JordanP asked:
I’m interested in creating positive, consistent cash flow from real estate. As someone completely new at real estate (beyond owning my own home), what are the most important steps I should take to get started and succeed in the Ohio region? I’m particularly interested in rental property and house flipping. Looking for advice from experienced investors.
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I’m interested in creating positive, consistent cash flow from real estate. As someone completely new at real estate (beyond owning my own home), what are the most important steps I should take to get started and succeed in the Ohio region? I’m particularly interested in rental property and house flipping. Looking for advice from experienced investors.
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5 Users Response In " What are the top 3 most important steps to get started in Real Estate investing? "
November 17th 2008 at 12:40 AM
Hello,
The 3 most important steps in real estate investing, in my opinion, has to be :
(1) Finding
(2) Farming
(3) Financing
November 18th 2008 at 4:39 PM
I’ll try to answer your question with my own story. I own three homes of my own two of which are rentals. First of all it is a definate asset having a husband who is in construction, the homes I chose were fixer-upper homes obviously because of the price. I am also a realestate associate now and have learned a great deal about what the majority of people are looking for. I would definately suggest shopping around on the web to get an idea of what things are going for in your area. On the rental issue I absolutely would not be caught without a binding contract before anyone rents a property of mine. Theres a lot of things youll learn about people when you rent them a home!!!!
This is absolutely a great investment opportunity for you and I wish you luck.
November 20th 2008 at 3:50 PM
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November 22nd 2008 at 10:11 PM
1. Finding the right properties below current market values and as you locate this / theses properties have an idea of what it will cost you to rehab ( fix up ) these properties
2. Finding a lender that meet and exceed your needs (if you are going to flip these properties it would be best to find a true hard money lender to finance these or if you are going to hold these properties find a local lender that you can build a strong relationship with) Either way the most important thing when it comes to financing investment properties is to have a very good working relationship with your lender(s)
3. Advertise your property. Determine what you are going to do with these properties and advertise them accordingly. If you are going to owner finance them then make sure to put that in your advertisement. If you are going to retail them on the open market then find a realtor that will list them on the MLS for a flat fee to keep your cost down. If your going to flip them to another investor then the best thing to do is check and see if there is a local real estate investors association that you can join and check out yahoo groups for real estate investors groups. Make you some points of contact for flipping houses to other investors and find out what it is that they are looking for just in case you run across that very thing that they want. CH CHING$$$$$
email me at and I can send you plenty of links to some of the best real estate investors groups on yahoo
November 26th 2008 at 12:33 AM
If you’re interested in creating positive, consistent cash flow, then flipping shouldn’t be in your strategy. You should be looking into a buy and hold strategy. Ideally, you want to invest for both cash flow and appreciation.
The first step is to define your investment startegy. The second is to determine if you need any team players to help you with your startegy, such as financing or a Realtor to locate property. The third is to protect yourself by creating a legal entity to purchase and hold these properties.
Regards