Real Estate Investment Associations (REIAs) are a great way to learn about investing in Real Estate. Many REIAs have monthly programs on hot topics such as foreclosures, short sells, wholesaling, rehabbing, asset protection, tax structure, and many others. The easiest way to start a part-time or complete-time real estate investment career is to attend your local REIA meeting. You can learn from local, regional and sometimes national professionals who will proportion their mistakes with you. These people will help you avoid the costly pitfalls they experienced throughout their career.
As one of my investor partners says, “You can do everything wrong in a real estate deal and nevertheless make money, I know, I’ve done it.” He often tells the story of his first investment real estate deal. He paid too much, his financing fell by, didn’t have an exit strategy, didn’t have a plan, and ended up closing the deal at the last moment. He refinanced, rented the house for about a year and a half, sold it and made about $60,000 profit. Part of his success was due to the hot market we have experienced in the last associate of years in Wilmington NC real estate, but real estate is one of the safest investments in the world in almost any market.
Where are the deals? Everywhere. There’s not enough money to buy all the deals you can find if you look in the right places. They’re everywhere. Pick a niche and go with it. use the time and a little money to educate yourself and make a lot later. Don’t get ready to get ready. Do it.