Your Beginning Steps

You can get tons of information from our program and others, but the best teacher is experience.  You have to get out and take a few steps.  Below you will find a list of activities that will get you up and running.  As you take action, you will learn what you know and what you don’t know.  Refer back to the manual often and don’t be afraid to ask questions.  Ensure that you dedicate a specific amount of time each day or week for investing in real estate.  If you get into the habit of looking at properties each day or week, sooner or later you will find a property.

1. 1. Contact local brokers. Attempt to find brokers that want to work with you or specialize in distressed property. Establish a good contact. Ask them to pull a list of Bank Owned foreclosures (REOs) for you. Have them to do a key word search in the comments of the MLS for motivated seller phrases (i.e.,Bank Owned, desperate, property sold as is, handyman special)
2. 2. Start reviewing classified ads in the newspaper and circling ads that have the motivated seller phrases (i.e., VA, assumable, desperate). Focus on FSBO(For Sale By Owner). Reviewing the ads will give you a feel for the marketplace and you will begin to see opportunities. Keep a file of properties.
3. 3. Begin picking up real estate magazines. Get a feel for the prices and markets.
4. 4. Drive through some local neighborhoods. Look for FSBO signs and take down the phone numbers.
5. 5. Copy the Call-In Sheet for the newspapers. Get 20 to 50. You will make dozens of phone calls and notes on the properties in the upcoming weeks.
6. 6. Review the telephone scripts. Say them out loud a couple times. Make some phone calls to homeowners. See how much information you can get over the phone. Don't try to schedule an appointment. Try to get the forms filled out as best you can. Don't worry if you don't say it right the first time or if you miss something. You will get it all in time.
7. 7. Once you have called 10 to 20 homeowners, make an appointment to review a property.
8. 8. Acquire a local contract for purchase of real estate. Check with a local office supply company, or the board of Realtors. Ensure you have an addendum form.
9. 9. Get a clipboard, notepad, flashlight, pen and go out to the property. Don't attempt to negotiate. Just get used to viewing property and filling in the property information form.
10. 10. Evaluate the property. Look for the opportunities. Could you assign the property? Structure a limited money down deal or acquire the property through assumption of the financing. Perhaps you might touch base with a professional and have the situation reviewed for opportunities.
11. 11. Draft a contract or agreement. Double check the figures and clauses. Ensure that you have a couple of out clauses (i.e., subject to partners' approval). Submit the offer to the homeowner. See what happens. Do they ignore the offer, or let the deadline expire? Do they counter offer? If they don't respond to the contract, simply put them in a database with a note to call in 30, 60 or 90 days. Things change over time.
12. 12. Examine your credit profile and increase your available credit.
13. 13. Drop by a title company and/or a real estate lawyer. Check out their fees and services. Ask about volume discounts and the process in general.
14. 14. You may want to invest in some letterhead and business cards to let people know you are a serious investor.
15. 15. Take your banker to lunch. Let him know that you are beginning to invest in real estate. Ask him for timely information about: interest rate changes, areas to invest in the local market, bank properties, and potential investors he may know. The rapport you build with your banker is as important as the information.
16. 16. Call some rental properties in the newspaper. Look at individuals who are looking to rent the property. Concentrate on why they are renting. If the answer is "I couldn't sell the property" you have an excellent prospect. Ask the question "Would you sell the property?"
17. 17. Drop by the court house. It is not a scary place. Research a property. Yours or a friends may be a good starting point. The clerks will help you the first time or two in researching or pointing you in the right direction. Check out the Recorder's office, and inquire about the office that handles tax and mortgage foreclosures.
18. 18. Attend an auction.
19. 19. Tell associates, friends and peers that you are looking for properties. Provide an incentive.
20. 20. Start developing a database of buyers. Spread the word among your contacts. You may even post flyers or ads to acquire a buyers' database.
21. 21. Check out the "money available" section of the newspaper. A number of the individuals offering cash invest in real estate and may be a good source of cash, contacts and properties. The same is true of the money for mortgages section (i.e., We buy Mortgages)

If YouTake These Simple But Effective Steps, You Are Well On The Way To Success And Buying Property!