Tuesday, January 11, 2011

Real Estate 101: Getting Started (part 1)

A few days ago I've started the Real Estate blog series, my personal references for everything about the new business I am venturing in.

After reading Robert Kiyosaki's book "Rich Dad Poor Dad", I was thinking of being in the real estate business as well, but like others, do not know where to start. I've done some research, and here are some tips to get started

1. Pick a specialty.
> There are a lot of subtypes in the real estate business, whether wholesaling, retailing, being a landlord, etc. Pick the one that suits your needs in the present - do you want instant cash? Then do wholesaling, or flipping. Do you need monthly income? Then obtain properties and rent it out. Whatever the case, first establish a specialty and focus on there, for now.

2. Invest in educating yourself.
> This holds true especially for newbies in the business. Attend seminars, take a few lessons or so, or get a mentor who has extensive experience in the field. Real estate business, like any other business entails a lot of learning. You may need to invest on your brain before you can actually do something. Finding a mentor or attending seminars will also help you gain more contacts and access to like-minded people, whom are very important in your overall progress. This is a process called "networking", creating a list for future use.

3. Create your team.
> In RE business it is important to work as a team and not individually. A real estate attorney, insurance agent, mortgage broker, CPA, an investor, a contractor and a mentor are just some of the pieces you will need for your business to succeed.

I'm feeling a bit sleepy, we'll continue in a few days.

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