Real Estate Investing: What Program is Best?by Steve & Robyn Love
Real Estate Investing. Do you want to buy houses? Do you want to flip houses? Chase foreclosures or short sales? Do you know about “subject to” investing? Or how about lease option, wholesale, rehab and retail, buy and hold, mobile homes, apartments, commercial properties, probates, etc.? There are so many gurus teaching how to become rich with real estate investing that it is confusing. Who is the most reputable, experienced, and trustworthy teacher for what you want to do? What niche in real estate investing do you think you want to specialize in?
All of these questions are valid. How do you know who is the best teacher for you before you spend your money on their program? How do you know if the program will work for you?
The answer to the above questions are: It Depends.
It depends on the market. For example, when the market is 90% foreclosures, “subject to” investing (taking over someone’s existing loan) isn’t usually profitable because most houses are over encumbered. You could find a free and clear property, but then you wouldn’t be taking the property subject to the loan because there is no loan. You may want to use a seller financing technique.
It depends on who you ask. For example, it probably isn’t best to ask a person who has never bought a property. Or a person who has bought everyone’s product and never put it to use. It is a good idea to attend your local real estate investment group or club. You should be able to find seasoned investors to talk to and ask who trained them. Go on to real estate investing forums and ask your question. Attend some seminars and listen to the speaker and ask other attendees what they think.
It depends on where you live. For example, if you decide that you wanted to pursue lease options and you lived in Texas, you’d be breaking the law. If you wanted to take a property subject to the existing loan that was days away from the foreclosure sale you’d be breaking the law if you lived in Florida. How do you find out what is outlawed in your state? Attend a local investment club.
It also depends on how much money you have to spend. For example, the price of programs range from several hundred dollars to tens of thousands. After you do your due diligence on a speaker, you find out that his/her products are out of your price range. You want to get started, but don’t have the money. You could become a partner with someone else and split the cost, but partnerships have a whole array of their own difficulties. You can seek out a joint venture partner who is more experienced if you find a good opportunity.
It depends on your job. For example, if you work full time, how are you going to answer calls when the homeowner calls you back? Do you have the time to be driving all over your county looking at houses? Would you need to have a system that is automated and didn’t require much input from you?
It depends on your support system (spouse, family, friends). For example, if you are married and your spouse doesn’t want you spending the money or they think that real estate investing is a pipe dream and keep telling you to get a real job, then you must be very motivated to overcome the negative comments. I’m not suggesting you get a new spouse, but this attitude could suggest other problems in the relationship.
It depends on You. For example, are you a self motivated person or do you need someone to tell you what to do? You can read all about the programs available, but if you just can’t get going with writing letters, putting ads in the paper or some type of marketing, then you probably aren’t going to get any leads. Without leads, there’s nothing to buy. It could be a good idea to get coaching if you aren’t having success. But to be successful, you need to do what needs to be done.
So, there you have it. One suggestion that I can make it that you can listen for free to Prosperity Through Real Estate internet radio program and hear what the most successful investors and real estate trainers in the country have to say. This is a great place to start your research without being sold anything or encountering any annoying sales pitches. You can then better evaluate what niche resonates with you in your market and in your own present situation. Perhaps you’ll hear something that will get you to say “I can do that!”. You can access that program through www.irca-losangeles.com . To hear all the other 55 archived programs, you can go to www.ProsperityThroughRealEstate.com .
Steve & Robyn Love
Steve and Robyn Love are experienced real estate investors, real estate broker/agent and real estate appraisers. Both graduated from Ron LeGrand's Masters In Real Estate Course. When Ron was recruiting for someone to manage the Los Angeles branch for the Investor's Resource Center of America-Los Angeles chapter in 2005, he chose Steve and Robyn Love over the many who applied. Today, the IRCA is an independent organization and we have traininer from a diverse background to help you succeed. In addition to IRCA, Steve has an internet radio show (www.prosperitythroughrealestate.com) where he interviews industry experts, newbies and support personel to aid you in your real estate career. Both Steve and Robyn wrote the book "Home Remedy". This book contains true stories from other investor on some of their deals and is for investors to learn how to negotiate like the pros and the art of putting together a deal. The book is also for homeowners to learn what reale estate investors can do for them.