Friday, May 18, 2007

Just Getting Started?

If you are just starting out , the one thing you must determine is your plan.
What type of real estate investing do you want to pursue?

Wholesaling?
Pre-Foreclosures?
Subject-To?
Rehabbing?
Landlording?
Mobile Homes?
Bird-Dogging?

I know it can be a daunting task just by trying to figure out how
you're going to carve out your niche and finally kiss that
boss of yours good-bye.

If I had to start over again, knowing what I know now, I would focus on
just 1 niche.

There's no telling how much time and money I wasted trying to learn
1,001 ways to buy and sell houses.
Having all this information and knowledge made me $0.

So, if you're just finding your way into the world of creative real estate
investing, do yourself a favor....

1. Sit down and evaluate your financial position.
Can you afford to buy and hold property? Yes?
Well...can you afford to fix that property when it's
in need of a new furnace? No?
Can you afford to make those mortgage payments for each month
that you're starving to find a buyer or tenant?
No?
Then don't even consider becoming a landlord!

2. Write down your short-term goals.
How much cash do you want to generate within the next couple of months?
How many people do you know in the real estate industry?
Do you have any financial contacts and resources?

3. Write down your long-term goals.
How much do you want or need to make to replace your current income...and then some?
What are you doing today to achieve this?

4. Now that you've narrowed your niche, research the topic and find
a book...a course....a mentor....something --to give you an idea as to how
you're going to achieve your goals. See if you can find what fits your
needs >here<

5. Take action!
Taking action is without a doubt the biggest killer of fear. It doesn't matter
if you're buying houses within your 1st month or not.
Start small. Buy some business cards...place an ad...tell everybody you know what
you're doing....SOMETHING.
You'd be surprised just how much taking little action steps will get you
motivated.
Besides, I can guarantee you this:
You won't make a dime by sitting on your butt, reading about real estate investing.

Ask me how I know.

Til then.....




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