Needville, TX · Member since 2013 · 43 posts · 8 votes
Just pondering if I should get a pre-approved mortgage first or hunt for potential deals. It'd be a lot easier hunting down a property if I know what my capital situation is before hand, but I'm not sure if that's the norm in real estate?
Real Estate Investor · Englewood, CO · Member since 2013 · 988 posts · 258 votes
13y
Very first thing to do is seek a lot of education in many forms from many sources. There are many correct ways to be in the real estate business. Expanding your knowledge makes it easier and provides the ability for an enduring successful history.
Second, seek a lot of business education. While doing this, you will learn the importance of creating a business plan. The business plan will answer your question.
Enduring success requires education. It will reduce your risk.
I am a third generation real estate investor,developer, property manager, and cash flow creator. Yet, my father insisted I seek higher education. I do not regret a second or dime spent.
Plainville, CT · Member since 2013 · 2 posts · 0 votes
13y
Tom, As a New entrant to this, Where does a Mentor / Paying for a "mentor/ Education" come into the realm of things. At the age of 50+ and many years of Real Estate under my belt(never as an investor). The unknowns scare the heck out of me...BUT I am ready to step forward
Real Estate Investor · Rochester, NY · Member since 2008 · 193 posts · 46 votes
13y
@Robbie Case - Many gurus recommend finding the deal first and the money will follow. For me personally, this was a very difficult path on my first property. Since then, I have focused on making sure I have money available (first and/or during the search for property) so that when I find a deal, I can jump on it right away.
@Jay Steeves - This site is a fantastic place to find information regarding real estate investing. There are many knowledgeable investors on here that can act as free mentors. In terms of finding someone, I would avoid the gurus. Attend a local REIA (Real Estate Investors Association) and find someone who is doing what you want to do. Buy them coffee and pick there brain. Try to help them out in there business and maybe they will show you the ropes.