Tuesday 27 December 2011

Top 7 Mistakes Rookie Real Estate Agents Make

Every time I talk to someone about my business and career, it always comes up that "they've thought about getting into real estate" or know someone who has. With so many people thinking about getting into real estate, and getting into real estate - why aren't there more successful Realtors in the world? Well, there's only so much business to go around, so there can only be so many Real Estate Agents in the world. I feel, however, that the inherent nature of the business, and how different it is from traditional careers, makes it difficult for the average person to successfully make the transition into the Real Estate Business. As a Broker, I see many new agents make their way into my office - for an interview, and sometimes to begin their careers. New Real Estate Agents bring a lot of great qualities to the table - lots of energy and ambition - but they also make a lot of common mistakes. Here are the 7 top mistakes rookie Real Estate Agents Make.
1) No Business Plan or Business Strategy
So many new agents put all their emphasis on which Real Estate Brokerage they will join when their shiny new license comes in the mail. Why? Because most new Real Estate Agents have never been in business for themselves - they've only worked as employees. They, mistakenly, believe that getting into the Real Estate business is "getting a new job." What they're missing is that they're about to go into business for themselves. If you've ever opened the doors to ANY buriness, you know that one of the key ingredients is your business plan. Your business plan helps you define where you're going, how you're getting there, and what it's going to take for you to make your real estate business a success. Here are the essentials of any good business plan:
A) Goals - What do you want? Make them clear, concise, measurable, and achievable.
B) Services You Provide - you don't want to be the "jack of all trades & master of none" - choose residential or commercial, buyers/sellers/renters, and what area(s) you want to specialize in. New residential real estate agents tend to have the most success with buyers/renters and then move on to listing homes after they've completed a few transactions.
C) Market - who are you marketing yourself to?
D) Budget - consider yourself "new real estate agent$2C inc." and write down EVERY expense that you have - gas, groceries, cell phone, etc... Then write down the new expenses you're taking on - board dues, increased gas, increased cell usage, marketing (very important), etc...
E) Funding - how are you going to pay for your budget w/ no income for the first (at least) 60 days? With the goals you've set for yourself, when will you break even?
F) Marketing Plan - how are you going to get the word out about your services? The MOST effective way to market yourself is to your own sphere of influence (people you know). Make sure you do so effectively and systematically.
2) Not Using the Best Possible Closing Team
They say the greatest businesspeople surround themselves with people that are smarter than themselves. It takes a pretty big team to close a transaction - Buyer's Agent, Listing Agent, Lender, Insurance Agent, Title Officer, Inspector, Appraiser, and sometimes more! As a Real Estate Agent, you are in the position to refer your client to whoever you choose, and you should make sure that anyone you refer in will be an asset to the transaction, not someone who will bring you more headache. And the closing team you refer in, or "put your name to," are there to make you shine! When they perform well, you get to take part of the credit because you referred them into the transaction.
The deadliest duo out there is the New Real Estate Agent & New Mortgage Broker. They get together and decide that, through their combined marketing efforts, they can take over the world! They're both focusing on the right part of their business - marketing - but they're doing each other no favors by choosing to give each other business. If you refer in a bad insurance agent, it might cause a minor hiccup in the transaction - you make a simple phone call and a new agent can bind the property in less than an hour. However, because it typically takes at least two weeks to close a loan, if you use an inexperienced lender, the result can be disastrous! You may find yourself in a position of "begging for a contract extension," or worse, being denied a contract extension.
A good closing team will typically know more than their role in the transaction. Due to this, you can turn to them with questions, and they will step in (quietly) when they see a potential mistake - because they want to help you, and in return receive more of your business. Using good, experienced players for your closing team will help you infinitely in conducting business worthy of MORE business...and best of all, it's free!

Friday 23 December 2011

Real Estate Investment Clubs

The real estate investment clubs provide tremendous resources for both beginners and experienced real estate investors. The real estate investment club is a place to meet and network with other investors. Patient and skillful application of investment knowledge and information is required for a successful real estate investing. For success in real estate, there should be a combination of the power of investing knowledge and the power of market information. A real estate investment club through its thoroughly researched real estate investment ideas can arm you with all the necessary information to invest wisely in real estate.
As the competition in the field of real estate are high, Real estate investors need to keep themselves updated constantly on the new trends and developments in real estate investment. There can be new laws and taxes governing real estate. All this is hard to maintain if you are not a full time real estate investor. A real estate investment club is then the ideal place for you. All issues regarding real estate investment can be discussed and sorted out through the medium of real estate investment clubs. Being a part of an experienced and efficient real estate investment club in itself should form a part of the strategy to become a successful real estate investor.
Details regarding all other aspects of investments related to real estate like mortgage investments can be discussed in real estate investment clubs. The real estate club members bring out several publications to guide real estate and home buyers. Most real estate club members also provide information through Internet. Today, there are several different real estate software programs available in the market to help real estate investors. Before selecting software, you can discuss it with your real estate club members as some of them might have already used it and have opinions on it. A good real estate investment club can act as a good forum to clear all your doubts regarding real estate investment.
Real Estate Investments provides detailed information on Real Estate Investments, Real Estate Investment Trusts, Real Estate Investment Loans, Real Estate Investment Financing and more. Real Estate Investments is affiliated with Buying Investment Properties.

Friday 16 December 2011

3 Of The Top 9 Reasons That The Real Estate Bubble Is Bursting

If you own real estate or are thinking of buying real estate then you better pay attention, because this could be the most important message you receive this year regarding real estate and your financial future.
The last five years have seen explosive growth in the real estate market and as a result many people believe that real estate is the safest investment you can make. Well, that is no longer true. Rapidly increasing real estate prices have caused the real estate market to be at price levels never before seen in history when adjusted for inflation! The growing number of people concerned about the real estate bubble means there are less available real estate buyers. Fewer buyers mean that prices are coming down.
On May 4, 2006, Federal Reserve Board Governor Susan Blies stated that "Housing has really sort of peaked". This follows on the heels of the new Fed Chairman Ben Bernanke saying that he was concerned that the "softening" of the real estate market would hurt the economy. And former Fed Chairman Alan Greenspan previously described the real estate market as frothy. All of these top financial experts agree that there is already a viable downturn in the market, so clearly there is a need to know the reasons behind this change.
3 of the top 9 reasons that the real estate bubble will burst include:
1. Interest rates are rising - foreclosures are up 72%!
2. First time homebuyers are priced out of the market - the real estate market is a pyramid and the base is crumbling
3. The psychology of the market has changed so that now people are afraid of the bubble bursting - the mania over real estate is over!
The first reason that the real estate bubble is bursting is rising interest rates. Under Alan Greenspan, interest rates were at historic lows from June 2003 to June 2004. These low interest rates allowed people to buy homes that were more expensive then what they could normally afford but at the same monthly cost, essentially creating "free money". However, the time of low interest rates has ended as interest rates have been rising and will continue to rise further. Interest rates must rise to combat inflation, partly due to high gasoline and food costs. Higher interest rates make owning a home more expensive, thus driving existing home values down.

Wednesday 14 December 2011

Home Buyers and Sellers Real Estate Glossary

Every business has it's jargon and residential real estate is no exception. Mark Nash author of 1001 Tips for Buying and Selling a Home shares commonly used terms with home buyers and sellers.
1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.
1099: The statement of income reported to the IRS for an independent contractor.
A/I: A contract that is pending with attorney and inspection contingencies.
Accompanied showings: Those showings where the listing agent must accompany an agent and his or her clients when viewing a listing.
Addendum: An addition to; a document.
Adjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM periods are one, three, five, and seven years.
Agent: The licensed real estate salesperson or broker who represents buyers or sellers.
Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower's loan, expressed as a percentage rate of interest. The total costs are amortized over the term of the loan.
Application fees: Fees that mortgage companies charge buyers at the time of written application for a loan; for example, fees for running credit reports of borrowers, property appraisal fees, and lender-specific fees.
Appointments: Those times or time periods an agent shows properties to clients.
Appraisal: A document of opinion of property value at a specific point in time.
Appraised price (AP): The price the third-party relocation company offers (under most contracts) the seller for his or her property. Generally, the average of two or more independent appraisals.
"As-is": A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials.
Assumable mortgage: One in which the buyer agrees to fulfill the obligations of the existing loan agreement that the seller made with the lender. When assuming a mortgage, a buyer becomes personally liable for the payment of principal and interest. The original mortgagor should receive a written release from the liability when the buyer assumes the original mortgage.
Back on market (BOM): When a property or listing is placed back on the market after being removed from the market recently.
Back-up agent: A licensed agent who works with clients when their agent is unavailable.
Balloon mortgage: A type of mortgage that is generally paid over a short period of time, but is amortized over a longer period of time. The borrower typically pays a combination of principal and interest. At the end of the loan term, the entire unpaid balance must be repaid.
Back-up offer: When an offer is accepted contingent on the fall through or voiding of an accepted first offer on a property.
Bill of sale: Transfers title to personal property in a transaction.
Board of REALTORS® (local): An association of REALTORS® in a specific geographic area.
Broker: A state licensed individual who acts as the agent for the seller or buyer.
Broker of record: The person registered with his or her state licensing authority as the managing broker of a specific real estate sales office.
Broker's market analysis (BMA): The real estate broker's opinion of the expected final net sale price, determined after acquisition of the property by the third-party company.
Broker's tour: A preset time and day when real estate sales agents can view listings by multiple brokerages in the market.
Buyer: The purchaser of a property.
Buyer agency: A real estate broker retained by the buyer who has a fiduciary duty to the buyer.
Buyer agent: The agent who shows the buyer's property, negotiates the contract or offer for the buyer, and works with the buyer to close the transaction.
Carrying costs: Cost incurred to maintain a property (taxes, interest, insurance, utilities, and so on).
Closing: The end of a transaction process where the deed is delivered, documents are signed, and funds are dispersed.
CLUE (Comprehensive Loss Underwriting Exchange): The insurance industry's national database that assigns individuals a risk score. CLUE also has an electronic file of a properties insurance history. These files are accessible by insurance companies nationally. These files could impact the ability to sell property as they might contain information that a prospective buyer might find objectionable, and in some cases not even insurable.
Commission: The compensation paid to the listing brokerage by the seller for selling the property. A buyer may also be required to pay a commission to his or her agent.

Friday 9 December 2011

Real Estate Training Guide - How to Become a Successful Real Estate Agent

Real estate training is essential for the people who want to become a successful real estate broker. It helps them to learn all about real estate business. Real estate business requires some time, some basic knowledge of the business and skill to perform all transactions. Real estate business will be one of the good carriers for a hard working person. Real estate training suggests them all the ways to achieve their goals.
License is the basic requirement to become a real estate agent. Even it is an essential thing to conduct real estate business. Real estate Internet is the best option to join real estate business. Some states provide online training courses that will help you to complete pre-license requirements. Before joining real estate business people should satisfy some pre-license requirements. They should; be of at least 19 years, be managed a proctored exam, have high school diploma or some equivalent to it, pass a state exam, have completed a least approved course.
Generally real estate training gives some guidelines to understand some real estate basics. They can easily learn about ownership transfer, real estate law and math with the help of real estate training. They are taught how to deal to with real estate transactions during their course. Real estate training enables them to understand the tips and tricks of the real estate contracts. People who want to join some state approved courses should have initial license.
Anyone can be a successful real estate agent after completing real estate training. They can run a successful business only if they have great professional habits, good salesmanship and the enthusiasm to learn more about real estate. Real estate business requires great working skill.
People can learn about real estate business with some related books. They can also join some online courses that provide information via Internet. Nowadays several people are making money in real estate business. Real estate brokers should be kind, knowledgeable, efficient as well as trustworthy. They should know the skill how to attract more customers. They can also take some suggestion from the experienced real estate agents.
Real estate business may be wonderful business but only thing that it requires -real estate training.

Friday 25 November 2011

Investing In Real Estate Investors

With the never-ending changes in our Real Estate Markets real estate professionals are starting to pay attention to the sound of new commission streams of income. Some realtors have either shied away or ran-away from such terms as "Cap Rate," & "Cash-on-Cash Returns." Terms that only the 'smart' and 'numbers-oriented people use to determine if a Real Estate purchase is a "Good Deal", or not. A majority of the realtor brethren attended real estate school because they are excited and passionate about the promise of selling real estate and making a fantastic living. That being said "Times are a Changing." Even if you live in a Hot Market where residential real estate sells in 2-3 days there is an old approach to real estate that is growing faster by the day.....Residential Real Estate Investors.
This deft group of real estate investors is taking real estate and the real estate investment world into a new era! No longer accepting the crazy volatility of the Dow Jones and NASDAQ families. Unwilling to accept the investment practices of their fore-fathers these Investors throw caution to the wind for returns above the traditional 5-6% in their Roth or IRA accounts. These Investors are bold and oftentimes aggressive. Today's Real Estate Investors are all about the fast fix-n-flip, high appreciation, and rock solid monthly cash-flows. Cutting their teeth on investment in their own home-towns is only the beginning as the Serious Investors turn to points outside their own back-yards to other regions that demonstrate greater promise and higher returns. You may say well how does this older adult view their investment opportunities? For starters the age of these stealth hunters ranges from 28 to 68. From "Rich Dad-Poor Dad" book series to Trumps magical presence on "The Apprentice," the young real estate entrepreneurs are making their dreams happen to the tune of 3-5 acquisitions a year! Got your attention now? The typical Investor has good to great credit scores. Excellent cash reserves or hidden resources of partners with cash, and a willingness to make the deal happen at nearly any cost. The best kept secret of all is that these investing beasts travel in packs. Where you see one another is very close behind. In other words they know the people that you need to know to grow your investor database even larger. If the real estate professional does a good job the happy clients are likely to refer many of their fellow-investors. Not just investor clients but their regular every-day real estate business. Face it, if you can demonstrate to your clients how adept you are with their largest personal purchase of real estate, then wouldn't you suppose they will be over their "trusted real estate advisors" opinion on buying a basic home, condo or beach house?
So what if you haven't been focused in the real estate investment sector. And you are thinking this all sounds pretty good, let's give it a try. First question to ask yourself is who have your clients been working with or exploring their options of real estate investing with over the past 3-4 months. Statistically 6 out of 10 clients have considered investing in real estate or have already begun doing so before their realtor even has a chance to blink an eye. Got your attention now? How about the fact that in less than one year I increased my annual commissions by 30% by just positioning myself within my primary data-base of clients. All I did was let them know that I was ready, willing and able to begin assisting them with their "Investment Realty" needs. What I learned during the first year was that if I could create an environment for my clients to learn more about real estate investing that they would thank me in a variety of ways....Most importantly they would call me before writing a contract and would make sure that I was involved in every contract that wanted to make a real estate purchase. Before long 30% went up to 45% and further. Even if you aren't interested in expanding your client database, at least consider protecting the turf you have for so long spent tireless amounts of time and financial resources to maintain their allegiance. On the other hand if you are looking at your real estate career and are wondering how to reposition yourself for market growth certainly to go well into 2025, here are a few known facts about how real estate investors can improve your business.
1. Real Estate Investors are literally everywhere. Successfully tapping into your current database could increase your annual commissions by 20-30%.
2. Real Estate Investors will be loyal to the professional that helps fill the gap of their investment education. Workshops, mentoring groups, finding the "golden deals" in your market makes a huge impact!
3. Investing in Real Estate Investors doesn't have to mean that you lose your "typical" residential realtor position. Being a real estate investment specialist means you are smarter than the average realtor in the market.
4. Mortgage professionals are struggling to provide real estate investors with property deals, so when you can place an investor into a good deal the referrals will begin to flow even more.
5. Real Estate Investors tend to be more conscientious about your personal time away. Investors also like to shop Monday-Friday for their deals before the "Weekend Warrior" investors get out into the competition. This translates into more normal hours and days of operation for you and your business.
6. Real Estate Investors buy-sell cycles are shorter than primary home purchasers resulting in more transactions in shorter time-frames.
If any of these points are encouraging you to seek new options in your business then make sure to sign up for the monthly "Grow your Real Estate Investment business" e-mail newsletter from http://www.InvestorLoft.com additionally, other excellent tools to improve and expand your real estate business can be explored at the InvestorLoft's educational Shoppe.

Thursday 24 November 2011

Real Estate Investing - Books,TV Infomercials, and Seminars

Real estate investing has become popularized today because of real estate investing TV infomercials and traveling seminar circuits. But real estate investing has not always been so popular.
In the 1960s, William Nickerson wrote, "How I Turned $1000 into Three Million in Real Estate" and "How to Make a Fortune Today Starting from Scratch." It was one of the first real estate investing books to get national attention. A little later, Al Lowry authored "How You Can Become Financially Independent by Investing in Real Estate." Al Lowry might be called "the father of the modern-day real estate seminars," because he was the first to hold seminars as a result of his book sales.
But it was Mark Haroldsen who carried the real estate investing book/seminar thrust to the next level. Haroldsen wrote, "How to Wake Up the Financial Genius Inside You." If you were tuned in to real estate investing at that time, you remember the newspaper and magazine advertising showing a picture of suave and bald-headed Mark leaning against the front hood of his Mercedes. The picture appeared everywhere in full page ads of major publications. And as Mark began selling his books, he began holding real estate investing seminars. I have had lunch with Mark and Al Lowry as they swapped stories of the advertising blitzes that vaulted them into national prominence for their real estate investing prowess. Mark later wrote "The Courage To Be Rich" and "Tax Free."
But it was Robert Allen who capitalized on the previous groundwork by Lowry and Haroldsen. Robert Allen was reportedly paid $1 million advance royalties for his best-selling book, "Nothing Down," a compilation of 50 techniques for buying property with no money. Robert had learned these techniques from several years experience with a commercial real estate firm. He later wrote "Creating Wealth" and "Getting Started in Real Estate Investing." The Robert Allen Real Estate Investing Seminars became a phenomenal marketing bonanza. Conventions were held in the major cities across the country, like Orlando, LA, Dallas, Chicago and Atlanta. The authors of various real estate investing techniques spoke at these seminars, but their spiel focused on selling packages of real estate investing materials that they offered for sale. Millions of dollars of real estate investing materials were sold at these 3 day conventions. The convention frenzy ushered in what has since become known as "The Nothing Down Real Estate Movement" of the early to mid-1980s.
I keep all of these books in my personal library, and you can probably still find them in your public library and book stores. There's a lot of great information in these books that can make you very knowledgeable, even though some of the ideas are out-dated.
We are now presented a variety of ways for making money in real estate investing in TV infomercials, books and seminars. Which is best? Who can say? Real estate investing is learned through trial and error. Real estate investing skills and techniques are acquired by practice. I don't think anyone can dogmatically recommend a technique best for another person. Every real estate investor has unique needs and is in a unique situation. Objectives of real estate investing differs.
However, if you are limited with real estate investing educational dollars and need to generate quick return on investment, I think fixing up cheap houses is an ideal beginning point. Real estate investing in makeover properties generates quick, profitable dollars with low risk.
Phil Speer, Ph.D., started his real estate investing career 25 years ago. Without the availability of credit and using only a $10 bill, he purchased $1 million in properties in his first year, and had accumulated $10 million in properties by his fourth year. http://www.CashinHouses.com/. He was featured in a Wall St.Journal editorial as most successful investor in the Nothing Down Real Estate Movement, and was honored with a Caribbean cruise as top investor of the year. In his hometown of Nashville, Tennessee, he has been a businessman and Human Resources Consultant for 30 years. He is an author, speaker and seminar director.

Reinventing Real Estate, Part 2: Online and Empowered Consumers Are Taking Charge and Paying Less

Demanding consumers
"Internet buyers tend to be better informed on market conditions and better prepared to act on the home they want when they start working with a realtor. Luckily for realtors, these changes don't necessarily hurt, as long as they are able to adjust to the new relationship and realize that the new-style buyers value speed and efficiency over guidance when finding a home."
- E-marketer, Internet Home Buyers Changing the House Rules
Thanks to the Internet and other technological innovations, more real estate information is freely available than ever before. As a result, consumers are demanding new choices, improved services, faster transactions and lower prices. According to a recent NAR survey, the number of sellers stating that they didn't want to pay a sales commission fee rose from 46 percent in 2003 to 61 percent in 2004. In 2004, 23 percent of Florida home sellers opted to sell independently without an agent, up from 14 percent in 2003 and nearly double the 14 percent national average, according to Planet Realtor.
And Web-enabled consumers are demanding a high digital IQ when working with real estate professionals. In addition to being well-versed on their own industry-specific technology, real estate professionals now are expected to utilize laptops, mobile phones, digital cameras, personal digital assistants and global positioning systems to keep pace with Internet buyers and sellers.
Downward pressure
"If consumers are going to do their own home-shopping online, they expect to save some money, just as they would for using the self-service lane. That's why they are susceptible to online discount brokers and the new affinity companies that are promoting lower commissions if only the consumers will use their agents. These business models promote the idea to consumers that they ought to be paying less money in commissions."
Realty Times Columnist Blanche Evans
Traditional real estate commissions, typically around six percent of a home's selling price, are facing downward pressure from consumers and competition. Some consumers claim traditional real estate commissions don't reflect:
- Today's home prices. Years ago, when median-priced homes sold for $25,000, real estate commissions were typically five percent, or $1,250. Today, with South Florida median home prices around $300,000, the cost of a six percent full-service real estate commission becomes $18,000. Some brokers even charge additional fees to cover administrative costs. When you consider that today's average homeowner sells a home every five to seven years, real estate commissions can dramatically impact your personal savings and net worth.
- Owner equity. When selling properties, most homeowners calculate the cost of selling as a portion of sales price, though the commissions are paid out of owner equity. (Equity is the difference between the value of your property and amount of mortgages owed.) Consider this example: You decide to sell a property for $250,000 in which you hold 10 percent equity, or $25,000. After paying a six percent commission of $15,000, you are left with $10,000 before any applicable closing costs. In this example, the $15,000 commission is six percent of the selling price, but 60 percent of the $25,000 equity.

Tuesday 15 November 2011

Reinventing Real Estate, Part 1: Online and Empowered Consumers Are Taking Charge and Paying Less

For decades, the real estate world turned in a predictable manner. The roles of buyers, sellers and real estate professionals were fairly well defined and transactions followed a predictable path of yard signs, newspaper ads, open houses and miles of paperwork.
Recently, online and empowered consumers have changed the game. Real estate professionals now face issues similar to the ones that have transformed the retail, personal finance and travel planning industries. As technology advances and new business models evolve, the real estate industry has begun to transform itself from providing traditional, carefully controlled "agent-centric" transactions to new "consumer-centric" practices. The following is a look at some of the recent industry trends and how buyers, sellers and investors can expect to benefit. The "Five Ds" that are driving change in real estate are:
1. Disruption - Over the past 10 years, the Internet has matured into a powerful platform for delivering real estate information, forever changing the interaction between buyers, sellers and real estate professionals.
2. Displacement - The popularity and acceptance of self-service and consumer-direct business models is being felt by real estate professionals, who are striving to develop attractive new offerings for Web-savvy consumers.
3. Demanding consumers - You now have more real estate knowledge, tools and resources at your fingertips than ever before. More savvy consumers tend to be more independent and demanding.
4. Downward pressure - Traditional real estate commissions of 5-6 percent of a property's sales price are facing downward pressure.
5. Developing alternatives - The real estate industry is transforming itself to provide targeted services and exciting new options that add value for consumers. 
Disruption

"We are going to see our industry go through dramatic transformation via the Internet and consolidation of agents and companies." - eRealty Times Columnist Dirk Zeller
Some industry observers have adopted Harvard Business School professor Clayton Christensen's term "disruptive technology" to explain recent developments in real estate. Though it's easy to point to the World Wide Web and advancing technology as the main changes in real estate, that's only part of what's shaking things up. Essentially, the real cause of disruption is not just technology, but technology-enabled real estate consumers.
Web-enabled consumers
According to the National Association of Realtors (NAR), more than 72 percent of homebuyers now begin their home search online. The popularity of online real estate ads surpassed newspaper property listings back in 2001, and the gap is widening. Less than one percent of buyers first learned about the home they purchased on the Internet in 1995, while in 2004, that number passed 20 percent.
According to a California Association of Realtors (CAR) survey, 97 percent of respondents said the Web helped them understand the buying process better and 100 percent said using the Web helped them understand home values better. Web-enabled homebuyers like you are taking a more active role in researching homes and neighborhoods. You also now spend less time with real estate professionals once you have completed your research. Internet homebuyers also used the Web effectively to filter out properties that did not interest them, visiting 6.1 homes on average versus 15.4 for traditional buyers.

Sunday 6 November 2011

Beat the Crowd When Investing in Real Estate

We all are thinking about it and some of us are actually taking action and getting their hands on real estate investment properties. The longer the NY Stock Exchanges doesn't produce desirable returns the more people are starting with real estate investments.
For most of us the obvious choice of properties are single family homes. Although you can invest in real estate without owning a home, most people follow the experience they made while purchasing their own home. This is familiar ground and the learning curve for doing a real estate deal of this type is pretty slim.
Of course there's a drawback with this approach. The competition is fierce and there are markets where investors are artificially driving up the cost of the properties while completely discouraging first time home buyers. If this is the case, the burst of the real estate bubble is just a matter of time.
How do you avoid these situations and still successfully invest in real estate? How do you get ahead of the competition and be prepared for bad times in real estate investments as well? The only answer I have is commercial real estate.
Why commercial real estate you might ask? Commercial real estate is a solid investment in good and bad times of the local real estate market. The commercial real estate I'm referring to are multi unit apartment buildings.
Yes you will become a landlord and No you don't have to do the work by yourself. You are the owner and not the manager of the apartment building. The cost of owning and managing the building is part of your expenses and will be covered by the rent income.
Apartment buildings are considered commercial real estate if there are 5 or more units. To make the numbers work you should consider to either own multiple small apartment buildings or you should opt for bigger buildings. This will keep the expense to income ratio at a positive cash flow. Owning rental properties is all about positive cash flow.
With investing in single family homes it is easy to achieve positive cash flow. Even if your rent income doesn't cover your expenses 100%, the appreciation of the house will contribute to the positive cash flow. With commercial real estate the rules are different.
While single family homes are appraised by the value of recent sales of similar homes in your neighborhood, commercial real estate doesn't care about the value appreciation of other buildings. The value of the property is solely based on the rent income. To increase the value of a commercial real estate you need to find a way to increase the rent income. The formula on how this is calculated would be too much for this short article. I listed a few very helpful books where you can find all the details.

Tuesday 25 October 2011

Real Estate Stories that Show You How!

Let's begin easing you out of the pits. I mean, comfort zone! I'm going to slowly and methodically give you as many little sparks and insights to the relatively simple ways that ordinary people use real estate to achieve extraordinary results.
Stories are the best spark plugs. They let you casually observe from a safe, secure and understandable view point. I will write to answer most of the questions that I feel I myself would ask if I was reading what you are about to read.
I want you to know something from the very start of this report and that something is this: I care about you and I sincerely mean that. I really do want you to move to a new comfort zone, one that is pleasurable and free from fear. A place where you realize you have the power to achieve greater things than you currently can imagine.
It's possible for you to start being a more powerfully directed purpose-driven individual who is well organized and on track to higher achievement. You will change and grow, slowly and steadily with every page you read. With every thought and insight you gain, your desire and courage will grow as well.
Napoleon Hill wrote one of the greatest books of all time. It's called "Think and Grow Rich." The essence of that book, the secret it reveals time and again is this: you must develop a burning desire.
Don't put this book down thinking the previous statement is cliché and that you already knew that! I am simply leading you to my next point, the next point being is - your desire needs a starting point. So to start developing desire, my secret is you must have a purpose. Why do you want to pursue real estate? I know what you're thinking: to make money, to have security, to feel useful and appear successful. Good points. I agree you can have all of that and more if that is what you desire.
Now here is something that comes before any of those things you desire. What is the purpose of all those things? Purpose, purpose, purpose...you need to first define purpose before you get the things. My purpose, or so I thought early in my career, was to move up to a nicer house and have my first house become my first rental property. When I moved up to the next one, I quickly learned as soon as I rented it out, I was in some way responsible for creating happiness and security in the life of another person that was of no relation to me.
It soon was evident to me how the choices I made in choosing that first property either would help me or hurt me in my quest to succeed in the real estate investment business.
All of it is cumulative, everything you do and how you do it adds up. It compounds itself and it either makes your life easier or more difficult. I am going to give you experiences that you can learn from that will make your life easier; I am going to show you how. That is my purpose.
The book that gave me the unknowing courage to take my first steps in real estate was a book called "How I Turned $1000 into $3 Million in real estate in my spare time" by William Nickerson. He was a master storyteller and by osmosis, after reading his book, I found myself gravitating towards the real estate classified section of my Sunday paper.
Eventually I leapt and my life had changed. It was an FHA foreclosure, a two-bedroom, one-bath home with a built-in, screened-in pool, with a Jacuzzi and a built-in sprinkler system. I bought it for $46,000 and used the HUD 203K rehab program to fix it up. I spent $16,000 to update and make repairs. They then gave me one loan for a total of $62,000. It took me three months to complete it and I was in; I had done it!
My life changed, I learned, I took the leap. From then on I had confidence. I had already had my first home but now I had two. Well, I was in the Coast Guard and wouldn't you know, three months later we moved. Uncle Sam took me out of St. Petersburg, Florida and dropped me in Kodiak, Alaska, for my next tour of duty.
Well guess what? I was armed with ambition, courage, confidence and just enough knowledge to be considered dangerous, so I bought a duplex as soon as I came ashore on Kodiak Island. Now I had three dwellings and my relationships and responsibilities were growing with my new tenants counting on me to provide a clean, functional and pleasing environment for them to exist in.
It looked like this: My mother rented my first house and an elderly couple rented the second one and my duplex came with an existing tenant who was a hospital administrator, so I was lucky. I was able to ease myself into the role of landlord without getting burned early in my career. I now had two houses and a duplex in the span of about one year. My brothers and some other family members took notice and were pretty well dumbfounded.
They couldn't figure out how I had, all of a sudden, become a real estate wizard.
It felt good to make that change in so short a time.
I got that from reading a book! And that my friend is how you are going to do the majority of everything you do in real estate, by reading and taking steps towards duplicating the success of others in a repeatable pattern. The key is to understand that you can do it if you read the right books and apply the very basic formulas that are handed to you. 
There lies in: Magic Bullets in Real Estate

This is a common man or woman's real estate manual. William Nickerson never gave me anything so easy as "Magic Bullets!" So I learned trial by fire and it has been very gratifying. I've since went on to collect 17 properties, 23 tenants, 2 real estate licenses in Florida and Alaska, an assistant appraiser's certificate and over a hundred books on real estate. I just kept learning and growing and gaining momentum for the last 13 years. I am still in the Coast Guard, too, and I work at Alaska One Realty in my spare time. In two more years, I will be retired at the ripe old age of 42. Sounds like a sort of fairytale, doesn't it? Don't let me fool you. It's hard work and I'm still not a millionaire, but I want you to have the truth, so I will be honest with you every step of the way.
I know why I am not a millionaire and here is why. I would periodically sell property that was going up in value and paying for itself through the rent checks. But being in the Coast Guard would dislocate me every four years, so I found myself selling out in order to avoid being what is called "an absentee landlord."
This is an important lesson for you. It has prevented me from becoming a millionaire up to this point. The lesson is: find an area on this planet that you could and will live in, and stay close to it. Don't move more than 10 miles from your farm area. The farm area is where all your properties are located. Long distance "land lording" is tough! It can be done but you lose the ability to control the situation compared to if you were there. I've served my country and saved people's lives, so for me it has not been in vain. I have no regrets but if you don't have to leave your area of expertise, don't!
The networks you build and the contacts you build, in the process of "doing" real estate, are so valuable that when they are no longer at your disposal, it puts you at a serious disadvantage.
Not to mention when you move you have to acclimate yourself to an entirely different market, build new trust-based relationships and start all over again. It's like a treadmill you'll be running and running, however it gets you nowhere.
I've used it to my advantage. I have been forced to accelerate my abilities to rapidly duplicate my success whenever I am moved, but it is still an uphill battle. My point: Don't move too far from your farm or your network of bankers, appraisers, carpenters, tradesman, real estate, friends, tenants and so on. Once you have the skill you can duplicate your success anywhere you go but if you don't have to go...enough said on that!
I like to say, "Don't sell the goose to get the eggs." What that means is if you need money to buy more property, use equity lines from other property to do it. You will get the same amount of money or more by using an equity line as if you sold it. However, you get to keep the asset and the money! I go into this in "Magic Bullets," so I won't drone on here. Just know you don't have to sell your property to get the cash out of them.

Tuesday 18 October 2011

Real Estate, Real Property and Leased Land; Definitions, Discussion and Explanations

Delaware, and the rest of the original British Colonies, has some land that is leased rather than owned by the residents of that land. Much of it is not evident to the casual observer.
The land on Lewes Beach is leased, not owned by the home owners. The land of Lewes Beach is owned by the Town of Lewes. The lands of Rehoboth by the Sea and Dewey Beach include leased land too. Most of the leases on that land will NOT be renewed but will return to the owners and the homes on top of that land will be removed by the home owners at their expense. Much of the land in Riverdale, on Indian River Bay, adjacent to Oak Orchard is leased as well. In Riverdale the leased land is owned by Chief Clark of the Nanticoke Indians.
We have about half the inhabitants of Sussex County living on leased land; most of that leased land is found in what people call mobile home parks or communities. However, in those communities there are seldom any homes that are truly mobile and there are even two story stick built homes on some of the leased lands in those communities. Condominiums and town houses are sometimes found on leased land as well. Some folks find all this rather difficult to understand.
We Realtors and Attorneys use the term fee simple to describe land that is being sold as real property; that is real estate. We used the term leased land or leasehold interest to describe land that is not transferring as real estate.
This rather lengthy text is regarding Leased Land, Real Estate, Private Property, Chattels, Mobile Homes, Homes on Leased Land and a legal dissertation to define, describe and determine the differences.
Terminology is important when discussing Real Estate, i.e. real property.
Black’s Law Dictionary is the recognized, definitive source for legal definitions under our American Law; which is derived from English Law
PROPERTY: In the strict legal sense, an aggregate of rights which are guaranteed and protected by government. BL6, p. 1216.
PERSONALTY: Personal property; movable property; chattels; property that is not attached to real estate. BL6, p. 1144
PROPERTY: (personal property) - In broad and general sense, everything that is the subject of ownership, not coming under the denomination of real estate. A right or interest less than a freehold in realty, or any right or interest which one has in things movable. BL6, p. 1217
Therefore personal property, is that which can be easily removed from the real estate, and is not real estate. Personal property includes crops, trees, shrubs, trailers, sheds, cars, mobile homes, manufactured homes that have a Department of Motor Vehicle title instead of a deed, and the contents of a home or building. In a home or business the personal property includes drapes, lighting fixtures, rugs (not installed carpeting) free-standing cabinets and cupboards, furniture, and all the contents of closets, drawers and buildings. Buildings without a foundation, that is sheds that are just supported by blocks are chattel property, that is personal property, and not part of the real estate. Such chattel includes dog houses and particularly the little storage buildings that are so common outside of homes today.
LANDS: In the most general sense, comprehends any ground, soil or earth whatsoever... Black's Law dictionary 6th Ed. (BL6), p.877

Thursday 13 October 2011

Eight Tips For Launching Your Real Estate Investing Career

%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AEight+Tips+for+Getting+Started+in+Real+Estate+Investing%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AIntroduction%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AThis+article+is+just+the+basics+for+getting+started+in+real+estate+investing.+This+is+not+a+how+to+article+but+an+article+that+gives+you+some+information+about+things+to+do+to+get+started.+Everything+in+this+article+is+tools+that+can+be+applied+to+helping+anyone+get+started+in+real+estate+investing.+I+am+going+to+give+you+my+eight+keys+to+getting+started.+Nothing+is+right+or+wrong+but+reflects+the+point+of+view+of+the+author.+Laws+and+legal+practices+vary+from+state+to+state%2C+and+laws+can+change+over+time.+The+author+does+not+vouch+for+the+legality+of+his+opinions%2C+nor+is+there+any+intent+to+supply+legal+advice.+The+author+strongly+encourages+the+reader+to+consult+with+professionals+and+an+attorney+prior+to+entering+in+any+real+estate+transaction+or+contract.+The+author+is+not+a+writer+but+he+is+a+real+estate+investor.+There+will+be+grammar+mistakes+and+errors%2C+so+don%27t+be+too+critical+of+the+grammar+but+focus+your+energy+on+what+is+being+said.+With+that+said+prepare+yourself+to+think+a+little+differently+and+expand+your+mind.+Let%27s+get+started+on+an+amazing+adventure.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AThe+Eight+Tips+are+as+follows%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B%22%3E%0D%0A%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E1.%09Desire%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E2.%09Goal+Setting%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E3.%09Learning+What+To+Do%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3@+1.5em%3B%22%3E4.%09Attending+a+Real+Estate+Investing+Seminar%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E5.%09The+Billings+Montana+Market%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E6.%09Finding+a+Mentor%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E7.%09Your+Real+Estate+Team%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E8.%09Just+Do+IT%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0A1.%09Desire%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0ABefore+we+get+in+to+the+bolts+and+nails+of+real+estate+investing+in+I+want+to+talk+to+you+about+desire.+If+you+are+going+to+be+successful+at+anything+in+life+including+real+estate+investing+you+have+to+have+the+desire+to+do+it.+Desire+is+defined+as+longing+or+craving%2C+as+for+something+that+brings+satisfaction+or+enjoyment.+Desire+stresses+the+strength+of+feeling+and+often+implies+strong+intention+or+aim.+In+real+estate+investing+if+you+don%27t+have+a+desire+to+learn+and+grow+as+a+human+being+and+really+get+satisfaction+out+of+it%2C+then+real+estate+investing+is+going+to+be+hard+to+do.+When+I+go+out+and+look+at+a+property+it+brings+me+a+lot+of+enjoyment.+Every+aspect+brings+me+joy+from+talking+to+home+owners%2C+figuring+out+how+I+can+make+a+deal+work%2C+to+buying+the+house+and+to+finding+a+good+homeowner+or+tenant+for+the+house.+Real+estate+investing+may+not+be+for+everyone+but+real+estate+investing+can+offer+anyone+the+financial+freedom+we+all+crave+for.+If+you+do+not+have+the+desire+for+real+estate+investing+that+is+ok%2C+it+can+still+help+you+to+live+your+dreams+and+help+you+to+get+where+you+want+to+go+in+the+future.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AWhy+is+real+estate+investing+an+amazing+avenue+for+anyone+to+live+out+all+of+their+dreams%3F+Let+me+ask+you+a+few+questions.+Do+you+have+enough+money+to+do+anything+you+want%3F+Do+you+have+everything+you+want%3F+No+debt%3F+A+nice+house%3F+Great+Marriage%3F+The+freedom+to+do+anything+regardless+of+how+much+it+costs+and+the+time+it+takes%3F+If+you+have+all+of+these+things+then+you+are+one+of+the+few+people+in+America+who+does.+Most+people+may+be+working+fifty+hours+a+week+and+making+just+enough+to+pay+their+bills.+In+today%27s+day+and+age+most+people+are+living+pay+check+to+pay+check+never+really+knowing+if+they+will+make+enough+to+pay+the+bills+that+just+keep+piling+up.+If+you+cannot+keep+up+with+your+monthly+bills+how+are+you+going+to+plan+for+retirement+or+send+your+kids+to+college+or+have+time+to+enjoy+life.+The+answer+to+all+of+these+questions+is+becominf+financially+free.+Now+it%27s+not+going+to+be+easy+everyone+will+have+to+get+off+the+couch+and+out+of+their+comfort+zone.+Real+estate+is+proven+to+be+one+of+the+fastest+ways+to+get+your+out+of+the+rat+race+of+the+nine+to+five+and+begin+living+the+life+you+deserve+to+live.+Everyone+wants+something+different+out+of+their+life.+Some+dream+of+traveling+the+world%2C+spending+more+time+with+family%2C+volunteering%2C+golfing%2C+laying+on+a+beach%2C+giving+back+to+the+community%2C+or+anything+that+will+make+them+happy.+There+are+thousands+of+things+that+make+people+happy.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AMaking+it+in+real+estate+takes+a+person+who+has+a+strong+desire+to+change+their+lives+for+the+better+and+think+big.+Anyone+can+become+a+great+real+estate+investor.+It+is+going+to+take+a+lot+of+work+and+can+be+a+struggle+at+times+but+in+the+end+it+will+be+the+most+amazing+feeling+ever.+The+people+that+make+it+in+real+estate+investing+all+have+a+few+things+in+common.+First+they+run+their+real+estate+investing+business+like+any+other+business+out+there.+Second+they+get+out+there+and+network+with+anyone+and+everyone.+Some+people+might+be+like+me+and+have+a+hard+time+talking+to+other+people.+If+you+are+that+is+ok%2C+anyone+can+learn+how+to+become+a+people+person%2C+it+just+takes+hard+daily+work.+You+have+to+push+yourself+past+your+comfort+zone.+The+third+thing+is+that+you+cannot+be+afraid+to+fail.+Everyone+has+failed+at+something+but+the+most+successful+people+out+their+le`rn+from+their+failures.+The+fourth+thing+is+that+you+have+to+put+a+good+team+together.+I+will+go+into+putting+a+team+together+in+a+later+chapter.+The+concept+of+putting+a+team+together+is+so+that+when+you+don%27t+know+something+you+have+team+members+that+know+what+to+do+and+can+help+you+with+questions.+The+can+also+make+sure+that+you+are+not+working+yourself+to+death.+You+do+not+want+to+be+the+person+doing+everything+in+your+business.+Doing+everything+is+a+receipt+for+failure.+You+have+to+put+together+good+people+who+you+can+trust+and+rely+on.+The+fifth+thing+is+that+you+need+a+mentor.+Sixth+and+final+is+the+desire+to+do+it.+No+one+can+become+successful+at+something+if+they+don%27t+want+to+do+it+and+don%27t+get+satisfaction+out+of+what+they+are+doing.%3C%2Fdiv%3E%0D%0A%3C%21--more--%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0A2.%09Setting+Goals%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AHaving+goals+is+one+of+the+most+important+aspects+of+achieving+what+you+want+in+life.+You+don%27t+want+to+just+have+your+goals+up+in+your+head+you+want+to+write+them+down+and+past+what+you+have+wrote+on+the+wall+somewhere+or+in+the+bathroom+mirror.+You+want+to+review+your+goals+daily+and+read+them+out+loud+to+yourself.+This+way+you+remind+yourself+everyday+why+you+are+building+your+business.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AHow+should+you+start+to+write+down+you+goals%3F+First+off+you+should+think+big%2C+and+by+big+I+mean+HUGE.+If+your+goals+are+too+small+you+will+easily+achieve+them+and+have+nothing+else+to+look+forward+too.+You+should+start+off+by+asking+yourself+the+question+if+I+had+all+the+money+and+time+in+the+world+what+would+I+do%2C+what+would+I+buy%2C+how+would+I+spend+my+time%2C+and+how+would+I+spend+my+energy.+Are+you+starting+to+write+these+down%3F+Well+you+should+be.+Think+about+what+you+want%2C+spending+time+with+family%2C+traveling+the+world%2C+the+best+cars%2C+a+castle%2C+owning+a+small+country%2C+running+for+president%2C+having+the+biggest+real+estate+investing+business+in+your+area+or+in+the+country.+Whatever+your+dreams+and+what+you+want+out+of+your+life%2C+write+it+down.+Some+of+my+goals+are+becoming+free%2C+traveling+the+world%2C+having+a+Ferrari%2C+having+10+vacation+homes+all+over+the+world.+Right+now+I+am+just+trying+to+get+you+out+of+your+comfort+zone+of+thinking+and+let+your+imagination+run.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AThere+are+several+ways+to+set+goals.+I+have+learned+a+lot+of+ways+you+can+set+you+goals+and+there+is+no+right+or+wrong+way.+The+best+ways+that+I+have+found+to+set+your+goals+is+to+break+them+up+into+two+categories.+First+your+short+term+goals.+This+should+be+goals+from+a+month+out+to+around+a+year.+The+second+is+your+long+term+goals+these+goals+are+you+think+big+goals+and+what+you+see+for+your+future.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AFor+year+one+I+like+to+first+make+a+list+of+what+I+want+to+achieve+this+year+and+I+will+give+you+an+example+of+how+to+do+that.+For+year+one+you+want+to+be+very+specific+first+you+want+to+list+what+you+want+your+income+to+be+at+the+end+of+the+year%2C+next+how+much+cash+in+the+bank+you+want+%28this+is+money+in+your+checking+account%2C+not+assets%29.+Next+you+want+to+list+how+much+you+are+going+to+give.+Giving+is+a+very+important%2C+this+can+be+giving+to+charity%2C+giving+of+gifts+to+friends+and+family%2C+giving+to+your+school+or+anything+you+can+dream+of.+As+long+as+what+you+give+brings+joy+to+others+who+need+it+more+than+you.+Next+list+what+bad+habits+you+have+that+you+want+to+eliminate.+Weather+is+be+quitting+smoking%2C+spending+too+much+on+junk%2C+drinking+too+much%2C+working+too+much%2C+not+spending+enough+time+with+family%2C+too+much+TV%2C+not+exercising+and+many+more.+We+all+have+bad+habits+that+need+to+be+changed+in+order+for+use+to+grow+as+human+beings.+Under+each+of+these+bad+habits+list+out+some+steps+that+you+can+take+in+order+to+quit+them.+If+you+bad+habit+is+being+lazy+and+not+exercising+enough+what+can+you+do+to+change+that.+Well+you+can+get+a+gym+membership+or+a+home+work+out+program.+Commit+yourself+you+following+through+with+a+plan+to+work+out+3-5+days+a+week.+For+you+to+change+these+bad+habits+you+have+to+be+totally+committed+and+follow+through+with+a+detailed+plan+you+set+for+yourself.+After+you+have+your+plans+in+place+you+should+start+listing+several+things+you+want+to+achieve+or+do+in+the+next+year.+This+can+be+start+a+successful+business%2C+spend+time+with+family%2C+travel+to+2-5+places+and+so+on.+Now+under+each+of+these+you+should+also+write+a+detailed+plan+on+what+you+need+and+what+you+need+to+do+in+order+to+achieve+these+goals.+Finally+you+should+take+all+of+this+information+you+have+a+write+on+page+on+what+you+see+your+life+being+over+the+next+year.+Doing+this+is+a+great+exercise+to+really+see+what+you+want+out+of+life.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AGoals+Year+One%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B%22%3E%0D%0A%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3EThis+is+what+I+am+going+To+Do+This+Year%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3EIncome%3A+%24500%2C000%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3ECash%3A+%24100%2C000%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3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ght%3A+1.5em%3B%22%3E2.%09Be+a+Real+Estate+Millionaire+by+Dean+Graziosi%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E3.%09Flip+your+way+to+financial+freedom+by+Preston+Ely+%28this+is+an+E-Book%29%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E4.%09Four+hour+work+week+by+Timothy+Ferriss%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E5.%09The+Attractor+Factor%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E6.%09Short+Sale+Pre-foreclosure+Investing+by+Dwan+Bent-twyford+and+Sharon+Sestrepo%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E7.%09Keys+to+success%2C+by+Napoleon+Hill%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E8.%09Think+and+Grow+Rich+by+Napoleon+Hill%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E9.%09How+to+win+friends+and+influence+people%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E10.%09Any+Book+by+John+C.+Maxwell+%28he+has+tons+of+amazing+leadership+books%29%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E11.%09Getting+Started+in+Real+Estate+Day+Trading+by+Larry+Goins%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E12.%09The+E+Myth+by+Michael+Gerber%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E13.%09How+to+be+a+quick+turn+real+estate+millionaire+by+Ron+Legrand%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E14.%09The+Power+of+Full+Engagement%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E15.%09The+It+Factor%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E16.%09Anything+by+Anthony+Robins%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AThere+are+tons+more+you+can+read+but+these+will+give+you+a+great+start.+You+should+also+read+books+on+negotiating%2C+sales%2C+motivation%2C+and+biographies+on+American+business+people.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AI+hope+this+list+gives+you+the+knowledge+it+has+given+me.+If+you+learn+and+apply+what+you+have+learned+from+these+books+there+is+no+reason+that+you+should+not+become+very+successful.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0A4.%09Attend+a+Real+Estate+Investing+Seminar%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+jtstify%3B%22%3E%0D%0AAttending+a+Real+Estate+Investing+Seminar+can+be+one+of+the+best+places+to+learn+about+real+estate+investing+from+some+very+well+known+experts.+There+are+several+seminars+going+on+all+over+the+country+every+weekend.+If+you+live+in+a+big+city+it+will+be+very+easy+to+find+one.+If+you+live+in+a+town+like+Billings+Montana+you+might+need+to+travel+a+little+ways+to+find+one.+Now+most+of+the+best+meeting+cost+money+to+attend+them.+Some+range+from+five+hundred+dollars+for+three+days+and+some+can+be+up+to+%2420%2C000.+There+are+a+few+that+I+would+recommend.+Than+Merrill+is+a+great+speaker+to+go+hear.+I+have+learned+a+ton+from+him.+You+can+find+his+company+online+by+Google+searching+him.+Also+rich+dad+poor+dad+has+seminars+all+over+the+country.+I+attended+one+of+their+seminars+in+Billings+Montana+for+only+%24500+dollars+and+learned+a+ton+from+it.+There+is+also+Preston+Ely%2C+Larry+Goins%2C+and+hundreds+of+speakers+out+there.+If+you+find+a+great+book+that+you+really+enjoyed%2C+then+just+simple+search+for+that+person+online+and+see+if+they+are+speaking+somewhere+or+offer+a+seminar+close+to+you.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AAnother+reason+I+recommend+going+to+a+seminar+is+because+they+get+you+pumped+up+and+motivated.+I+have+not+yet+found+anything+else+that+just+gets+you+feeling+like+you+can+do+anything.+When+you+get+back+from+one+of+these+seminars+you+will+have+tons+of+energy+and+knowledge.+Every+time+I+get+back+from+one+all+I+want+to+do+is+going+out+and+do+a+deal+or+ten.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AThese+seminars+will+also+provide+you+with+several+opportunities+to+purchase+amazing+real+estate+investing+tools%2C+software+or+learning+material+at+a+fraction+of+the+cost.+Believe+me+when+I+tell+you+all+of+the+low+priced+seminars+try+to+sell+you+something.+But+a+lot+of+times+what+they+are+trying+to+sell+is+some+really+good+stuff.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AAnother+reason+to+attend+a+seminar+is+to+network+with+other+investors+and+build+relationships+with+them.+You+can+meet+other+investors+who+you+can+partner+with+on+a+deal%2C+sell+a+deal+too%2C+people+who+will+provide+you+with+deals+and+so+on.+You+should+have+hundreds+of+business+cards+made+up+and+try+to+give+them+all+out.+You+never+know+how+much+one+business+card+you+hand+out+can+make+you.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0A5.%09Learn+About+the+real+estate+market+in+your+area%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AMost+real+estate+investors+start+their+career+off+my+investing+around+where+they+live.+This+is+why+I+do+my+real+estate+investing+in+Billings+Montana.+You+can+venture+out+when+you+have+more+experience.+The+reason+behind+this+is+because+we+feel+more+comfortable+with+the+areas+and+know+the+areas+better.+It+is+also+easier+to+get+local+real+estate+information+that+we+need.+Investing+in+your+local+market+is+also+cheaper+to+start+out%2C+there+is+less+travel+costs%2C+you+can+see+what+you+are+buying+and+it+may+give+you+a+feeling+a+comfort.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AFirst+you+have+to+decide+which+part+of+town+is+the+best+place+to+invest+in.+This+can+be+determined+by+what+kind+of+real+estate+investing+you+choose+to+do.+I+have+not+gone+over+the+types+of+real+estate+investing+but+some+include+rehabbing+%28fixing+up+and+selling%29%2C+wholesaling+%28finding+deals+and+selling+them+to+other+investors%29%2C+buying+to+rent%2C+and+there+are+a+few+others.+These+are+the+real+estate+strategies+that+I+use+for+the+most+part.+When+looking+at+the+market+you+need+to+see+where+other+investors+are+buying+their+houses.+Most+of+the+best+deals+will+be+found+in+low+to+middle+class+neighbors+hoods.+By+low+I+don%27t+mean+drug+infested+war+zones%2C+what+I+mean+is+blue+collar+safe+neighbor+hoods+that+might+have+somewhat+older+houses+and+houses+that+are+not+on+the+higher+end+price+side.+Now+you+can+find+deals+in+the+higher+priced+neighbor+hoods+but+most+will+be+in+the+low+to+middle+income+neighborhoods.+When+looking+where+others+are+buying+ask+local+realtors%2C+other+investors+or+appraisers.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AWhen+talking+with+investors+ask+them+several+questions+such+as+what+neighborhoods+they+prefer%2C+what+type+of+houses+they+buy+%283+bed+2+bath%29%2C+and+what+they+do+%28rehab%2C+rent%2C+wholesale%29.+You+should+not+look+at+other+investors+as+competition+but+try+and+work+with+them.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AThere+are+different+types+of+markets+such+as+appreciating+markets%2C+flat+markets%2C+and+deprecating+markets.+Appreciating+markets+are+markets+that+there+is+no+enough+houses+or+a+very+high+demand+for+houses+which+causes+the+price+of+houses+to+go+up.+The+reason+there+is+a+high+demand+for+housing+can+be+because+of+job+growth%2C+a+very+appealing+area%2C+or+several+reason.+Flat+markets+are+markets+that+have+no+or+very+little+growth.+This+means+that+there+is+not+a+lot+of+demand%3B+buy+just+enough+to+fill+every+ones+needs.+Depreciating+markets+are+where+there+is+a+lot+more+houses+than+people+to+fill+those+house.+This+causes+house+prices+to+start+going+down.+This+can+be+because+of+a+large+employer+leaving+the+area%2C+a+natural+disaster+or+just+over+building.+There+is+an+old+saying+buy+in+a+bust+and+sell+in+a+boom.+In+depreciating+markets+you+can+pick+up+several+deals%2C+while+in+appreciating+the+house+prices+are+going+to+be+much+higher+and+harder+to+find+great+deals.+The+deal+will+still+be+out+there+you+just+have+to+know+where+to+find+them.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0ALearning+your+market+is+another+key+to+becoming+successful.+Real+estate+Brokers+and+experts+in+your+area+can+be+the+best+source+of+information+for+you.+Learn+to+use+them+to+find+out+what+kind+of+market+you+are+in.+If+you+are+in+Billings+Montana+we+are+in+a+pretty+stable+market.+Billings+Montana+has+not+seen+the+ups+and+downs+that+other+markets+have+experienced.+I+will+have+to+say+that+I+have+been+noticing+a+little+bit+of+a+downward+trend+but+not+much.+Once+the+first+time+home+buyer+credit+is+over+with+we+might+see+a+little+more+decline.+Every+market+can+vary+by+neighborhood%2C+so+make+sure+you+know+you+market+well.+I+have+seen+the+same+houses+just+one+mile+apart+selling+for+totally+different+prices.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0A6.%09Find+a+Mentor%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23233333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AHaving+a+mentor+to+help+you+can+be+your+biggest+learning+experience.+Mentors+can+help+you+with+any+questions+you+may+have%2C+walk+you+step+by+step+through+the+investing+process%2C+give+you+moral+support%2C+you+learn+from+their+proven+system%2C+and+also+network+you+with+others+in+the+business.+Every+successful+real+estate+investor+that+I+know+says+they+owe+a+lot+of+their+success+to+the+mentors+they+have+and+had+in+their+lives.+I+have+had+one+of+the+best+mentors+around%2C+my+father.+He+is+teaching+me+something+new+every+day+and+pushing+me+to+become+successful.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AWhen+trying+to+find+a+mentor+I+would+suggest+network+with+the+investors+at+your+local+real+estate+investors+club+meeting.+There+is+a+real+estate+investing+club+in+Billings+Montana+that+meets+once+a+month.+You+can+find+information+about+real+estate+investing+clubs+in+your+area+by+searching+for+REA+or+real+estate+investors+club+then+your+area+in+Google.+When+you+go+to+the+meetings+ask+around+who+the+biggest+investors+are.+Then+ask+if+you+could+get+together+with+them+sometime+and+discuss+real+estate+investing.+Ask+them+if+they+would+consider+working+with+you+to+get+their+career+going.+Offer+your+services+as+a+bird+dog.+Bird+dogs+are+people+who+go+out+find+deals+or+leads+about+deals+and+give+them+to+other+investors.+A+bird+dog+gets+from+%24500+to+%243000+dollars+depending+on+the+deal.+Make+sure+that+you+have+a+bird+dog+contract+signed+with+the+investors+saying+that+if+you+find+them+and+deal+and+they+buy+it+that+you+get+paid+a+certain+amount+of+money.+Being+a+bird+dog+helps+you+to+build+credibility+with+the+investor+and+they+are+more+likely+to+mentor+you+if+you+have+something+to+offer+them.+If+you+would+like+to+contact+me+with+a+question+go+to+my+web+site+Big+Sky+Property+Solutions+LLC.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0A7.%09Your+Real+Estate+Team%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B%22%3E%0D%0A%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3EBuilding+an+effective+team+can+make+your+life+as+a+real+estate+investor+a+lot+easier.+You+are+only+one+person+and+cannot+do+everything+or+be+an+expert+in+every+aspect+of+real+estate+investing.+Going+at+a+project+alone+can+become+one+of+the+most+frustrating+experiences+you+will+ever+encounter.+Many+people+have+become+frustrated+and+quite+real+estate+investing+because+they+try+and+juggle+too+many+things.+Make+sure+that+when+putting+a+team+together+you+provide+everyone+with+win-win+opportunities.+When+someone+knows+that+working+with+you+is+going+to+make+them+money+they+will+put+you+as+a+higher+priority+on+their+list.+But+you+have+to+prove+it+to+them+that+you+are+the+real+deal.%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3EPeople+to+have+on+your+real+estate+investing+team+include%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B%22%3E%0D%0A%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3Eo%09Real+Estate+Agents+%28+find+the+top+agent+for+volume+of+sales+in+your+area+and+other+agents+who+work+with+real+estate+investors%29%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3Eo%09Real+Estate+appraisers+%28find+an+appraiser+that+has+done+a+few+hundred+jobs+or+more+and+make+sure+they+carry+errors+and+omissions+insurance%29%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3Eo%09Real+estate+contractors+%28good+rehab+crews+that+can+get+the+job+done+in+a+timely+manner%2C+have+3-5+crews+and+on+every+deal+get+3+estimates+done.+Ask+for+referrals+from+them+and+make+sure+they+are+licensed%29%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3Eo%09Real+estate+attorneys+%28every+investor+needs+an+attorney%2C+they+can+help+to+protect+your+assets%2C+make+sure+you+find+one+that+works+with+investors%29%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3Eo%09A+property+management+company+%28can+manage+your+properties+and+will+give+you+leads+on+property+they+are+managing+that+might+come+up+for+sale%29%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3Eo%09Title+companies+%28take+care+of+the+legal+process+and+make+sure+there+are+no+liens+against+the+property+you+are+buying%2C+choose+one+that+does+hundreds+of+closings+a+year%29%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3Eo%09Home+inspectors%28charge+about+%24400+but+will+give+you+a+great+inspection+and+could+save+you+thousands+in+the+long+run%29%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text,align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3Eo%09And+your+Mentor%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AAll+of+these+people+can+help+you+in+various+aspects+of+real+estate+investing.+You+might+find+that+there+are+a+couple+others+that+are+keys+to+your+business+but+this+is+just+a+list+of+a+few.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0A8.%09Just+Do+it%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AThere+is+no+better+phrase+out+there+then+JUST+DO+IT%21+Once+you+have+learned+all+you+can+networked+with+investors+in+Billings+and+learned+real+estate+investing+strategies+there+is+nothing+left+to+do+but+get+your+feet+wet.+There+is+no+better+learning+tool+out+there+then+doing+a+deal.+Once+you+have+completed+that+first+deal+you+will+know+what+to+expect+and+find+out+that+it+is+not+as+hard+as+you+thought+it+would+be.+You+will+have+learned+what+you+did+right+and+what+was+frustrating.+Take+that+experience+and+ask+yourself+what+would+have+made+it+run+smoother.+Apply+that+to+your+next+deal.+Then+the+next+deal+will+be+easier+and+it+keeps+getting+easier+as+you+go.+I+will+say+that+every+deal+is+different+from+the+last+but+that+what+makes+this+business+fun.+You+have+to+be+creative+and+always+keep+on+learning+and+growing+with+your+business.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AThe+average+person+never+uses+what+they+learn.+Don%27t+be+average+apply+your+knowledge.+When+going+out+and+doing+your+first+deal+act+like+you+have+done+1000%27s+of+deals.+The+fastest+way+to+change+a+habit+is+to+act+like+it+is+true.%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B%22%3E%0D%0A%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3EFive+keys+for+success%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E1.%09Specialized+Knowledge%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E2.%09Tools+of+a+professional%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E3.%09Have+the+mindset+of+a+winner%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E4.%09Mentors%3C%2Fspan%3E%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E%26nbsp%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%3Cdiv+style%3D%22text-align%3A+justify%3B%22%3E%0D%0A%3Cspan+style%3D%22line-height%3A+1.5em%3B%22%3E5.%09Money+and+the+knowledge+of+leveraging+it+%28you+don%27t+have+to+have+millions+to+invest+in+real+estate%2C+there+are+many+strategies+out+there+to+use+other+people%27s+money%2C+or+no+money+at+all%29%3C%2Fspan%3E%3C%2Fdiv%3E%0D%0A%0D%0A%3Cdiv+style%3D%22color%3A+%23333333%3B+font-family%3A+Arial%3B+font-size%3A+12px%3B+line-height%3A+1.5em%3B+margin-bottom%3A+1em%3B+padding%3A+0px%3B+text-align%3A+justify%3B%22%3E%0D%0AThis+is+going+to+conclude+this+article+about+getting+started+in+real+estate+investing.+I+hope+this+gave+you+some+ideas+about+how+you+can+get+started.+I+didn%27t+give+you+any+strategies+at+this+point+but+look+for+some+in+upcoming+articles.+These+are+simple+steps+you+can+use+to+get+started.+If+you+read+this+article+thank+you+for+listening.%3C%2Fdiv%3E%0D%0A