Home owner ready to buy investment properties

[Geraldine Magner]

I'm Geraldine,  

I have been interested in RI for many years,  but I am finally ready to take the plunge.  I would love to meet like minded people in Philadelphia.

[Michael Lee]

Hello and welcome to this website!  I am n Texas so I don't know much about Pennsylvania so make out the area you want to be in as far as economic diversity and population growth.  They both need to be positive for that area to work for you.  Besides picking out a niche and market to bi in there is a few things for you to do before you get started in real estate investing.  The are short term and long term investments for you to do.  It is fine to do a little of both kinds.  A combination of doing Fix and Flip as well as Buy and Hold can be very complementary and work well together.  Just be happy with what you choose.

Besides picking a niche and a market area to be in there are a few tags you should do, one of those things, depending about what you have personally, is to form some type of corporation and a LLC to form to protect yourself personally in law suits and bankruptcy. You might need that to protect yourself personally. You might need a lawyer and/or a CPA (or trusted accountants) to help you with a proper formation to do after you decide what to do. Another thing you could do is to get your financing figured out. Then get a loan letter that includes you average close date and your maximum loan that you qualified for.

Another thing you might want to do is find your office location but make sure there is minimal distractions they may prevent you from getting stuff done. You can locate that office in your living space if you want to just be sure you can close it off and not be lured into doing personal things around your place.  Another thing you need to do is try to form a Team of professionals that will help you get things done. The primary Team members should be is local and experienced in what you want them to do like Attornies, real estate Agents, CPA's (or accountants), Inspectors, General Contractors, and Handymen.

Being organized will help you get things done as well as liking what you select.  Do not try to do echoing yourself. It is OK to hire out to get things done you don't know how to get done or do not want to do.  Focus on trying to do what is income productive yourself.  Just do what is average for the neighberhood you are in.  The neighberhood looking nice overall will help you on resales.  Know the market that you select very well.  Track everything that you do to help you study the income and expenses on a regular basis to help your business grow.  Do not cut any corners to make something look better on paper. 

Have written goals and do planning that you can follow and celebrate.  You need a plan to follow. Vision boards placed so you can see them everyday.  Read your goals regularly to remind you of what you ought to do.  Set your goals pretty high and try to accomplish them in excess.  Always do things that exceed what is expected.  Only really listen to people that have been successful at what you want to do.  Go to local clubs and events to network with like-minded people and hang out with those who appear to be sucessful.  More learning will give you more confidence and help others look forward to you fixing their problem.  Be a problem solver for potential clients.  Keep in touch and/or follow up regularly with people and even with customers you have satisfied. 

I am 60 years old and I am very opinonated on what you are doing.  I have been in the contruction business since I was 17 including those college years,  I also held a Texas active real estate broker license for about 25 years but never did that full time.  If you think I could help you with anything please contact me through BP at any time.  I am usually on its site every day.

Good luck to you!