knowing your real estate market.

Wow, I'm impressed... I wish my 20 year old daughter would take my advice and pursue investing, but she insists it's too complicated! I'm in El Paso visiting her now... I don't know how far we are from Arlington but there doesn't seem to be much to do here... LOL!
Anyway, my advice to you is to talk to the locals. Nobody knows the trends better than the people who live and work there. National statistics are too general, stick with the experts in your area for the most accurate information. Keep up the good work and best of luck to you!

I read your post and congrats on taking on this new challenge. I would gain knowledge of the local market by actually finding an agent, going into the office and sitting down with them and asking a ton a questions. Even if you do not use them for your team, gain as much useful info about your area as possible.

Also find a neighborhood/area you are interested in and go talk to the neighbors. Talk to the people that live and work there and by all means ask them about potential available real estate.

Good luck

read the real estate section of you local paper. Take of of the selling prices in certain areas/neighborhoods and read the articles for current market info related to where you live.

Thanks for the info it really will help assist me i know it will. I just got done reading part 2 and man WOW. I was already highly motovadited but this chapter help me with situation that was out of my control but i always reationalize and think before i act(unless my highly trusted human instinct take over)and the book really aided me and making the right decssion. It will be hard but i have to be the postitve and offer my shoulder when needed. I will definitely re-read this chapter upon finishing the book because its soooo true.

Tell your daughter to never limit herself. Have her read Be a Real Estate Millionaire. Not only is a great book but it changed my thinking. It opened me up to new possibilities and it gave me a new outlook on life. You can use the lessons he teaches , especially in Part II, to anything you do in life. I am only 18 and I am already starting in my real estate investing career. I am starting by assigning contracts and collecting finder's fees. I will later buy my own properties. You just have to separate yourself from the crowd and take action.

I have three daughters and I've taken them with me when I cruise neighborhoods, I've taken them to see houses I viewed and to closings, I've given them books to read, courses I've bought and tried everything to get them interested in investing. My oldest got married a year ago and I tried to talk her into investing in their starter home so when they move they'll have another nest egg, but they got an apartment instead, she said real estate is too complicated right now. So I'm not going to force it down their throats, I figure when they're ready they'll come to me. But it would be nice if they encouraged me like Anita's son does. I've always taught my daughters that they can do ANYTHING in life if they believe and don't give up their dreams. My encouragement comes from all the people on this site and from within. I know I can do it, I've already proven that to myself, it's just a little harder road when you're going it alone like some of the other ladies I've seen on the sight. A little support goes a long way... I really appreciate your words of encouragement, you will succeed in anything you do with your mindset. I think it's great that you have a good head on your shoulders at only 18 years of age!
Best of luck to you,
Elena

Hey Elena you can adopt me as 4th daughter I have no femily here. And when I talk to my mom in Germany she laughs at me.

How sweet!! I'd be more than happy to adopt you! Feel free to talk to me or ask me anything, anytime, I promise NOT to laugh! I was laughed at too, but they ALL stopped laughing when they saw that I did it, and they said "I knew you could do it!" Then I was the one laughing, all the way to the bank... LOL!
Give yourself a big hug from me,
Momma E

Thank you Elena. I will do all that really appreciate you and all.

No thanks necessary! We're here for you 24/7!!

I like that!

Lilie, you found someone very good to take you under her wing.
Remember, we are all here for each other. I love it!!

Rina

Hey,
As a computer lab assistant at a High School, I've adopted @ least 5 teenagers, so what's another addition to the family? But Rina's right we're ALL here for you Lilie!!
Elena

Thanks you all.

Hi Elena, my name is Tracy and I live in El Paso, TX. I am 23 yrs old and am doing my best to follow Deans program to become a successful real estate investor.

I was doing a search to see if anyone had posted any forum topics about investing in El Paso and this thread popped up. I read the part you wrote about "not much to be done in El Paso"

I see that youre quite successful yourself and seem to know what youre talking about. So im just curious, do you think im wasting my time here? I mean, I dont want to get started in an area that will just lead me to failure without chance.

I have read the book over and over from front to back several times and I have spoke with Deans people at the 'Success Academy' I have been saving like crazy to become a member but until then I am on my own. So I dont want to mess up by starting if there really is nothing to do here.

Thank you for your time. I look forward to hearing back from you.

** Tracy.

I clicked reply and thought this would go to Elena. Like I said, I am new so Im still learning how the site works.

I will copy and "PM" her.

I apologize for any confusion.

As I read through this thread, two things came to mind that are very important in knowing your real estate market. The first thing that I did, and this is important in every market that you may be working in is building a Power Team that will be able to help you with much of the necessary research that is going to be needed to make this a successful business for you.
Finding a quality real estate agent is going to be very helpful if you don’t have tools to determine property values on your own. The second thing is going to be becoming familiar with how your courthouse deals with property foreclosures. The great thing about finding a good “qualified” real estate agent is that they will be able to help you with the foreclosure process in your county and state.
When interviewing a real estate agent, one question that many times goes unasked is whether or not the real estate agent has experience in working with real estate investors. Many real estate agents obviously have experience working with retail buyers, but we are looking for real estate agents who have specific experience dealing with “wholesale” investors or in other words someone like you. Don’t be afraid to ask for references or examples of deals that real estate agents actually worked on to give you an idea if they are going to be able to help you. Also ask them if they know if your state foreclosure process goes through the Judicial Process for foreclosures, or Non-Judicial Process. If they are able to answer this question for you, it is likely that they will be able to help you as an investor.
As I read in other posts on this thread, don’t be afraid to ask as many questions as you need to get comfortable with them.

REMEMBER!!!!! You are hiring them, not the other way around. Good Luck!

Hi Rina,
I value your opinion highly so here goes... I have a great opportunity for funding my real estate deals. I have an investor who has agreed to fund my Real Estate Deal for a fee. I awant to make sure that I am choosing the right kind of property for my market. I am in georgia and currently, the unemployment rate is 10.2 statewide, 8.60 % of all properties have been foreclosed on, 25 Banks have FAILED and 24,681 jobs have been created w/stimulus funds.I said all this so you could see how we are doing as a state. People probalbly are being a little more careful with their money and they want to be sure they have a great opportunity for equity w/Real property. For these reasons, i believe that bank-owned properties would be the way to go. After speacking to a seasoned Real Estate Agent, who is helping to find sellers and buyers, he suggested that we target REOs, and I have POF Letter, but I do not have LLC, or a Trust ste up. Is it possible to have someone w/an llc add me on as a partner to complete this transaction? I plan to have a Dual-Closing and I am willing to pay 1% of salesprice. Are you in a position to help or can you refer me to someone who can? Also, what type of property would you target? What I like about Bank-owned is that

I can find those that are move-in ready, which means buyers can take title quickly.Also, I can gan me room to leverage the equity. There is room for all, when you have the right property. Right now, the ones from 90,000-$500,000
are attractive because we don't have to deal w/buyers trying to do JUMBO loans9They are a thing of the past pretty much)Let me know your thoughts. I am ready to make the most of my potential and i do not want to make rookie mistakes. I appreciate your willingness to talk with me and offer advice. Do you have proerties in Georgia? Have anything I might be interested in? I have an Agent who will Rep.seller and buyer and he is happy. I need to overcome the challenge of this LLC.

DOn't have funds to start my own, I will when my first deal comes through.
waiting for your input!!!!

God Bless!

Patrice