The bare needs to start. Lets talk about it.
It can be overwhelming to start any journey and if you don’t know what you’ll need it can be so daunting you don’t even start.
Here are the BARE needs to start your real estate journey:
Determine your niche area to dominate. Typically within a 10mile circle and even better if its where you live.
Establish a basic knowledge of the area you plan to dominate and what each area provides in real estate (Retail, commercial, multi-family, industrial, warehouse, etc) and what the basic pricing per sqft is for each in each area.
Find a realtor that specializes in the real estate deals you are interested in doing. The more experienced realtors may and likely will have well established investors making them less likely to give you the best chance at the best deals. Don’t be afraid to be perfectly honest about your experience and ability, they will find out. Realtors can also provide help with comparable pricing, listings, offers, and usually have a network of industry people you made need.
Get a General Contractor that you can work with to establish cost once you are thinking about making offers. Getting line item bids that break down the cost is great, but really hard to get from someone if you aren’t paying for that time they are investing. General numbers are good to know and you can find a cheat sheet in our forms page.
Lender searches aren’t as hard as deal searches, if you found a real deal. Typically you can do hard money with only closing cost down IF you have a contract for 65% of ARV minus repairs. These numbers will be verified by the hard money or private money lender. Establishing a relationship with a lender is a great way to make business easier when they are needed. Lines of credit and other traditional loans should also be established if that is a possibility for you. Access to affordable funds is vital to success.
Purpose and determination mixed with A LOT of self awareness. You will find a lot of people willing to help you and ensure your success if you let them. Make sure you are driven with purpose but allow the experts to be the experts in their field, remember to trust; but verify.
