I want to start my own business in real estate, and read about short sales. I thought that this may be a good place to start so I can build capital. I want to start investing, I’ve been a property manager for single family homes as well as two apartment buildings however, I feel there is more I need to learn before I jump in. Any advice on getting into short sales/foreclosure mitigation. I want to start this biz in Cleveland, Ohio.
You’ll receive a billion answers, because there’s quite a bunch of ways to start this. The first thing you should do is buy more books, read and re-read until your confident. Don’t go to a seminar and spend $4,000. But rather, spend $50.00 or so and buy 2-3 good books written by investors. It’s almost as good as having a mentor by your side except you’re not paying anything to them. One thing that I want to comment is that you’re in the right path about building capital. That’s your first priority. Second is making the right decisions and making sure the market you are in is sellable — you are able to flip that property within 6 months or less. Suggested reading below.
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I think if you want to get into the foreclosure business, first search were the foreclosures are in cleveland, then do some research on how much the houses near it (same style, bedrooms, baths) are going for. Compare it to how much you are going to buy it for. Figure how much money your're going to put into the house. Only buy houses that are in a decent area or you could get burned
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Starting your own business is a great idea.
Starting your own business in something that you don't know about is a bad idea. Go to work in someone elses loss mitigation department before you practise on yourself. Practise while getting paid to learn. Then start your business.
Otherwise open a property management firm, which you know about.
Best of luck
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ca re broker
a lot of hard work……………..
no two deals are the same………..
good luck……..
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See the link below. Lots of useful info there for investing and a number of active investors dealing with short-sales and foreclosures. Some will be in OH. One of the best is over in IN (look for posts by JT).
I have meet many of the more active investors who post. The site has been up since the mid 1990's and might be the oldest RE website on the web. The individuals are very much hands on plus know their stuff.
I post mainly in the finance forum. You can search the achieves. I post under my name, John Corey
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You'll receive a billion answers, because there's quite a bunch of ways to start this. The first thing you should do is buy more books, read and re-read until your confident. Don't go to a seminar and spend $4,000. But rather, spend $50.00 or so and buy 2-3 good books written by investors. It's almost as good as having a mentor by your side except you're not paying anything to them.
One thing that I want to comment is that you're in the right path about building capital. That's your first priority. Second is making the right decisions and making sure the market you are in is sellable — you are able to flip that property within 6 months or less.
Suggested reading below.
References :
Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days [ISBN 0978834682]
The Pre-Foreclosure Property Investor's Kit [ISBN 0471692794]
Take a closer look at the E-mail spam you received.
The checks are not scans. They were created with a desktop publisher.
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Everyone has given you really great advice so far. People think they can buy realestate and get rich! They forget that furnaces blow and roofs leak. You already have that experience as a property manager and that is a good start. The thing that no one tells you is that investing in real estate is a long term goal. Not get rich quick. Unless you have a lot of cash and can buy properties outright the profit starts real slow. With our current economic situation rents won’t go up very fast. The idea of investing is after say 15- 20 years the investments start paying off. If you are smart about it you try to pay down the mortgages as fast as you can. Don’t over leverage yourself or you will lose everything. You have to build your foundation with a strong base.You will work really hard for a long time for nothing. You will probably need to keep a regular job for a while. Some of these forclosures are really great. Even if purchased at 50% of value you won’t recieve enough to quit your job. You need to have down payment money otherwise it takes money to make money. The current foreclosure market just froze up with all this bail out stuff. All I see is the short sale and foreclosure market drying right up. Good luck! Don’t be foolish and know your local laws regarding tenants and landlords.