getting started???

Try calling re max . And when you call ask the person that answers if they have someone who works well with investors and see who she puts you with. Don't just call one go online and call a bunch also try Keller Williams. Feel them out until you find the right one for you . Once you get one on the phone tell them before we go out and look at a bunch of properties I. would like to see what the market is doing with cash buyers.Ask her to print you a copy of everything sold for cash in the target zip code in the last 30 days . Tell them you will pick it up . And boom you have a cash buyers list .

A buyers list is a KEY point in starting with this. Without buyers, who are you going to sell your deals to? When you are getting started, a buyers list is more important to work on than a Realtor. Once you have a good buyers list you can start finding a good Realtor and finding sellers.

My partner and I are currently about to finish up our first deal and have another one in the works! We only have 12 buyers on our list, which isn't a lot by any means, but it shows how easy this is to get started! We started in mid August and are already spreading into a different area to invest in.

The easiest way to get started that I've found is to find a friend that has the same dreams as you do and work together on this. My partner (aka investorinmissouri) was a good friend before we became business partners and its been an amazing journey so far. If you can't find a friend with the same goals maybe some other DG website attendees are interested. And if THAT doesn't go through its very possible to do on your own (and more profitable ) you just need confidence.

A very simplified action step list would be:

1. Build your Buyers list by placing ghost ads on free classified sites. If you have some money then make some Bandit signs and post them in newspapers as well. Newspapers will probably run you about 50-100 for a week in the paper. And each bandit sign can be as cheap as a dollar a piece. A ghost ad is just an ad that states you want to sell a property you don't have just to get the potential buyer's contact information. The ad should be simple and to the point, just make it realistic to your market but also make it discounted. You can also go to REI club meetings and network that way.
2. Build your power team, and optionally set up an LLC. The most important part of this is the Realtor since he/she will be the ones helping you find the good deals. You can also find good deals on your own time and way, but the MLS is a great place to start sending low ball offers in constantly. The rest would include a CPA (Accountant), Lawyer, Mortgage Broker, Contractors, etc.

   There are many posts on these forums about finding Realtors like tac's above, and its even in Profit from Real Estate Right Now! but I can try to sum it up for you:

   MAKE SURE YOUR REALTOR IS HUNGRY! After talking to a few Realtors you will see that some of them will try to crush your dreams, and some of them are just lazy not willing to do extra work... But very few of them are pure gold.

   Remax and Keller Williams are more trained to work with investors so I would try all of those brokers first. Call the main line and there should be a secretary answering the phones, ask them to put you through to the one that works best with investors. Here are a list of questions you can ask the Realtor:

   • Do you work with investors? If no, ask for a referral or just say "thank you for your time" and move to the next one.
   • Are you an Investor yourself? If yes, ask for an example to be sure. This isn't necessary but it's definitely a perk.
   • Are you comfortable submitting offers that are anywhere from 30 to 75% off the FMV of the home? This will help you eliminate the ones who will not submit your offers.
   • Are you familar with double/simultaneous closings? If yes, ask them how many they have.

   If all checks out then so far so good, they are qualified! Now you have to make sure they are going to do the work you want them to do. Tell them that you have a cash buyers list (this will answer their question to if you have proof of funds, there are also always other options for proof of funds). Then tell them you plan to close on X amount of properties per month with a ratio of 25 offers to 1 accepted. If they are comfortable with this you can go ahead and give them your criteria.

   I suggest doing this to multiple "qualified" Realtors, that way you can narrow it down even further to which ones respond faster, follow up more often, and things like that.

3. Start finding desperate sellers and make some deals happen! Use your Realtor(s) to submit low ball offers to everything that fits your investing criteria. Probates, divorces, preforeclosures, and even networking are also great ways to find sellers. Call your county and see if they have these records available to you.

I could have probably written 20 times more about the steps to getting started but I figured this was enough for now. Like Townie says on The Waterboy "YOU CAN DO IT!". I am still learning a TON and have only barely completed one deal, but if there's one thing I've learned, the best way to get started is to just GO FOR IT!

At first I was extremely overwhelmed, but I started to just take one piece at a time, and before I knew it my partner and I were locking up our first contract. So don't overwhelm yourself. Write down ideas as they come to you and take one piece at a time, and before you know it you'll have $10,000 in your pocket. How would you like that?

Have confidence and you'll go far!

Best of wishes,
Dominic

Another thing I remembered to post in there is that an LLC (Limited Liability Company) is not necessary, but it would be nice to set one up to protect any asset you have and to look more like an investor. It costs about 100 give or take to setup, depending on what state you're in. But when you start making offers, do it in the company's name. You'll also need to setup a bank account which requires an EIN (Employer ID Number) which you can apply for right after your business is approved by the state. You usually can apply for an EIN on the same website you applied for the LLC.

Like I said before it's not necessary but you'll want one eventually. Especially when you can afford it. If not, I wouldn't worry about it on your first deal. Just be careful with the legal stuff.

A website is also something you'll want after you create your LLC. If built right, its like an employee that works for you 24/7. It also makes you look more legitimate and professional.

Just some thoughts

Buyers list is key unless you are going to buy and hold. There is so much great information on this website. You just have to read a little bit everyday to keep you motivated and stay focused. Don't forget about the FSBO's in you local paper's. Some of them are very motivated. Maybe try to do a lease/option.
Good Luck,
Barbara