Our Graduate call for today focused on areas that related to those on the call. David from Richmond, Virginia had a lot of input for new investors that want to learn about real estate. He emphasized that most don’t have the credit or the down payment for financing. He mentioned the importance of doing what it takes to get to an investment club and how to socialize with those who are experienced. He mentioned it is good to do some research and find out from the paper or an online source about recent real estate data the relates to your specific area. That way when you do interact with others you will have some factual information to provide in the conversation. We also discussed how to leave another investor on a high point. Learn to leave the conversation when you have given the other person good insight. You want them to remember you for insight not if you left when there wasn’t anything more to say.
We also discussed a specific nitch. David is interested in working with rehabbers and one area is taking back streets that are in rougher drug laden areas. Some rehabbers take the risk and buy properties cheaply, & then can sell the homes at a low price. One can work with the community, police, and city hall to have support to slowly take back a neighborhood with putting in buyers that want to take care of their new home. This can be lucrative for these type of rehabbers but does take on the risk. It can also benefit the community as a whole.
We also discussed when a newbie starts in real estate that funding is important. We discussed the basics of Mortgage brokers, hard money lenders, partners, wholesalers, bird dogging, seller financing, lease options, and Subject 2.
We need to know how we can finance a property before we get into the finding or analyzing of a property.
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