New to BP

[Charles Lee]

Hello Everyone!

My name is Charles. Although I am new real estate investor, I have been well exposed to the industry for many years. I've watched My Parents created their wealth by investing their hard earned money in real estate. Now after being on the sidelines for many years, my siblings and i have entered the Game and we are having so much fun!

[Michael Lee]

Hello and welcome to BP!  Are your parents going to help you financially or are you planning to go to some kind of lender?   You ought to have a pre-approval loan letter that says how long should it take to do it and a maximum amount for you to see what you qualified for or some sort of proof of funds that you give to the seller.  Today the cash buyer is having better sucess getting a property because of the cash and the quicker they can close than other offerers.

Besides learning and market selection you should get a formation of some type of corporation or a LLC after you decide on what you are going to do. Have an attorney and/or a CPA (or tax accountant) to advise you on what you should do. That depends on you financial wealthiness and it will protect you from financial charges by others.

Another thing you might need to do is to select an office selection.  That location could be at your place but make sure you will not have distractions and can close it off from the rest of the place.    I am 60 years old and have plenty to say.  Do not try to do everything yourself.  Do not cut any corners to make something look better on paper.  

You know d  what you are doing and where, practice on estimates will probably help you later.  Always remember to do a math analysis and try to look at the prospective property before you make an offer or at least have a clause that will you to make a detailed inspection at some time (usually about 10 days) without a penalty that will hurt you too much.

Right after you close on an improved property get an insurance policy to protect you in case there is a loss. I have been in the construction business since I was 17 years old.  I used to have an active broker license in Texas for about 30 years but never did that full time.  My father has been buying and selling unimproved and improved real estate (mostly commercial property) for about 45 years and he has taught me a little bit.  

Just buy properties that are average in that neighberhood.  One person (R. Kyosaki)  says that the neiberhood is probably more important than a house.  I have seen several people say that mistakes and fear are pretty normal.  Learn from mistakes and turn any fear into something positive.  No matter what happens just keep on going.  Set hard-to-do goals and have many smaller chunks written down.  

Read you goals everyday to help you keep focused on what you are working on.  ASAP after you comfortably get any exterior locks changed on improved properties.  If the locks you just took off, if they are still in good shape, just put them at another address.  Good luck to you! I