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Tracy Hungerford

Resumen biográfico 8 Tips For Launching Your Real Estate Investing Profession RealEstateLaw.jpg8 Tips for Getting Started in Real Estate Investing Launch This article is just the basics for getting were only available in real estate investing. This is not a how to write-up but an article that gives you some information about things to do to get started. Everything in this post is tools that can be applied to helping anyone get started in real estate investing. I will give you my eight keys for you to get started. Nothing is right or wrong but reflects the point of view of the author. Laws and legal practices vary from state to state, plus laws can change over time. The author will not vouch for the legality of their opinions, nor is there any intentions of supply legal advice. The author strongly stimulates the reader to consult with professionals and an attorney prior to entering in any property transaction or contract. The author is not a writer but he is a real property investor. There will be grammar mistakes plus errors, so don't be too critical of the grammar but focus your energy on what is being said. With that said prepare yourself to think a little differently and increase your mind. Let's get started on an amazing adventure. The Eight Tips are as follows 1 . Desire 2 . Goal Setting several. Learning What To Do 4. Attending an actual Estate Investing Seminar 5. The Billings Montana Market 6. Finding a Mentor 7. Your Real Estate Team 8. Just Do IT 1 . Desire Prior to we get in to the bolts plus nails of real estate investing in I want to talk to you about desire. If you are intending to be successful at anything in life including real estate investing you have to have the desire to do it. Wish is defined as longing or craving, in terms of something that brings satisfaction or pleasure. Desire stresses the strength of feeling and frequently implies strong intention or goal. In real estate investing if you don't have a wish to learn and grow as a person and really get satisfaction out of it, then real estate investing is going to be hard to do. When I head out and look at a property it brings me a lot of enjoyment. Every aspect brings me joy from talking to property owners, figuring out how I can make a deal work, to buying the house and to finding a great homeowner or tenant for the home. Real estate investing may not be for everyone but real estate investing can offer anyone the financial freedom we all crave for. If you do not have the desire to have real estate investing that is ok, it can nevertheless help you to live your dreams plus help you to get where you want to go ahead the future. Why is real estate investing an amazing method for anyone to live out all of their dreams? Let me ask you a few questions. Do you have enough money to do anything you want? Do you have everything you want? No debt? A nice house? Great Relationship? The freedom to do anything regardless of how much it costs and the time it takes? If you have all of these things then you are one of the few people in America who does. A lot of people may be working fifty hours a week and making just enough to pay their particular bills. In today's day and age most people are residing pay check to pay check never truly knowing if they will make enough to pay the bills that just keep piling up. If you cannot keep up with your monthly bills how are you going to plan for retirement or even send your kids to college or have time to enjoy life. The answer to all of these queries is becoming financially free. Now it will not be easy everyone will have to log off the couch and out of their comfort zone. Real estate is proven to be one of the fastest ways to get your out of the corporate jungle of the nine to five and begin living the life you deserve to reside. Everyone wants something different out of their living. Some dream of traveling the world, spending more time with family, volunteering, golf, laying on a beach, giving to the community, or anything that will make all of them happy. There are thousands of things that make people happy. Making it in real estate property takes a person who has a strong wish to change their lives for the much better and think big. Anyone can become a great real estate investor. It is going to have a lot of work and can be a battle at times but in the end it will be the most beautiful feeling ever. The people that make it in real estate investing all have a few points in common. First they run their real estate investing business like any other company out there. Second they get out there and network with anyone and everyone. Some people might be like me and have a hard time talking to other people. If you are that is ok, anyone can learn how to turn into a people person, it just takes hard every day work. You have to push yourself past your comfort zone. The third thing is that you cannot be afraid to fail. Later failed at something but the most successful people out their study from their failures. The fourth thing is that you simply have to put a good team collectively. I will go into putting a group together in a later chapter. The idea of putting a team together is so that when you don't know something you have team members that know what to do and can help you with questions. The can also make sure that you are not working yourself to death. You may not want to be the person doing everything in your business. Doing everything is an invoice for failure. You have to put together good people who you can trust and depend on. The fifth thing is that you need a mentor. Sixth and final will be the desire to do it. No one can become successful at something if they don't want to do it and don't get satisfaction out of what exactly they are doing. 2 . Setting Goals Getting goals is one of the most important aspects of achieving what you want in life. You don't want to only need your goals up in your head you wish to write them down and past what you have wrote on the wall somewhere or even in the bathroom mirror. You want to review your goals daily and read them out loud to yourself. This way you remind yourself everyday why you are usually building your business. How should you start to write down you goals? First off you need to think big, and by big After all HUGE. If your goals are too small you will easily achieve them and also have nothing else to look forward too. You need to start off by asking yourself the question if I had all the money and time in the world exactly what would I do, what would We buy, how would I invest my time, and how would We spend my energy. Are you starting to write these down? Well you needs to be. Think about what you want, spending time with family, traveling the world, the best cars, the castle, owning a small country, running for president, having the biggest real estate investing business in your area or in the country. Whichever your dreams and what you want from your life, write it down. Some of my goals are becoming free, vacationing the world, having a Ferrari, having 10 vacation homes all over the world. Right now We are just trying to get you out of your comfort zone of thinking and let your own imagination run. There are several ways to established goals. I have learned a lot of methods for you to set you goals and there is no right or wrong way. The best ways that I have found to set your goals is to break them up into 2 categories. First your short term goals. This should be goals from a 30 days out to around a year. The second is your own long term goals these goals are you think big goals and what you see for your future. For year a single I like to first make a list of what I want to achieve this year and I will give you an example of how to do that. For year one you want to be very specific very first you want to list what you want your income to be at the end of the year, next how much cash in the bank you want (this is money in your checking account, not assets). Then you want to list how much you are going to give. Giving is a very important, this can be giving to charity, giving of gifts to friends and family, giving to your school or even anything you can dream of. As long as what you give brings joy to other people who need it more than you. Following list what bad habits you have that you want to eliminate. Weather is be quitting smoking, spending too much on junk, drinking too much, working too much, not spending enough time with family, a lot of TV, not exercising and many more. We all have bad habits that need to be transformed in order for use to grow as humans. Under each of these bad habits list out some steps that you can take in purchase to quit them. If you bad habit is being lazy and not exercising sufficient what can you do to change that. You can get a gym membership or perhaps a home work out program. Commit yourself you following through with a plan to work out 3-5 days a week. That you should change these bad habits you have to be completely committed and follow through with a detailed plan you set for yourself. After you have your plans in place you should start list several things you want to achieve or fag the next year. This can be start a successful business, spend time with family, travel to 2-5 places and so on. Now under each one of these you should also write a detailed plan on things you need and what you need to do in order to achieve these goals. Finally you should take all of this details you have a write on page on what you see your life being over the the coming year. Doing this is a great exercise to really discover what you want out of life. Goals Season One This is what I am going To Do This Year Income: $500, 000 Cash: hundred buck, 000 Give: $20, 000 Bad Habits that will be changes: Over Sleeping 1 ) Go to bed at 11 p. meters. 2 . Use a timer and set it for 8 hours 3. Fixed the timer on the other side of the area Buying things that you don't need: 1 . Heading out shopping less 2 . If you have the to buy something think to yourself will be thing item going to help me to achieve my goals of becoming financially free? 3. Tell friends what you are doing, so they can help to stop you. What I want to Achieve: Start a successful Real estate investment Business: (you should write a detailed step by step plan of everything you need to get your goal) Travel: Where do I want to visit? 1 . Gators soccer game (what I need to do it, cash, etc) And last your own web page about what you want to achieve using terms like I will and only positive phrases. For long term goals you don't need to be as specific right now, but you should list them and under all of them list a few steps or smaller targets that need to be achieved before you can achieve them. With the long term goals always think big. Another good exercise for long term goals is to make a collage of you goals. Place pictures of the house you want on it, places you want to travel, a picture of your family, a number of what income you want in or anything you can think of. 3. Learn Knowledge builds confidence plus destroys fear. If you are starting any type of business you need to learn the ins and outs of that business. The best way I have found to learn regarding real estate investing is to read all about this. But once you know it you have to utilize what you have learned. Learning and reading through is just one step to take. You will find thousands of books on the market about real estate investing and everyone has something you can learn from. You don't just want to read real estate investing textbooks though. You also want to fill yourself with motivational and leadership textbooks. Every successful person that I know in case a reader and they all spend at least thirty minutes a day reading something that will teach them about improving their particular business or helping themselves to become a better person. Some of the best books which i would recommend reading are the following. 1 . Rich Dad Poor Father by Robert Kiyosaki (read this first and also ready everything in the rick dad poor dad series, great books to start with and will expand you mind) 2 . Be a Property Millionaire by Dean Graziosi 3. Flip your way to financial freedom by Preston Ely (this is an E-Book) 4. Four hour work 7 days by Timothy Ferriss 5. The particular Attractor Factor 6. Short Selling Pre-foreclosure Investing by Dwan Bent-twyford and Sharon Sestrepo 7. Secrets to success, by Napoleon Slope 8. Think and Grow Wealthy by Napoleon Hill 9. The best way to win friends and influence individuals 10. Any Book by David C. Maxwell (he has tons of amazing leadership books) 11. Getting Started in Real Estate Day Trading by Larry Goins 12. The E Misconception by Michael Gerber 13. Tips on how to be a quick turn real estate uniform by Ron Legrand 14. The Power of Full Engagement 15. The It Factor 16. Anything by Anthony Robins There are tons more read but these will give you a great start. You should also read books on negotiating, sales, motivation, and biographies on American business people. I hope this list offers you the knowledge it has given me. If you learn and apply what you have discovered from these books there is no reason that you ought to not become very successful. 4. Attend a Real Estate Investing Seminar Attending a Real Estate Investing Seminar can be one of the best places to learn about real estate investing from some very well known professionals. There are several seminars going on all over the country every single weekend. If you live in a big town it will be very easy to find one. If you live in a town like Billings Montana you might need to travel a little methods to find one. Now most of the best meeting cost money to attend them. Some range between five hundred dollars for three days and several can be up to $20, 000. There are some that I would recommend. Than Merrill is a great speaker to go hear. There are learned a ton from him. You will find his company online by Google searching him. Also rich father poor dad has seminars all over the country. I attended one of their seminars in Billings Montana for only $500 dollars and learned a lot from it. There is also Preston Ely, Larry Goins, and hundreds of speakers on the market. If you find a great book that you actually enjoyed, then just simple search for that person online and see if they are speaking somewhere or offer a seminar close to you. Another reason I recommend going to a seminar is because they get you pumped up and motivated. I have not yet found anything else that just gets you feeling like you can do something. When you get back from one of these seminars you will have tons of energy and knowledge. Every time I get back from one almost all I want to do is going out is to do a deal or ten. These seminars will also provide you with several opportunities to purchase amazing real estate investing tools, software or learning material at a cheaper cost. Believe me when I inform you all of the low priced seminars try to sell you something. But a lot of times what they are selling is some really good stuff. One more to attend a seminar is to system with other investors and build associations with them. You can meet other investors who you can partner with on an offer, sell a deal too, people that will provide you with deals and so on. You should have countless business cards made up and try to give them all out. You never know how much one business card you hand out can make you. 5. Learn About the real estate market in your area Many real estate investors start their profession off my investing around where they live. This is why I do my real estate investing in Billings Montana. You can venture out when you have more experience. The reason behind this is because all of us feel more comfortable with the areas and know the areas better. It is also easier to get local real estate information that we need. Investing in your local market is also cheaper to start out, there is less travel costs, you can see what you are buying and it may give you a feeling the comfort. First you have to decide which component of town is the best place to invest in. This can be determined by what kind of real estate investing you choose to do. I use not gone over the types of real estate investment but some include rehabbing (fixing upward and selling), wholesaling (finding offers and selling them to other investors), buying to rent, and there are a few others. These are the real estate strategies which i use for the most part. When looking at the marketplace you need to see where other traders are buying their houses. Most of the best deals will be found in low to middle class neighbors bonnets. By low I don't indicate drug infested war zones, the reason is blue collar safe neighbors hoods that might have somewhat older houses and houses that are not really on the higher end price side. You can now find deals in the higher priced neighbors hoods but most will be in the reduced to middle income neighborhoods. In order to where others are buying ask local realtors, other investors or appraisers. When talking with investors inquire further several questions such as what communities they prefer, what type of houses they will buy (3 bed 2 bath), and what they do (rehab, rent, wholesale). You should not look at other investors because competition but try and work with them. There are different types of markets such as appreciating markets, flat markets, and deprecating markets. Appreciating markets are marketplaces that there is no enough houses or even a very high demand for houses which in turn causes the price of houses to go up. The reason there is a high demand for housing can be due to job growth, a very appealing area, or several reason. Flat marketplaces are markets that have no or very little growth. This means that there is not plenty of demand; buy just enough to fill every ones needs. Depreciating markets are where there is a lot more houses than people to fill those home. This causes house prices to start going down. This can be because of a large company leaving the area, a natural disaster or simply over building. There is an old saying buy in a bust and sell in the boom. In depreciating markets you are able to pick up several deals, while in rising the house prices are going to be much higher plus harder to find great deals. The deal will still be out there you just have to know where to find all of them. Learning your market is another important to becoming successful. Real estate Brokers and experts in your area can be the best way to obtain information for you. Learn to use them to find out what kind of market you are in. If you are in Billings Montana we are within a pretty stable market. Billings Montana has not seen the ups and downs that other markets have experienced. I will have to say that I have been noticing a little bit of a downward trend but not much. Once the first time home buyer credit is over with we might see a little more decrease. Every market can vary by neighborhood, so make sure you know you marketplace well. I have seen the same houses just one mile apart selling to get totally different prices. 6. Find a Mentor Having a mentor to help you can be your greatest learning experience. Mentors can help you with any questions you may have, walk you step by step through the investing process, give you moral support, you learn from their particular proven system, and also network you with others in the business. Every prosperous real estate investor that I know says they owe a lot of their achievement to the mentors they have and had within their lives. I have had one of the best advisors around, my father. He is teaching me personally something new every day and pushing myself to become successful. When trying to find the mentor I would suggest network with the traders at your local real estate investors golf club meeting. There is a real estate investing club within Billings Montana that meets once per month. You can find information about real estate investing clubs in your area by searching for REA or property investors club then your area in Google. When you go to the meetings ask around who else the biggest investors are. Then inquire if you could get together with them at some point and discuss real estate investing. Ask them if they would consider working with you to obtain career going. Offer your services as a bird dog. Bird dogs are people who go out find offers or leads about deals and provide them to other investors. A parrot dog gets from $500 in order to $3000 dollars depending on the deal. Ensure that you have a bird dog contract signed with the investors saying that if you find all of them and deal and they buy it that you get paid a certain amount of money. As being a bird dog helps you to build trustworthiness with the investor and they are more likely to mentor you if you have something to offer them. If you would like to contact me with a question go to my web site Big Atmosphere Property Solutions LLC. 7. Your own Real Estate Team Building an effective team can make your life as a real estate buyer a lot easier. You are only one person plus cannot do everything or end up being an expert in every aspect of real estate investing. Going at a project alone can become one of the most frustrating experiences you will ever encounter. Many people have become frustrated and very real estate investing because they try and juggle too many things. Make sure that when putting the team together you provide everyone with win-win opportunities. When someone knows that working with you is going to make all of them money they will put you as being a higher priority on their list. But you have to prove it to them that you are the real deal. People to have on your real estate investment team include o Real Estate Agents ( find the top agent for amount of sales in your area and other agents who else work with real estate investors) o Property appraisers (find an appraiser that has done a few hundred jobs or more and make sure they carry errors and omissions insurance) o Real estate property contractors (good rehab crews that can get the job done in a timely manner, have 3-5 deck hands and on every deal get 3 estimates done. Ask for referrals from their website and make sure they are licensed) o Property attorneys (every investor needs an attorney, they can help to protect your assets, make sure you find one that works with investors) o A property management company (can manage your properties and will provide you with leads on property they are handling that might come up for sale) u Title companies (take care of the legal process and make sure you will find no liens against the property you are buying, choose one that does countless closings a year) o Home inspectors(charge about $400 but will give you a great inspection and could save you hundreds in the long run) o As well as your Mentor All of these people can help you in a variety of aspects of real estate investing. You might find that there are a couple others that are keys to your business but this is just a list of some. 8. Just Do it There is no better expression out there then JUST DO IT! Once you have learned all you can networked with investors in Billings and learned real estate investing methods there is nothing left to do but get a feet wet. There is no better learning tool out there then doing a deal. Once you have completed that first offer you will know what to expect and find out that it is less hard as you thought it would be. You may have learned what you did right and what was frustrating. Take that experience and ask yourself what would have made it run smoother. Apply that to your following deal. Then the next deal is going to be easier and it keeps getting simpler as you go. I will say that every offer is different from the last but that what makes this business fun. You have to be creative and always keep on learning plus growing with your business. The average person never ever uses what they learn. Don't be typical apply your knowledge. When going out and doing your first deal act like you might have done 1000's of deals. The fastest way to change a habit is to act like it is true. 5 keys for success 1 . Specialized Information 2 . Tools of a professional 3 or more. Have the mindset of a winner 4. Mentors 5. Money and the knowledge of leveraging it (you don't have to have got millions to invest in real estate, there are many methods out there to use other people's money, or any money at all) This is likely to conclude this article about getting started in real estate investing. I hope this gave a person some ideas about how you can get started. We didn't give you any strategies at this stage but look for some in forthcoming articles. These are simple steps you can use to get going. If you read this article thank you for hearing.