Starting out

[Lorie Gravitt]

OK y'all I've got our business license registered through Legal zoom, I'm scared to death not knowing what my next step is to becoming a real estate investor. I need a gentle push in the right direction on what's next to start making this all happen? Any strong advice from investors that are already out there doing this.

Thanks to all of you, I'm starting out in the Southern Illinois area.

[Andrew Syrios]

I would start by doing the following three things: 

1) Join your local REIA and attend regularly. Network with every succesful investor you can find.

2) Start looking for and meeting with different vendors and professionals to build a team or at least a list of contacts. Ask about the market and investing and also evaluate them to see if they are someone you want to use. (I'm referring to contractors, plumbers, real estate agents, lawyers, accountants, electricians, property managers, etc.)

3. Study, study, study... both the market in your area and real estate investing in general. Read BP regularly as well as every book you can find on the subject.

The final thing you need to do is pick a strategy, implement it and start making offers. If you've already done the leg work above, I would get started right away. If not, I would pick a date, maybe two months out, to start by. Do the initial research and then it's time to jump in. You don't want to wait too long because remember, the best way to learn is experience.