, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Celia Moore
Portland, OR
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Pete Xavier
Pacific Palisades, CA
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Fred Griffin Florida R...
Tallahassee, FL
1,286,358
Lots of good stuff here even for an old agent. the bottom line is to never stop learning. hang on for a interesting ride.
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Ray Henson
Goodyear, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Eve Alexander
Tampa, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Celia Moore
Portland, OR
980,984
Diversify!
(There are many tips, that's just my one big tip.)
My best investment was building a really nice residual income (non real estate).
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Ray Henson
Goodyear, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Celia Moore
Portland, OR
921,504
IF it is real estate you intend to hold, the best advise I received for beginning is 'Stay in your lane."
What that means is buy real estate you are familiar with. That typically means buying something very similar to what you are living in.
However without more information any adivse may be misalinged with your purpose, ability or experience.
Be aware, what you can do as a licensened real estate agent and what you can do as an investor differ greatly.
Knowing exactly what your investor business plan entails is going to direct the best path forward.
Finally, taking a shot into the darkenss, learn how to calculate values for acuiring property and for your seller. Learn how to submit for use and zoning changes. It is this disipline that creates investor value. My last experince was to acquire for 300k, get the use changed, and the commerial buyer in the wings offers 800K. Who do you think keeps the difference?
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Debe Maxwell, CRS
Charlotte, NC
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Eve Alexander
Tampa, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Celia Moore
Portland, OR
2,245,607
It’s a Marathon not a Sprint !
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Candice A. Donofrio
Fort Mohave, AZ
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Celia Moore
Portland, OR
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Fred Griffin Florida R...
Tallahassee, FL
5,473,648
While you may be purchasing as an investment (to hold onto), never forget about resale.
You never know when you may need to sell your investment property and you want it to serve you well, regardless of how long you've owned it.
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Celia Moore
Portland, OR
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Fred Griffin Florida R...
Tallahassee, FL
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Pete Xavier
Pacific Palisades, CA
696,179
I was late to real estat investing. I had watched so many bad experiences that my dad had in the rental business that is scared me off. He finally convinced me that I was just seeing a small portion of the business. He was right. Buy the right properties at the right price and good things happen.
My other big tip for real estate. Find the right brokerage.
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Celia Moore
Portland, OR
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Pete Xavier
Pacific Palisades, CA
2,284,020
Start early, read read read like the wheels on the bus go round and round and ask questions to folks who actually invest.
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Celia Moore
Portland, OR
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Fred Griffin Florida R...
Tallahassee, FL
3,254,289
Do your research, be motivated to take it on, continue to learn and grow!
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Celia Moore
Portland, OR
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Debe Maxwell, CRS
Charlotte, NC
6,660,504
Been investing for 30 years, the lessons would fill volumes.
Develop systems
Budget time daily to education.
Build a team of highly competent professionals to help
always be filling the pipeline.
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Celia Moore
Portland, OR
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Debe Maxwell, CRS
Charlotte, NC
304,107
Dont Listen to the Naysayers....stay focused on the goal
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Debe Maxwell, CRS
Charlotte, NC
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Celia Moore
Portland, OR
1,613,785
It's a business not a job, it can be a great career, but it's not your life;
set boundaries and respect them and then your clients will too!
The Work/Life balancing success is found in the boundaries you set & keep.
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Debe Maxwell, CRS
Charlotte, NC
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Celia Moore
Portland, OR
1,097,255
🎯Time 🎯the 🎯market.🎯
You make your money not when you sell, but when you buy.
Don't worry about letting a deal go if it doesn't make sense. This is not a place for your emotions. Do the math.
And overestimate your costs.
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Celia Moore
Portland, OR
1,153,799
No matter how you approach your target always FOLLOW UP and if they're unresponsive FOLLOW UP again. After that keep trying and always have some tidbit of relative information for them to keep the door of communication open as long as you can.
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Celia Moore
Portland, OR
5,458,988
Loaded question! As an individual investor? As managing partner of an investment group? Size of individual targets. Type of property? Desired length of holding period?
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Celia Moore
Portland, OR