Determine Your Resources Before Picking a Strategy

As like you I had to start in real estate at some time. When most of us start in real estate we are gungho about going to the first real estate strategy we can. But, is that the best option for you?

Many love the strategy of assignments of contract. They may feel this is the most comfortable way to get started in the business. For a lot of people this is the best way. Ask others and they will tell you that lease options are the best because they can do it without money, and others tell you can get properties through refinances.

What path is best for you? The first you look at? Is the grass greener somewhere else?

When you start in the business of real estate I suggest that you create a resource audit of yourself before you pick your route.

What would be included in the audit?
-How much cash do you have available?
-How much capital on credit cards do you have?
-Do you have equity in property?
-What is your credit score?
-Do you have family or friends interested in being your financial partner?
-Do you already have experience in real estate?

Once you go through an audit you may find that you can purchase properties, fix them up then resell them instead of other routes. You may also find that other routes may be best for you. Keep the questions in mind before you finalize your route.

Buy and Sell – Have Money and Good Credit.
Lease Options – Have little money maybe not so good credit.
Assignments of Contract – Maybe no money or credit; maybe just want to get your feet wet before continuing to another option.
Buy and Hold – Have money and good credit and can handle a second mortgage for a short time if needed.

There may be other options for strategies but these are the most common.

Best of investing to you.